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born 1953 United States
Paul Robin Krugman (born February 28, 1953) is an American New Keynesian economist, Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and a former op-ed columnist for The New York Times.
United States Academics Bloggers Columnists Economists Also known as: Paul R. Krugman
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83 quotes
Most macroeconomics of the past 30 years was spectacularly useless at best, and positively harmful at worst.
So let’s bid a not at all fond farewell to the Big Zero — the decade in which we achieved nothing and learned nothing.
The irony... is that high development theory was right.
Development, Geography, and Economic Theory (1995)
In times of depression, the rules are different. Conventionally sound policy—balanced budgets, a firm commitment to price stability—helps to keep the economy depressed.
The stark reality is that we have a society in which money is increasingly concentrated in the hands of a few people. This threatens to make us a democracy in name only.
I have no sympathy for those people who criticize the unrealistic simplifications of model-builders, and imagine that they achieve greater sophistication by avoiding stating their assumptions clearly.
It was in challenging the orthodox, Keynesian view of business cycles that conservatives first forced a major rethinking of economics.
Peddling Prosperity (1994)
What does Alexandria Ocasio-Cortez know about tax policy? A lot.
If there is one single area of economics in which path dependence is unmistakable, it is in economic geography – the location of production in space.
The other mystery is the reason why there is a business cycle - the irregular rhythm of recessions and recoveries that prevents economic growth from being a smooth trend.
Peddling Prosperity (1994)
It is a bit funny, but also quite sad: Those who preach the doctrine of global glut are tilting at windmills, when there are some real monsters out there that need slaying.
Productivity isn't everything, but in the long run it is almost everything. A country's ability to improve its standard of living over time depends almost entirely on its ability to raise its output per worker.
The Age of Diminished Expectations (1990)
ExxonMobil chose to protect its profits by trashing good science.
There was a huge intellectual gulf between Feldstein or Boskin and the sweeping claims of Arthur Laffer; but in the public mind, they were in effect allies.
Peddling Prosperity (1994)
So let's start telling the truth: competitiveness is a meaningless word when applied to national economies. And the obsession with competitiveness is both wrong and dangerous.
Pop Internationalism (1996)
The fact is that Democrats have already been pursuing policies that are much better for the white working class than anything the other party has to offer. Yet this has brought no political reward.
The [Trump impeachment] inquiry hasn’t found a smoking gun; it has found what amounts to a smoking battery of artillery.
Friedman was a great economist, but like every other great economist in history, he was also wrong about some important things.
In short, the success of macroeconomic activism, in both theory and practice, has made it possible for free market microeconomics to survive--again both in theory and in practice.
When the economy is in a depression, scarcity ceases to rule. Productive resources sit idle, so that it is possible to have more of some things without having less of others; free lunches are all around.
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