110+ Paul Krugman Quotes (Macroeconomic Theory.)
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Top 10 Paul Krugman Quotes (BEST)
- Bad ideas flourish because they are in the interest of powerful groups.
- A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve successfully replaced the technology bubble with a housing bubble
- Rising inequality isn’t about who has the knowledge; it’s about who has the power.
- Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.
- 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.
- Middle-class societies don't emerge automatically as an economy matures, they have to be CREATED through political action.
- There are no atheists in foxholes and there are no libertarians in financial crises.
- Outrageous fiscal mendacity is neither historically normal nor bipartisan. It’s a modern Republican thing.
- If you want to understand opposition to climate action, follow the money.
- I think so long as fossil fuels are cheap, people will use them and it will postpone a movement towards new technologies.
Paul Krugman Short Quotes
- Debt is one person's liability, but another person's asset.
- In our country, learned ignorance is on the rise.
- Most work in macroeconomics in the past 30 years has been useless at best and harmful at worst.
- Default is not in our stars, but in ourselves.
- The planet will continue to cook.
- I admit it: I had fun watching right-wingers go wild as health reform finally became law.
- If you're doing your job right, some substantial group of people [is] going to be mad at you.
- There's one thing that the Fed has been really good at cracking down on, and that's inflation.
- Tax cuts were not going to be effective at creating jobs, and the job creation record is lousy.
- I think Stockman is an interesting sort of amalgam.
Paul Krugman Famous Quotes And Sayings
It’s not about the budget; it’s about the power...So will the attack on unions succeed? I don’t know. But anyone who cares about retaining government of the people by the people should hope that it doesn’t. — Paul Krugman
The raw fact is that every successful example of economic development this past century every case of a poor nation that worked its way up to a more or less decent, or at least dramatically better, standard of living has taken place via globalization, that is, by producing for the world market rather than trying for self-sufficiency. — Paul Krugman
Europe is often held up as a cautionary tale, a demonstration that if you try to make the economy less brutal, to take better care of your fellow citizens when they're down on their luck, you end up killing economic progress. But what European experience actually demonstrates is the opposite: social justice and progress can go hand in hand. — 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
The raw fact is that every successful example of economic development this past century ... has taken place via globalization. — 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
Sometimes economists in official positions give bad advice; sometimes they give very, very bad advice; and sometimes they work at the OECD. — Paul Krugman
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. — Paul Krugman
The problem with digital books is that you can always find what you are looking for but you need to go to a bookstore to find what you weren't looking for. — Paul Krugman
What our economy needs is direct job creation by the government and mortgage-debt relief for stressed consumers. What it very much does not need is a transfer of billions of dollars to corporations that have no intention of hiring anyone except more lobbyists. — Paul Krugman
The key reason executives are paid so much now is that they appoint the members of the corporate board that determines their compensation and control many of the perks that board members count on. So it's not the invisible hand of the market that leads to those monumental executive incomes; it's the invisible handshake in the boardroom. — Paul Krugman
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. — Paul Krugman
I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed. — 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
Can we break the machine that is imposing right-wing radicalism on the United States? The scariest part is that the media is part of that machine. — Paul Krugman
Are you, or is someone you know, a gadget freak? If so, you doubtless know that Wednesday was iPhone 5 day, the day Apple unveiled its latest way for people to avoid actually speaking to or even looking at whoever they're with. — Paul Krugman
Surely I'm not the only person to ask the obvious question: How different, really, is Mr. Madoff's tale from the story of the investment industry as a whole? — Paul Krugman
If you can create even the illusion of high profitability for a few years, then when the thing collapses you can walk out of the wreckage a very rich man. — Paul Krugman
Seven habits that help produce the anything-but-efficient markets that rule the world. 1. Think short term. 2. Be greedy. 3. Believe in the greater fool 4. Run with the herd. 5. Overgeneralize 6. Be trendy 7. Play with other people's money — Paul Krugman
Our grandfathers lived in a world of largely self-sufficient, inward-looking national economies - but our great-great grandfathers lived, as we do, in a world of large-scale international trade and investment, a world destroyed by nationalism. — Paul Krugman
We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis. — Paul Krugman
[I]f one asks what substantive contributions [F. A. Hayek] made to our understanding of how the world works, one is left at something of a loss. Were it not for his politics, he would be virtually forgotten. — Paul Krugman
On the political as on the economic front it's important not to fall into the "not as bad as" trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels; ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight. — Paul Krugman
If Europe’s example is any guide, here are the two secrets of coping with expensive oil: own fuel-efficient cars, and don’t drive them too much. — Paul Krugman
