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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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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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The United States in particular and the West in general should be feeling a little embarrassed about all that lecturing we did to the Third World.
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If you want to understand opposition to climate action, follow the money.
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We should try to create the society each of us would want if we didn't know in advance who we'd be.
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I think Stockman is an interesting sort of amalgam.
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I really think that people have to think safety taking risks for higher yield is a bad idea once you're in late or latish middle age.
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The goal in the end is not to win elections. The goal is to change society.
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The federal government is basically an insurance company with an army.
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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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...instead it seems that business - like weight loss - is a subject wherein hope and fear inspire limitless gullibility.
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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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Politics determines who has the power, not who has the truth.
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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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Economics is not a morality play.
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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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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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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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It’s not about the budget it’s about the power...So will the attack on unions succeed? I don’t know. But anyone who cares about retaining government of the people by the people should hope that it doesn’t.
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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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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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