Paul Krugman

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No mans error becomes his own Law; nor obliges him to persist in it.
Thomas Hobbes
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Paul Krugman (born 28 February 1953) is a neo-Keynesian economist.

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  • "Real economists don't talk about competitiveness."
    • Regarding talk of 'competition' between countries.
  • "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."
    • (2/06/97, Slate) [1]
  • "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." (Jan. 29, 2002) [2]
  • When asked to define the economic policy of the Bush administration: "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." – BuzzFlash interview, 11 September 2003
  • "The media are desperately afraid of being accused of bias. And that's partly because there's a whole machine out there, an organized attempt to accuse them of bias whenever they say anything that the Right doesn't like. So rather than really try to report things objectively, they settle for being even-handed, which is not the same thing. One of my lines in a column -- in which a number of people thought I was insulting them personally -- was that if Bush said the Earth was flat, the mainstream media would have stories with the headline: 'Shape of Earth--Views Differ.' Then they'd quote some Democrats saying that it was round." [3]
  • "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." The Great Unraveling: Losing Our Way in the New Century (ISBN 0393058506) [4]
  • On the topic of supply-side economics: "The appeal to the intellectually insecure is also more important than it might seem. Because economics touches so much of life, everyone wants to have an opinion. Yet the kind of economics covered in the textbooks is a technical subject that many people find hard to follow. How reassuring, then, to be told that it is all irrelevant -- that all you really need to know are a few simple ideas! Quite a few supply-siders have created for themselves a wonderful alternative intellectual history in which John Maynard Keynes was a fraud, Paul Samuelson and even Milton Friedman are fools, and the true line of deep economic thought runs from Adam Smith through obscure turn-of-the-century Austrians straight to them." Slate column, The Dismal Science [5]

Quotes about Krugman

  • "Until the emergence of Democrat leader John Kerry, Paul Krugman had virtually become the leader of the opposition in America, an unusual position for an academic economist." – Dateline, Special Broadcasting Service (AU), March 31, 2004
  • "You wouldn't know it from the hacks (the Luskins, the Sullivans, the Kauses) who have been laying down their slime trails ever since it turned out that Paul Krugman was an effective New York Times columnist, but Paul Krugman loves the market more than any other economist I know." -- Brad DeLong [6]