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. — Paul Krugman
Republican candidates had to appeal to their base, which is by and large elderly white people arguing with empty chairs. — Paul Krugman
When stock prices are rising, it's called ''momentum investing''; when they are falling, it's called ''panic.'' — 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
The world economy is in a nosedive, and understanding what I call "depression economics" - the weird world you get into when even a zero interest rate isn't low enough, and a messed-up financial system is dragging down the real economy - is essential if we're going to avoid the worst. — Paul Krugman
We're living in a Dark Age of macroeconomics. Remember, what defined the Dark Ages wasn’t the fact that they were primitive — the Bronze Age was primitive, too. What made the Dark Ages dark was the fact that so much knowledge had been lost, that so much known to the Greeks and Romans had been forgotten by the barbarian kingdoms that followed. — Paul Krugman
The important thing to understand is that the case for pollution control isn't based on some kind of aesthetic distaste for industrial society. Pollution does real, measurable damage, especially to human health. — 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
I'm not sure that the current value of the NASDAQ is justified, but I'm not sure that it isn't. — Paul Krugman
[I]f 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
Obama is very much an establishment sort of guy. The whole image of him as a transcendent figure was based on style rather than substance. If you actually looked at what he said, not how he said it, he said very establishment things. He's a moderate, cautious, ameliorative guy. He tends to gravitate toward Beltway conventional wisdom. — Paul Krugman
We should try to create the society each of us would want if we didn't know in advance who we'd be. — Paul Krugman
The federal government is basically an insurance company with an army. — Paul Krugman
But where will the Fed find another bubble? — Paul Krugman
Coming up with a good idea, with an insight into the way the world works that is really new and that you really believe in, is a deeply satisfying experience. — Paul Krugman
When the Fed decides that inflation is too high, they have the tools, and they've shown historically that they have the will, to bring it down. And, it might be painful. — Paul Krugman
And when the chickens that didn't hatch come home to roost, we will rue the day when, misled by sloppy accounting and rosy scenarios, we gave away the national nest egg. — Paul Krugman
But Wall Street people are in fact very smart; they're funny, they're not company men who work their way up the chain. — Paul Krugman
I really think that people have to think safety; taking risks for higher yield is a bad idea once you're in late or latish middle age. — Paul Krugman
You know that Republicans will yell about the evils of partisanship whenever anyone tries to make a connection between the rhetoric of Beck, Limbaugh, etc. and the violence I fear we’re going to see in the months and years ahead. But violent acts are what happen when you create a climate of hate. And it’s long past time for the GOP’s leaders to take a stand against the hate-mongers. — Paul Krugman
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. — Paul Krugman
we should reject the attempt to divert the national conversation away from soaring inequality toward the alleged moral failings of those Americans being left behind. Traditional values aren't as crucial as social conservatives would have you believe and, in any case, the social changes taking place in America's working class are overwhelmingly the consequence of sharply rising inequality, not its cause. — Paul Krugman
I predict that in the years ahead Enron, not Sept. 11, will come to be seen as the greater turning point in U.S. society. — Paul Krugman
The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth. — 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
Raising the minimum wage and lowering the barriers to union organization would carry a trade-off - higher unemployment. A better idea is to have the government subsidize low-wage employment. The earned-income tax credit for low-income workers - which has been the object of proposed cuts by both President Clinton and congressional Republicans - has been a positive step in this direction. — Paul Krugman
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. — Paul Krugman
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'? — Paul Krugman
The United States in particular and the West in general should be feeling a little embarrassed about all that lecturing we did to the Third World. — Paul Krugman
Economists don't usually make good speculators, because they think too much. — Paul Krugman
There's nothing magic about spending on tanks and bombs rather than roads and bridges. — Paul Krugman
In fact, I'd say that the sources of the economy's expansion from 2003 to 2007 were, in order, the housing bubble, the war, and - very much in third place - tax cuts. — Paul Krugman
The French, unfortunately, actually believe what they say, and that has been very destructive. — Paul Krugman
Yes, over the centuries economic progress has reduced some gross disparities - modern Americans are relatively unlikely to simply starve to death (though it can happen), so in that sense the gap between rich and poor has narrowed. But the question isn't whether society is, in some sense, more equal than it was in 1900. It's whether it is radically more unequal than it was in 1970. And of course it is. — Paul Krugman
What the Depression teaches us is that when the economy is so depressed that even a zero interest rate isn't low enough, you have to put conventional notions of prudence and sound policy aside. — Paul Krugman
There has been plenty to criticize about President Obama’s handling of the economy. Yet the overriding story of the past few years is not Mr. Obama’s mistakes but the scorched-earth opposition of Republicans, who have done everything they can to get in his way - and who now, having blocked the president’s policies, hope to win the White House by claiming that his policies have failed. — Paul Krugman
