Paul Krugman Quotes About Economy

Quotes about: Economy

• Middle-class societies don't emerge automatically as an economy matures, they have to be CREATED through political action.

  Paul Krugman

  Class, Political, Action

  Paul Krugman (2015). “The Conscience of a Liberal: Reclaiming America From The Right”, p.25, Penguin UK

• 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

  Impact, Squares, Law

  "Paul Krugman Responds To All The People Throwing Around His Old Internet Quote" by Jay Yarow, www.businessinsider.com. December 30, 2013.

• 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

  Hands, Europe, Opposites

  "Learning From Europe" by Paul Krugman, www.nytimes.com. January 10, 2010.

• In short, it's a great economy if you're a high-level corporate executive or someone who owns a lot of stock. For most other Americans, economic growth is a spectator sport.

  Paul Krugman

  Sports, Growth, Levels

• In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically opposed to the idea that wages are a market price-determined by supply and demand, the same as the price of apples or coal. And it is for that reason, rather than the practical details, that the broader political movement of which the demand for a living wage is the leading edge is ultimately doomed to failure: For the amorality of the market economy is part of its essence, and cannot be legislated away.

  Paul Krugman

  Essence, Ideas, Apples

• 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

  Mistake, Past, Winning

  "Debt, Depression, DeMarco" by Paul Krugman, www.huffingtonpost.com. August 3, 2012.

• Asset bubbles have happened even without not-so-easy money. And, in a depressed economy, where alternative uses of money are not great, people are going to bid up the prices of profitable corporations and stuff like that.

  Paul Krugman

  People, Alternatives, Use

  "Why Paul Krugman thinks inflation fears are baloney". Interview with Paul Solman, www.pbs.org. November 3, 2014.

• I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.

  Paul Krugman

  Fiscal Policy, Economy, Monetary Policy

  "Paul Krugman on Debt, but Are Soaring Interest Rates Running Against Him?". Interview with Paul Solman, www.pbs.org. May 29, 2013.

• 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

  Zero, Real, Understanding

  "Nobel Laureate Paul Krugman on the Economy". Live chat, www.washingtonpost.com. December 15, 2008.

• 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

  Real, Needs, Momentum

• 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

  Running, Government, Debt

  "Paul Krugman: 'I'm sick of being Cassandra. I'd like to win for once'" by Decca Aitkenhead, www.theguardian.com. June 3, 2012.

• 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

  Zero, Sound, Enough

  "Nobel Laureate Paul Krugman on the Economy". Live chat, www.washingtonpost.com. December 15, 2008.

• 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

  Jobs, Government, Stressed

• 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

  Philosophy, War, Cutting

• 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.

  Paul Krugman

  Country, Unique, Reality

• Until the Great Depression, most economists clung to a vision of capitalism as a perfect or nearly perfect system. That vision wasn’t sustainable in the face of mass unemployment, but as memories of the Depression faded, economists fell back in love with the old, idealized vision of an economy in which rational individuals interact in perfect markets.

  Paul Krugman

  Memories, Perfect, Vision

  "How Did Economists Get It So Wrong?". www.nytimes.com. September 2, 2009.

• 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

  Self, Grandfather, Inward

  "The Great Illusion" by Paul Krugman, www.nytimes.com. August 14, 2008.

• 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

  War, Needs, World

  "Franklin Delano Obama?". www.nytimes.com. November 10, 2008.

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