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If Europe’s example is any guide, here are the two secrets of coping with expensive oil: own fuel-efficient cars, and don’t drive them too much.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Bad ideas flourish because they are in the interest of powerful groups.
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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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...instead it seems that business - like weight loss - is a subject wherein hope and fear inspire limitless gullibility.
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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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The planet will continue to cook.
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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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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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The federal government is basically an insurance company with an army.
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These days, however, the main problem comes from the right - from conservatives who, unlike most economists, really do think that the free market is always right - to such an extent that they refuse to believe even the most overwhelming scientific evidence if it seems to suggest a justification for government action.
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Many people ... prefer to describe themselves as progressives rather than liberals. To some extent that's a response to the decades-long propaganda campaign conducted by movement conservatives, which has been quite successful in making Americans disdain the word liberal but much less successful in reducing support for liberal policies.
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I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.
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This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics.
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If you can create even the illusion of high profitability for a few years, then when the thing collapses you can walk out of the wreckage a very rich man.
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Not all private equity people are evil. Only some.
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The science fiction world has a lot of people doing seriously imaginative thinking.
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I have friends, political scientists, sociologists, who all share an interest at least in certain kinds of science fiction.
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The trouble with poverty, as an issue, is that it has basically exhausted the patience of the general public.
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Some years down the pike, we're going to get the real solution, which is going to be a combination of death panels and sales taxes. It's going to be that we're actually going to take Medicare under control, and we're going to have to get some additional revenue, probably from a VAT. But it's not going to happen now.
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Default is not in our stars, but in ourselves.
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as an economics professor I am by nature inclined to the view that the truth isn't out there, it's in here - that usually you learn a lot more by thinking really hard about the data than you do by sniffing around for supposedly inside information.
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