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Paul Krugman quotes (showing 1-30 of 35)

“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
“Politics determines who has the power, not who has the truth.”
Paul Krugman
“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.”
Paul Krugman
“The rich are different from you and me: they have more influence.”
Paul Krugman
“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
“Now, it’s true that some of the protesters are oddly dressed or have silly-sounding slogans, which is inevitable given the open character of the events. But so what? I, at least, am a lot more offended by the sight of exquisitely tailored plutocrats, who owe their continued wealth to government guarantees, whining that President Obama has said mean things about them than I am by the sight of ragtag young people denouncing consumerism.”
Paul Krugman
“In our country, learned ignorance is on the rise.”
Paul Krugman
“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.”
Paul Krugman
“These are tough times for state governments. Huge deficits loom almost everywhere, from California to New York, from New Jersey to Texas.

Wait—Texas? Wasn't Texas supposed to be thriving even as the rest of America suffered? Didn't its governor declare, during his re-election campaign, that 'we have billions in surplus'? Yes, it was, and yes, he did. But reality has now intruded, in the form of a deficit expected to run as high as $25 billion over the next two years.

And that reality has implications for the nation as a whole. For Texas is where the modern conservative theory of budgeting—the belief that you should never raise taxes under any circumstances, that you can always balance the budget by cutting wasteful spending—has been implemented most completely. If the theory can't make it there, it can't make it anywhere.”
Paul Krugman
“And that's just the beginning. More and more, conventional wisdom says that the responsible thing is to make the unemployed suffer. And while the benefits from inflicting pain are an illusion, the pain itself will be all too real.”
Paul Krugman
“Political figures who talk a lot about liberty and freedom invariably turn out to mean the freedom to not pay taxes and discriminate based on race; freedom to hold different ideas and express them, not so much.”
Paul Krugman
“For most Americans, economic growth is a spectator sport.”
Paul Krugman
“On the political as on the economic front it's important not to fall into the "not as bad as" trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels; ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight.”
Paul Krugman
“Economics is really about two stories. One is the story of the old economist and younger economist walking down the street, and the younger economist says, ‘Look, there’s a hundred-dollar bill,’ and the older one says, ‘Nonsense, if it was there somebody would have picked it up already.’ So sometimes you do find hundred-dollar bills lying on the street, but not often—generally people respond to opportunities. The other is the Yogi Berra line ‘Nobody goes to Coney Island anymore; it’s too crowded.’ That’s the idea that things tend to settle into some kind of equilibrium where what people expect is in line with what they actually encounter.”
Paul Krugman
“If it were profitable to have indentured servants in the modern world, I'm sure that Richard Scaife's think tanks would have no trouble finding justifications, and assorted Christian groups would explain why it's God's will.”
Paul Krugman
“[W]hat possible purpose does this lashing-out serve? Will activists be shamed into recovering their previous enthusiasm? Will Republicans stop their vicious attacks because Obama is lashing out to his left? It was pure self-indulgence; even if he feels aggrieved, he has to judge his words by their usefulness, not by his desire to vent. This isn't about him.”
Paul Krugman
“It was only with the crisis that debt soared.
Yet many Europeans in key positions - especially politicians and officials in Germany, but also the leadership of the European Central Bank and opinion leaders throughout the world of finance and banking - are deeply committed to the Big Delusion, and no amount of contrary evidence will shake them. As a result, the problem of dealing with the crisis is often couched in moral terms: nations are in trouble because they have sinned, and they must redeem themselves through suffering.
And that's a very bad way to approach the actual problems Europe faces.”
Paul Krugman, End This Depression Now!
“There's another element in the euro crisis, another weakness of a shared currency, that took many people, myself included, by surprise. It turns out that countries that lack their own currency are highly vulnerable to self-fulfilling panic, in which the efforts of investors to avoid losses from default end up triggering the very default they fear.”
Paul Krugman, End This Depression Now!
“One is reminded of the old joke about the centipede who was asked how he managed to coordinate his 100 legs : He started thinking about it and could never walk properly again.”
Paul Krugman, A Country Is Not a Company
“As long as there are no routes back to full employment except that of somehow restoring business confidence, he pointed out, business lobbies in effect have veto power over government actions: propose doing anything they dislike, such as raising taxes or enhancing workers' bargaining power, and they can issue dire warnings that this will reduce confidence and plunge the nation into depression. But let monetary and fiscal policy be deployed to fight unemployment, and suddenly business confidence becomes less necessary, and the need to cater to capitalists' concern is much reduced.”
Paul Krugman, End This Depression Now!
“No vale la pena tener una reforma si se obtiene haciendo tantas concesiones que acaban por condenarla al fracaso.”
Paul Krugman
“I’ve been thinking a lot lately about the power of doctrines — how support for a false dogma can become politically mandatory, and how overwhelming contrary evidence only makes such dogmas stronger and more extreme.”
Paul Krugman
“These senior claims were supposed to be very low-risk; after all, how likely was it that a large number of people would default on their mortgages at the same time? The answer, of course, is that it was quite likely in an environment where homes were worth 30, 40, 50 percent less than the borrowers originally paid for them. So a lot of supposedly safe assets, assets that had been rated AAA by Standard & Poor's or Moody's, ended up becoming "toxic waste", worth only a fraction of their face value.”
Paul Krugman, End This Depression Now!
“open immigration can’t exist with a strong social safety net; if you’re going to assure healthcare and a decent income to everyone, you can’t make that offer global”
Paul Krugman
“Some people want the past repeated and have an interest in making sure we don't remember it.”
Paul Krugman
“The habit of disguising ideology as expertise has created a deficit of legitimacy.”
Paul Krugman
“In the scientific world, the syndrome known as 'great man's disease' happens when a famous researcher in one field develops strong opinions about another field that he or she does not understand, such as a chemist who decides that he is an expert in medicine or a physicist who decides that he is an expert in cognitive science.

They have trouble accepting that they must go back to school before they can make pronouncements in a new field.”
Paul Krugman, A Country Is Not a Company
“[Conventional wisdom] very heavily tends to reflect the preferences and the interests of the elite.”
Paul Krugman
“Incentives aren't the only thing that matter for economic growth. Opportunity is also crucial, and extreme inequality deprives many people of the opportunity to fulfill their potential, and government programs that reduce inequality can make the nation as a whole richer by reducing that waste.”
Paul Krugman
“Programmers have a saying: "garbage in, garbage out.”
Paul Krugman

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