Paul Krugman Quotes

Quotes about:

• Rising inequality isn’t about who has the knowledge; it’s about who has the power.

  Paul Krugman

  Rising, Inequality

  "Knowledge Isn’t Power" by Paul Krugman, www.nytimes.com. February 23, 2015.

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• 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

  Running, Believe, Thinking

  8 Copy quote

• 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

  Taken, Successful, Past

  "Enemies of the WTO", Slate Magazine, November 24, 1999.

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• Debt is one person's liability, but another person's asset.

  Paul Krugman

  Debt, Assets, Liability

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

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• 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.

  48 Copy quote

• 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.

  Paul Krugman

  Hysteria, Benefits, Favors

  "Panic of the Plutocrats". www.nytimes.com. October 9, 2011.

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• In our country, learned ignorance is on the rise.

  Paul Krugman

  Country, Ignorance, Our Country

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• The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.

  Paul Krugman

  Groups, Economics, Mathematics

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

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• 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

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• 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.

  Paul Krugman

  Unemployment, Wages, Minimum Wage

  "Krugman Contra Krugman on the Minimum Wage?" by Benjamin Powell, www.huffingtonpost.com. December 12, 2013.

  45 Copy quote

• There are no atheists in foxholes and there are no libertarians in financial crises.

  Paul Krugman

  Atheist, Foxholes, Libertarian

  34 Copy quote

• 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

  Believe, Law, Political

  "The Conscience of a Liberal: Reclaiming America From The Right". Book by Paul Krugman, October 1, 2007.

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• Simple doesn't mean stupid. Thinking that it does, does.

  Paul Krugman

  Stupid, Mean, Simple

  9 Copy quote

• 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

  Government, People, Who Cares

  62 Copy quote

• If you want to understand opposition to climate action, follow the money.

  Paul Krugman

  Climate Action, Want, Global Warming

  "Who Cooked the Planet?". www.nytimes.com. July 25, 2010.

  25 Copy quote

• The federal government is basically an insurance company with an army.

  Paul Krugman

  Army, Government, Insurance Companies

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• 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

  Trying, Want, Should

  26 Copy quote

• 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.

  Paul Krugman

  Education, Blow, America

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• The raw fact is that every successful example of economic development this past century ... has taken place via globalization.

  Paul Krugman

  Business, Taken, Successful

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• Economists don't usually make good speculators, because they think too much.

  Paul Krugman

  Thinking, Too Much, Economist

  Paul Krugman (2004). “The Great Unraveling: Losing Our Way in the New Century”, p.40, W. W. Norton & Company

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• Economics is not a morality play.

  Paul Krugman

  Play, Morality, Economics

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• If you are a good economist, a virtuous economist, you are reborn as a physicist. But if you are an evil, wicked economist, you are reborn as a sociologist.

  Paul Krugman

  Evil, Wicked, Reborn

  4 Copy quote

• Under the gold standard America had no major financial panics other than in 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933.

  Paul Krugman

  Money, America, Gold

  "Golden Instability", krugman.blogs.nytimes.com. August 26, 2012.

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• The great thing about fiscal policy is that it has a direct impact and doesn't require you to bind the hands of future policymakers.

  Paul Krugman

  Impact, Hands, Fiscal Policy

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• 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

  Keys, Hands, Invisible Hand

  11 Copy quote

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