Paul Krugman
Paul Krugman
Paul Robin Krugman is an American economist, Distinguished Professor of Economics at the Graduate Center of the City University of New York, and an op-ed columnist for The New York Times. In 2008, Krugman was awarded the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of...
NationalityAmerican
ProfessionJournalist
Date of Birth28 February 1953
CityAlbany, NY
CountryUnited States of America
If you're doing your job right, some substantial group of people [is] going to be mad at you.
If the price of everything is going down, that's going to include wages as well. People will have an incentive to sit on their cash and not spend it.
There's nothing magic about spending on tanks and bombs rather than roads and bridges.
I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.
In our country, learned ignorance is on the rise.
For most Americans, economic growth is a spectator sport.
Economics is not a morality play.
I don't want a job in the administration; I think I'm more effective carping from the sidelines.
I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.
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.
Politics determines who has the power, not who has the truth.
As I've often said, you can shop online and find whatever you're looking for, but bookstores are where you find what you weren't looking for.
If you had to explain America's economic success with one word, that word would be "education".... Until now, the results of educational neglect have been gradual - a slow-motion erosion of America's relative position. But things are about to get much worse, as the economic crisis ... deals a severe blow to education across the board.... We need to wake up and realize that one of the keys to our nation's historic success is now a wasting asset. Education made America great; neglect of education can reverse the process.
Congress has always had a soft spot for "experts" who tell members what they want to hear, whether it's supply-side economists declaring that tax cuts increase revenue or climate-change skeptics insisting that global warming is a myth.