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Paul Krugman quotes - page 6
The habit of disguising ideology as expertise has created a deficit of legitimacy.
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
The Obama campaign seems dangerously close to becoming a cult of personality.
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's nothing magic about spending on tanks and bombs rather than roads and bridges.
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
The trouble with poverty, as an issue, is that it has basically exhausted the patience of the general public.
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
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
But where will the Fed find another bubble?
Paul Krugman
Most work in macroeconomics in the past 30 years has been useless at best and harmful at worst.
Paul Krugman
Evidence and expertise have a well-known liberal bias.
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
Friedrich Hayek is not an important figure in the history of macroeconomics.
Paul Krugman
It's a funny thing, by the way, how people who love free markets are also quite sure that they know that investors are being irrational.
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
No, the problem that the politicians have with the professors is not one of failure to communicate; it is one of failure to say what politicians want (need) to hear, especially when they are trying to seize power from other politicians. And necessity is the mother of invention: a different group, the policy entrepreneurs, has arisen to fill the gap.
Paul Krugman
Milton Friedman was not surprised. In 1968, in one of the decisive intellectual achievements of postwar economics, Friedman not only showed why the apparent tradeoff embodied in the idea of the Phillips curve was wrong; he also predicted the emergence of combined inflation and high unemployment, which Paul Samuelson dubbed "stagflation."
Paul Krugman
A casual reading of the development literature suggests that there is a dividing line circa 1960. Before 1960 writers on development generally assumed as a matter of course that economies of scale were a limiting factor on the ability to profitably establish industries in less developed countries, and that in the presence of such economies of scale pecuniary external economies assume real welfare significance. They seem, however, to have been unaware of the degree to which economies of scale raise problems for explicit modeling of competition, and/or of the extent to which the drive for formalism was pushing economics toward explicit models. After 1960, by contrast, economists working on development had been trained in the formalism of constant-returns general equilibrium, and did not so much reject the possibility that economies of scale might matter as simply fail to notice it.
Paul Krugman
The irony, of course, is that high development theory was right. By this I do not mean that the Big Push is really the right story of how development takes place, or even that the issues raised in high development theory are necessarily the key ones for making poor countries rich. What I do mean is that the unconventional themes put forth by the high development theorists their emphasis on strategic complementarity in investment decisions and on the problem of coordination failure - did in fact identify important possibilities that are neglected in competitive equilibrium models. But the high development theorists failed to convince their colleagues of the importance of those possibilities. Worse, they failed even to communicate clearly what they were talking about. And so good ideas, important ideas, were ignored for a generation after they were first enunciated.
Paul Krugman
So what's the moral? We've seen how the insistence on models that meet the standards of rigor in mainstream economics can lead to neglect of clearly valuable ideas. Does this mean that the whole emphasis on models is wrong? Should we make a major effort to open up economics, to relax our standards about what constitutes an acceptable argument? No-the moral of my tale is nowhere near that easy. 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
Republicans Add Insult to Illness.
Paul Krugman
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