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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
Why is economics such a hard subject?
Peddling Prosperity (1994)
The clear and present danger is, instead, that Europe will turn Japanese: that it will slip inexorably into deflation, that by the time the central bankers finally decide to loosen up it will be too late.
If you want a simple model for predicting the unemployment rate in the United States over the next few years, here it is: It will be what Greenspan wants it to be, plus or minus a random error reflecting the fact that he is not quite God.
As Branko says, there was a time when Serbs and Croats seemed to get along fairly well, indeed intermarrying at a high rate. But could anyone now put Yugoslavia back together? At this rate, we’ll soon be asking the same question about America.
It has been obvious for quite a while that Sanders — not just his supporters, not even just his surrogates, but the candidate himself — has a problem both in facing reality and in admitting mistakes.
What saved the economy, and the New Deal was the enormous public-works project known as World War II, which finally provided a fiscal stimulus adequate to the economy's needs.
The problem is that there is no alternative to models. We all think in simplified models, all the time. The sophisticated thing to do is not to pretend to stop, but to be self-conscious—to be aware that your models are maps rather than reality.
Development, Geography, and Economic Theory (1995)
The world is full of self-organizing systems, systems that form structures not merely in response to inputs from outside but also, indeed primarily, in response to their own internal logic. Global weather is a self-organizing system; so, surely, is the global economy.
The Self-Organizing Economy (1996)
Things could have been even worse. This week, we managed to avoid driving off a cliff. But we’re still on the road to nowhere.
If there were an Economist's Creed, it would surely contain the affirmations 'I understand the Principle of Comparative Advantage' and 'I advocate Free Trade'
Because the Trump team insisted that a roaring recovery was coming, and refused to notice that it wasn’t happening, we’ve now stumbled into a completely gratuitous economic crisis.
Nobody can credibly promise to bring the old jobs back; what you can promise — and Mrs. Clinton did — are things like guaranteed health care and higher minimum wages. But working-class whites overwhelmingly voted for politicians who promise to destroy those gains.
If economists ruled the world, there would be no need for a World Trade Organization. The economist's case for free trade is essentially a unilateral case—that is, it says that a country serves its own interests by pursuing free trade regardless of what other countries may do.
EMU wasn't designed to make everyone happy. It was designed to keep Germany happy - to provide the kind of stern anti-inflationary discipline that everyone knew Germany had always wanted and would always want in future.
Why did the magic economy go away?
Peddling Prosperity (1994)
The way to deal with China would have been a broad coalition of countries that play by the rules. Instead, we've conveyed the message that big countries don't need no rules. And China is a very big country.
The Sanders campaign has brought out a lot of idealism and energy that the progressive movement needs. It has also, however, brought out a streak of petulant self-righteousness among some supporters. Has it brought out that streak in the candidate, too?
As the example of Ronald Reagan shows, real political success comes not simply from appealing to the interests that people currently perceive but from finding ways to redefine their perceived interests, to harness their discontent in favor of changes that you can lead.
Peddling Prosperity (1994)
Many liberals have changed their views in response to new evidence. It’s an interesting experience; conservatives should try it some time.
Republicans Add Insult to Illness
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