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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.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
Blogger
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Economist
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Albany
New York
Paul Robin Krugman
Paul R Krugman
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More quotes by Paul Krugman

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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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The federal government is basically an insurance company with an army.
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For most Americans, economic growth is a spectator sport.
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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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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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The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
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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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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 science fiction world has a lot of people doing seriously imaginative thinking.
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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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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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The problem with digital books is that you can always find what you are looking for but you need to go to a bookstore to find what you weren't looking for.
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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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...instead it seems that business - like weight loss - is a subject wherein hope and fear inspire limitless gullibility.
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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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There's one thing that the Fed has been really good at cracking down on, and that's inflation.
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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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The habit of disguising ideology as expertise has created a deficit of legitimacy.
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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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