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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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Paul Robin Krugman
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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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Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.
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We have a lot of evidence on what happens when you raise the minimum wage. And the evidence is overwhelmingly positive: Hiking the minimum wage has little or no adverse effect on employment while significantly increasing workers' earnings.
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Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.
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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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The French, unfortunately, actually believe what they say, and that has been very destructive.
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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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Economists don't usually make good speculators, because they think too much.
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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 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 science fiction world has a lot of people doing seriously imaginative thinking.
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There are no atheists in foxholes and there are no libertarians in financial crises.
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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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The party of ideas has become the party of Beavis and Butthead.
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The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
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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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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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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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Are you, or is someone you know, a gadget freak? If so, you doubtless know that Wednesday was iPhone 5 day, the day Apple unveiled its latest way for people to avoid actually speaking to or even looking at whoever they're with.
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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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