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Anyone who thinks that the last 80 years, ever since FDR took us off gold, have been a doomed venture, that strikes me as kind of cranky.
Paul Krugman
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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Albany
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Paul Robin Krugman
Paul R Krugman
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More quotes by Paul Krugman
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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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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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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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.
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When the Fed decides that inflation is too high, they have the tools, and they've shown historically that they have the will, to bring it down. And, it might be painful.
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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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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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Whenever you see some business person quoted complaining about how he or she can't find workers with the necessary skills, ask what wage they're offering. Almost always it turns out what said business person really wants is highly (and expensively) educated workers at a manual-labor wage. No wonder they come up short.
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Something terrible has happened to the soul of the Republican Party. We've gone from bad economic doctrine. We've even gone beyond selfishness and special interests. At this point we're talking about a state of mind that takes positive glee in inflicting further suffering upon the already miserable.
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If you want to understand opposition to climate action, follow the money.
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The party of ideas has become the party of Beavis and Butthead.
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We're living in a Dark Age of macroeconomics. Remember, what defined the Dark Ages wasn’t the fact that they were primitive — the Bronze Age was primitive, too. What made the Dark Ages dark was the fact that so much knowledge had been lost, that so much known to the Greeks and Romans had been forgotten by the barbarian kingdoms that followed.
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There's one thing that the Fed has been really good at cracking down on, and that's inflation.
Paul Krugman
If you are a good economist, a virtuous economist, you are reborn as a physicist. But if you are an evil, wicked economist, you are reborn as a sociologist.
Paul Krugman
Friedrich Hayek is not an important figure in the history of macroeconomics.
Paul Krugman
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.
Paul Krugman
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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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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The goal in the end is not to win elections. The goal is to change society.
Paul Krugman
I think Stockman is an interesting sort of amalgam.
Paul Krugman