Economics Quotes by Paul Krugman

Economics is not a morality play.

— Paul Krugman

“Programmers have a saying: "garbage in, garbage out.”

— Paul Krugman

Friedrich Hayek is not an important figure in the history of macroeconomics.

— Paul Krugman

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

— Paul Krugman

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

— Paul Krugman

Middle-class societies don't emerge automatically as an economy matures, they have to be CREATED through political action.

— Paul Krugman

This is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics.

— Paul Krugman

We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels…

— Paul Krugman

Asset bubbles have happened even without not-so-easy money. And, in a depressed economy, where alternative uses of money are not great, people…

— Paul Krugman

as an economics professor I am by nature inclined to the view that the truth isn't out there, it's in here -…

— Paul Krugman

What our economy needs is direct job creation by the government and mortgage-debt relief for stressed consumers. What it very much does…

— 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…

— Paul Krugman

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

— Paul Krugman

Consumer spending is now plunging at serious-recession rate ... even if the rescue now in train succeeds in unfreezing credit markets, the…

— Paul Krugman

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

— Paul Krugman

Governments do not necessarily act in the national interest, especially when making detailed microeconomic interventions. Instead, they are influenced by interest group…

— Paul Krugman

It should be possible to emphasize to students that the level of employment is a macroeconomic issue, depending in the short run…

— Paul Krugman

The raw fact is that every successful example of economic development this past century – every case of a poor nation that…

— Paul Krugman

Until the Great Depression, most economists clung to a vision of capitalism as a perfect or nearly perfect system. That vision wasn’t…

— Paul Krugman

I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough…

— Paul Krugman

The world economy is in a nosedive, and understanding what I call "depression economics" - the weird world you get into when…

— Paul Krugman

Our popular economics writers, however, are not in the business of giving their readers a ringside seat on the research action; with…

— Paul Krugman

Raising the minimum wage and lowering the barriers to union organization would carry a trade-off - higher unemployment. A better idea is…

— 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…

— Paul Krugman

“The appeal to the intellectually insecure is also more important than it might seem. Because economics touches so much of life, everyone…

— Paul Krugman

“Economics is really about two stories. One is the story of the old economist and younger economist walking down the street, and…

— Paul Krugman

In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically…

— Paul Krugman

“These are tough times for state governments. Huge deficits loom almost everywhere, from California to New York, from New Jersey to Texas.…

— Paul Krugman

People respond to incentives. If unemployment becomes more attractive because of the unemployment benefit, some unemployed workers may no longer try to…

— Paul Krugman

When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is…

— Paul Krugman

Sometimes economists in official positions give bad advice; sometimes they give very, very bad advice; and sometimes they work at the OECD.

— Paul Krugman

Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side…

— 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…

— 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…

— Paul Krugman

However, the fact that an economist offers a theoretical analysis does not and should not automatically command respect. What is needed is…

— Paul Krugman

Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep…

— Paul Krugman

“The Internet’s impact on the economy has been no greater than the fax machine’s….ten years from now, the phrase “information economy” will…

— Paul Krugman