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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.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Paul Robin Krugman
Paul R Krugman
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The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
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Economists don't usually make good speculators, because they think too much.
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The world economy is in a nosedive, and understanding what I call depression economics - the weird world you get into when even a zero interest rate isn't low enough, and a messed-up financial system is dragging down the real economy - is essential if we're going to avoid the worst.
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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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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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If you want to understand opposition to climate action, follow the money.
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The federal government is basically an insurance company with an army.
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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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Default is not in our stars, but in ourselves.
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As I've often said, you can shop online and find whatever you're looking for, but bookstores are where you find what you weren't looking for.
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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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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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Consumer spending is now plunging at serious-recession rate ... even if the rescue now in train succeeds in unfreezing credit markets, the real economy has immense downward momentum. In addition to financial rescues, we need major stimulus programs.
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On the political as on the economic front it's important not to fall into the not as bad as trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight.
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Surely I'm not the only person to ask the obvious question: How different, really, is Mr. Madoff's tale from the story of the investment industry as a whole?
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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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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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[D]ebt increases that didn't arise either from war or from extraordinary financial crisis are entirely associated with hard-line conservative governments.
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