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But where will the Fed find another bubble?
Paul Krugman
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Paul Krugman
Age: 71
Born: 1953
Born: February 28
Blogger
Columnist
Economist
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Journalist
Pundit
University Teacher
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Albany
New York
Paul Robin Krugman
Paul R Krugman
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More quotes by Paul Krugman
Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.
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Politics determines who has the power, not who has the truth.
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Under the gold standard America had no major financial panics other than in 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933.
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Our grandfathers lived in a world of largely self-sufficient, inward-looking national economies - but our great-great grandfathers lived, as we do, in a world of large-scale international trade and investment, a world destroyed by nationalism.
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The great thing about fiscal policy is that it has a direct impact and doesn't require you to bind the hands of future policymakers.
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America's political landscape is infested with many zombie ideas - beliefs about policy that have been repeatedly refuted with evidence and analysis but refuse to die. The most prominent zombie is the insistence that low taxes on rich people are the key to prosperity.
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I think Stockman is an interesting sort of amalgam.
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The important thing to understand is that the case for pollution control isn't based on some kind of aesthetic distaste for industrial society. Pollution does real, measurable damage, especially to human health.
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Can we break the machine that is imposing right-wing radicalism on the United States? The scariest part is that the media is part of that machine.
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And when the chickens that didn't hatch come home to roost, we will rue the day when, misled by sloppy accounting and rosy scenarios, we gave away the national nest egg.
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We should try to create the society each of us would want if we didn't know in advance who we'd be.
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The science fiction world has a lot of people doing seriously imaginative thinking.
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I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.
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What our economy needs is direct job creation by the government and mortgage-debt relief for stressed consumers. What it very much does not need is a transfer of billions of dollars to corporations that have no intention of hiring anyone except more lobbyists.
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I really think that people have to think safety taking risks for higher yield is a bad idea once you're in late or latish middle age.
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...instead it seems that business - like weight loss - is a subject wherein hope and fear inspire limitless gullibility.
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Friedrich Hayek is not an important figure in the history of macroeconomics.
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Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side effect of raising the natural rate of unemployment.
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So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment.
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However, the fact that an economist offers a theoretical analysis does not and should not automatically command respect. What is needed is some assurance that the analysis is actually relevant.
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