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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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The goal in the end is not to win elections. The goal is to change society.
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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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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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The science fiction world has a lot of people doing seriously imaginative thinking.
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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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What saved the economy, and the New Deal, was the enormous public works project known as World War II, which finally provided a fiscal stimulus adequate to the economy’s needs.
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Friedrich Hayek is not an important figure in the history of macroeconomics.
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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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We have a lot of evidence on what happens when you raise the minimum wage. And the evidence is overwhelmingly positive: Hiking the minimum wage has little or no adverse effect on employment while significantly increasing workers' earnings.
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There's nothing magic about spending on tanks and bombs rather than roads and bridges.
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The French, unfortunately, actually believe what they say, and that has been very destructive.
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Republican candidates had to appeal to their base, which is by and large elderly white people arguing with empty chairs.
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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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Outrageous fiscal mendacity is neither historically normal nor bipartisan. It’s a modern Republican thing.
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The federal government is basically an insurance company with an army.
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Where's that toxic rhetoric coming from? Let's not make a false pretense of balance: it's coming, overwhelmingly, from the right. It's hard to imagine a Democratic member of Congress urging constituents to be armed and dangerous without being ostracized but Representative Michele Bachmann, who did just that, is a rising star in the G.O.P.
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There's one thing that the Fed has been really good at cracking down on, and that's inflation.
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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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One way in which Americans have always been exceptional has been in our support for education. First we took the lead in universal primary education then the “high school movement” made us the first nation to embrace widespread secondary education.
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The key reason executives are paid so much now is that they appoint the members of the corporate board that determines their compensation and control many of the perks that board members count on. So it's not the invisible hand of the market that leads to those monumental executive incomes it's the invisible handshake in the boardroom.
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