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The federal government is basically an insurance company with an army.

Paul Krugman

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Paul Krugman
Age: 71
Born: 1953
Born: February 28
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Economist
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Albany
New York
Paul Robin Krugman
Paul R Krugman
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Insurance
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Basically
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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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I'm especially baffled by the idea of taking insurance against a U.S. default. If America defaults, we're talking about a chaotic world - Mad Max, more or less - in which case, who imagines that insurance claims will be honored?
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Default is not in our stars, but in ourselves.
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It's a funny thing, by the way, how people who love free markets are also quite sure that they know that investors are being irrational.
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Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.
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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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...instead it seems that business - like weight loss - is a subject wherein hope and fear inspire limitless gullibility.
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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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The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
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Every once in a while I feel despair over the fate of the planet. If you’ve been following climate science, you know what I mean: the sense that we’re hurtling toward catastrophe but nobody wants to hear about it or do anything to avert it.
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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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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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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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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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Economics is not a morality play.
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The goal in the end is not to win elections. The goal is to change society.
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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 trouble with poverty, as an issue, is that it has basically exhausted the patience of the general public.
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