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When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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When stock prices are rising, it's called ''momentum investing'' when they are falling, it's called ''panic.''
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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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I have friends, political scientists, sociologists, who all share an interest at least in certain kinds of science fiction.
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The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.
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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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The economic expansion that began in 2001, while it has been great for corporate profits, has yet to produce any significant gains for ordinary working Americans. And now it looks as if it never will.
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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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Politics determines who has the power, not who has the truth.
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Can we break the machine that is imposing right-wing radicalism on the United States? The scariest part is that the media is part of that machine.
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But where will the Fed find another bubble?
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Seven habits that help produce the anything-but-efficient markets that rule the world. 1. Think short term. 2. Be greedy. 3. Believe in the greater fool 4. Run with the herd. 5. Overgeneralize 6. Be trendy 7. Play with other people's money
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Not all private equity people are evil. Only some.
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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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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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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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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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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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Bad ideas flourish because they are in the interest of powerful groups.
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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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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.
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