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
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.
Outrageous fiscal mendacity is neither historically normal nor bipartisan. It's a modern Republican thing.
The goal in the end is not to win elections. The goal is to change society.
I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.
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.
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 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.
Debt is one person's liability, but another person's asset.
Politics determines who has the power, not who has the truth.
I don't want a job in the administration; I think I'm more effective carping from the sidelines.
If you're doing your job right, some substantial group of people [is] going to be mad at you.
There's nothing magic about spending on tanks and bombs rather than roads and bridges.
Sometimes economists in official positions give bad advice; sometimes they give very, very bad advice; and sometimes they work at the OECD.
This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics.