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Friedrich Hayek is not an important figure in the history of macroeconomics.
Paul Krugman -
When stock prices are rising, it's called ''momentum investing''; when they are falling, it's called ''panic.''
Paul Krugman
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I admit it: I had fun watching right-wingers go wild as health reform finally became law.
Paul Krugman -
Anyone who thinks that the last 80 years, ever since FDR took us off gold, have been a doomed venture, that strikes me as kind of cranky.
Paul Krugman -
If you look at United States history since World War II, you find that of the 10 presidents who preceded Barack Obama, seven left office with a debt ratio lower than when they came in. Who were the three exceptions? Ronald Reagan and the two George Bushes.
Paul Krugman -
The Obama campaign seems dangerously close to becoming a cult of personality.
Paul Krugman -
For decades the G.O.P. has won elections by appealing to social and racial divisions, only to turn after each victory to deregulation and tax cuts for the wealthy a process that reached its epitome when George W. Bush won re-election by posing as America's defender against gay married terrorists, then announced that he had a mandate to privatize Social Security.
Paul Krugman -
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.
Paul Krugman
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You really have to go searching desperately to find any contemporary examples of good, old-fashioned runaway inflation.
Paul Krugman -
Default is not in our stars, but in ourselves.
Paul Krugman -
The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.
Paul Krugman -
Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side effect of raising the natural rate of unemployment.
Paul Krugman -
I believe in a relatively equal society, supported by institutions that limit extremes of wealth and poverty. I believe in democracy, civil liberties, and the rule of law. That makes me a liberal, and I’m proud of it.
Paul Krugman -
To the extent that sacrifices need to be made, shouldn't the people who've made out like bandits this past generation be first in line? The problem with getting out of the slump is that we need to spend more. It's not that somebody needs to spend less. We have idle workers who have the skills and the willingness to work. We have idle factories. Dealing with this is not about saying somebody needs to suffer. It's saying that we need to be prepared to open the taps.
Paul Krugman
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I think if you're a liberal, you believe that we all are, at least to some extent, our brothers' keepers, you really believe that we have a sumptuary responsibility to make sure that life is decent for everybody in America, that you believe that society out to be broadly shared, and you believe that you can't have a real democracy unless you have a little bit, at least, of economic democracy.
Paul Krugman -
The growth of the Internet will slow drastically, as the flaw in 'Metcalfe's law'–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.
Paul Krugman -
I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.
Paul Krugman -
Economists don't usually make good speculators, because they think too much.
Paul Krugman -
The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
Paul Krugman -
The planet will continue to cook.
Paul Krugman
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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.
Paul Krugman -
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.
Paul Krugman -
However, the fact that an economist offers a theoretical analysis does not and should not automatically command respect. What is needed is some assurance that the analysis is actually relevant.
Paul Krugman -
I don't want a job in the administration; I think I'm more effective carping from the sidelines.
Paul Krugman