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Asset bubbles have happened even without not-so-easy money. And, in a depressed economy, where alternative uses of money are not great, people are going to bid up the prices of profitable corporations and stuff like that.
Paul Krugman
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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Albany
New York
Paul Robin Krugman
Paul R Krugman
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More quotes by Paul Krugman
I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.
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Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.
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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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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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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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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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The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
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It's a funny thing, by the way, how people who love free markets are also quite sure that they know that investors are being irrational.
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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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Politics determines who has the power, not who has the truth.
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The habit of disguising ideology as expertise has created a deficit of legitimacy.
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The party of ideas has become the party of Beavis and Butthead.
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Outrageous fiscal mendacity is neither historically normal nor bipartisan. It’s a modern Republican thing.
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In short, it's a great economy if you're a high-level corporate executive or someone who owns a lot of stock. For most other Americans, economic growth is a spectator sport.
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Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.
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Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful.
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Are you, or is someone you know, a gadget freak? If so, you doubtless know that Wednesday was iPhone 5 day, the day Apple unveiled its latest way for people to avoid actually speaking to or even looking at whoever they're with.
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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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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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The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
Paul Krugman
