Paul Krugman Quotes
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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 planet will continue to cook.
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Friedrich Hayek is not an important figure in the history of macroeconomics.
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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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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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The habit of disguising ideology as expertise has created a deficit of legitimacy.
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Most people, I suspect, still have in their minds an image of America as the great land of college education, unique in the extent to which higher learning is offered to the population at large. That image used to correspond to reality. But these days young Americans are considerably less likely than young people in many other countries to graduate from college. In fact, we have a college graduation rate that's slightly below the average across all advanced economies.
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In America, at least, we have a pretty good record for behaving in a fiscally responsible fashion, with one exception - namely, the fiscal irresponsibility that prevails when, and only when, hard-line conservatives are in power.
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Bad ideas flourish because they are in the interest of powerful groups.
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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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What Republicans have actually put on the table is almost nothing. All of the rest is just big talk. So how is the president supposed to negotiate with people who say, 'Here's my demands. By the way, I can't give you any specifics. Just make me happy'?
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I think Stockman is an interesting sort of amalgam.
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Something terrible has happened to the soul of the Republican Party. We've gone from bad economic doctrine. We've even gone beyond selfishness and special interests. At this point we're talking about a state of mind that takes positive glee in inflicting further suffering upon the already miserable.
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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.
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I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.
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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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...as an economics professor I am by nature inclined to the view that the truth isn't out there, it's in here - that usually you learn a lot more by thinking really hard about the data than you do by sniffing around for supposedly inside information.
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There's nothing magic about spending on tanks and bombs rather than roads and bridges.
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The public has no idea that the deficit has been falling like a stone.
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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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Debt increases that didn't arise either from war or from extraordinary financial crisis are entirely associated with hard-line conservative governments.
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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.
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The fact is that the two years or so after 9/11 were a terrible time in America – a time of political exploitation and intimidation, culminating in the deliberate misleading of the nation into the invasion of Iraq. It’s probably worth pointing out that I’m not saying anything now that I wasn’t saying in real time back then, when Bush had a sky-high approval rating and any criticism was denounced as treason. And there’s nothing I’ve done in my life of which I’m more proud.
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The Obama campaign seems dangerously close to becoming a cult of personality.