People respond to incentives. If unemployment becomes more attractive because of the unemployment benefit, some unemployed workers may no longer try to find a job or may not try to find one as quickly as they would without the benefit. — Paul Krugman
We have a lot of evidence on what happens when you raise the minimum wage. And the evidence is overwhelmingly positive: Hiking the minimum wage has little or no adverse effect on employment while significantly increasing workers' earnings. — Paul Krugman
Friedrich Hayek is not an important figure in the history of macroeconomics. — Paul Krugman
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
There is no economic policy. That's really important to say. The general modus operandi of the Bushies is that they don't make policies to deal with problems. They use problems to justify things they wanted to do anyway. So there is no policy to deal with the lack of jobs. There really isn't even a policy to deal with terrorism. It's all about how can we spin what's happening out there to do what we want to do. — Paul Krugman
One way in which Americans have always been exceptional has been in our support for education. First we took the lead in universal primary education; then the “high school movement” made us the first nation to embrace widespread secondary education. — Paul Krugman
[The US] budget is dominated by the retirement programs, Social Security and Medicare - loosely speaking, the post-cold-war federal government is a big pension fund that also happens to have an army. — Paul Krugman
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
Wealthy individuals bought themselves a radical right party, believing - correctly - that it would cut their taxes and remove regulations, but failed to realize that eventually the craziness would take on a life of its own, and that the monster they created would turn on its creators as well as the little people. — Paul Krugman
For most Americans, economic growth is a spectator sport. — Paul Krugman
The public has no idea that the deficit has been falling like a stone. — Paul Krugman
Economics is not a morality play. — Paul Krugman
This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics. — Paul Krugman
Political figures who talk a lot about liberty and freedom invariably turn out to mean the freedom to not pay taxes and discriminate based on race; freedom to hold different ideas and express them, not so much. — Paul Krugman
Democracy or breakdown in Syria would change the whole Middle East overnight. — Paul Krugman
The problem isn't that people don't understand how good things are. It's that they know, from personal experience, that things really aren't that good. — Paul Krugman
Where's that toxic rhetoric coming from? Let's not make a false pretense of balance: it's coming, overwhelmingly, from the right. It's hard to imagine a Democratic member of Congress urging constituents to be "armed and dangerous" without being ostracized; but Representative Michele Bachmann, who did just that, is a rising star in the G.O.P. — Paul Krugman
It should be possible to emphasize to students that the level of employment is a macroeconomic issue, depending in the short run on aggregate demand and depending in the long run on the natural rate of unemployment, with microeconomic policies like tariffs having little net effect. Trade policy should be debated in terms of its impact on efficiency, not in terms of phoney numbers about jobs created or lost. — Paul Krugman
Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful. — Paul Krugman
Not all private equity people are evil. Only some. — Paul Krugman
By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely. — 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
Many people ... prefer to describe themselves as progressives rather than liberals. To some extent that's a response to the decades-long propaganda campaign conducted by movement conservatives, which has been quite successful in making Americans disdain the word liberal but much less successful in reducing support for liberal policies. — Paul Krugman
The goal in the end is not to win elections. The goal is to change society. — Paul Krugman
Politics determines who has the power, not who has the truth. — Paul Krugman
It has been obvious all along, to anyone paying attention, that the politicians shouting loudest about deficits are actually using deficit hysteria as a cover story for their real agenda, which is top-down class warfare. To put it in Romneyesque terms, it's all about finding an excuse to slash programs that help people who like to watch Nascar events, even while lavishing tax cuts on people who like to own Nascar teams. — Paul Krugman
Simple doesn't mean stupid. Thinking that it does, does. — Paul Krugman
I don't think I've had any great success in predicting politics or social change, nor have I really tried. — Paul Krugman
Some years down the pike, we're going to get the real solution, which is going to be a combination of death panels and sales taxes. It's going to be that we're actually going to take Medicare under control, and we're going to have to get some additional revenue, probably from a VAT. But it's not going to happen now. — Paul Krugman
...instead it seems that business - like weight loss - is a subject wherein hope and fear inspire limitless gullibility. — Paul Krugman
Life Lessons by Paul Krugman
- Paul Krugman's life lessons emphasize the importance of persistence and resilience in the face of adversity. He encourages us to never give up on our dreams, no matter how difficult the journey may be.
- He also teaches us to be open to new ideas and to always strive to be better than we were yesterday. He believes that no matter how hard something may seem, it can always be achieved with hard work and dedication.
- Finally, Paul Krugman reminds us that our actions have consequences, both good and bad. We must always be mindful of our decisions and their potential impact on our lives and the lives of those around us.
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