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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.

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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These days, however, the main problem comes from the right - from conservatives who, unlike most economists, really do think that the free market is always right - to such an extent that they refuse to believe even the most overwhelming scientific evidence if it seems to suggest a justification for government action.
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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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The planet will continue to cook.
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I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.
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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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Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.
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If Europe’s example is any guide, here are the two secrets of coping with expensive oil: own fuel-efficient cars, and don’t drive them too much.
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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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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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The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
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And when the chickens that didn't hatch come home to roost, we will rue the day when, misled by sloppy accounting and rosy scenarios, we gave away the national nest egg.
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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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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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When stock prices are rising, it's called ''momentum investing'' when they are falling, it's called ''panic.''
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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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On the political as on the economic front it's important not to fall into the not as bad as trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight.
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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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