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Paul Krugman quotes - page 5
...instead it seems that business - like weight loss - is a subject wherein hope and fear inspire limitless gullibility.
Paul Krugman
At the time, I thought of it this way: it was as if bacteria that used to cause deadly plagues, but had long been considered conquered by modem medicine, had reemerged in a form resistant to all the standard antibiotics. Here's what I wrote in the introduction to the first edition: "So far only a limited number of people have actually fallen prey to the newly incurable strains; but even those of us who have so far been lucky would be foolish not to seek new cures, new prophylactic regimens, whatever it takes, lest we tum out to be the next victims."
Paul Krugman
Fortunately, there is a strategy that does double duty: it both helps you keep control of your own insights, and makes those insights accessible to others. The strategy is: always try to express your ideas in the simplest possible model. The act of stripping down to this minimalist model will force you to get to the essence of what you are trying to say (and will also make obvious to you those situations in which you actually have nothing to say). And this minimalist model will then be easy to explain to other economists as well.
Paul Krugman
There was a limited literature on external economies and international trade before 1978. It was never, however, very influential, because it seemed terminally messy; even the simplest models became bogged down in a taxonomy of possible outcomes. What has since become clear is that this messiness arose in large part because the modelers were asking their models to do what traditional trade models do, which is to predict a precise pattern of specialization and trade.
Paul Krugman
Economists can often be remarkably obtuse, failing to see things that are right in front of them. But sometimes a bit of obtuseness is not entirely a bad thing.
Paul Krugman
Many of those who reject the idea of economic models are ill-informed or even (perhaps unconsciously) intellectually dishonest.
Paul Krugman
What I believe is that the age of creative silliness is not past. Virtue, as an economic theorist, does not consist in squeezing the last drop of blood out of assumptions that have come to seem natural because they have been used in a few hundred earlier papers. If a new set of assumptions seems to yield a valuable set of insights, then never mind if they seem strange.
Paul Krugman
Why doesn't policy-relevant work seem to conflict with my "real" research? I think that it's because I have been able to approach policy issues using almost exactly the same method that I use in my more basic work.
Paul Krugman
The history of economic geography of the study of the location of economic activity is more like the story of geological thought about the shapes and location of continents and mountain ranges.
Paul Krugman
I have friends, political scientists, sociologists, who all share an interest at least in certain kinds of science fiction.
Paul Krugman
Social Security is a social insurance program - it is not designed to be the same thing as a 401(k).
Paul Krugman
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
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
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
Middle-class societies don't emerge automatically as an economy matures, they have to be CREATED through political action.
Paul Krugman
The federal government is basically an insurance company with an army.
Paul Krugman
If you want to understand opposition to climate action, follow the money.
Paul Krugman
When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly.
Paul Krugman
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
The goal in the end is not to win elections. The goal is to change society.
Paul Krugman
However, the fact that an economist offers a theoretical analysis does not and should not automatically command respect. What is needed is some assurance that the analysis is actually relevant.
Paul Krugman
I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.
Paul Krugman
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