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There are no atheists in foxholes and there are no libertarians in financial crises.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Paul Robin Krugman
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More quotes by Paul Krugman

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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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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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But where will the Fed find another bubble?
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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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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 world economy is in a nosedive, and understanding what I call depression economics - the weird world you get into when even a zero interest rate isn't low enough, and a messed-up financial system is dragging down the real economy - is essential if we're going to avoid the worst.
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I think Stockman is an interesting sort of amalgam.
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Not all private equity people are evil. Only some.
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By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.
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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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Friedrich Hayek is not an important figure in the history of macroeconomics.
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The party of ideas has become the party of Beavis and Butthead.
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Economics is not a morality play.
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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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The federal government is basically an insurance company with an army.
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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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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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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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There's nothing magic about spending on tanks and bombs rather than roads and bridges.
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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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