--- title: "13 Policy Quotes By Paul Krugman" description: "13 Policy quotes by Paul Krugman. Plus more from Paul Krugman and more Policy sayings from other authors." image: "https://sms4smile.com/quotes/i/dfe/paul-krugman-2255_direct_the-great-thing-about-fiscal-policy-is-t_2701245.png" --- > [The great thing about fiscal policy is that it has a direct impact and doesn't require you to bind the hands of…](https://sms4smile.com/quotes/paul-krugman/the-great-thing-about-fiscal-policy-is-that-it-has-a-direct-impact/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/dfe/paul-krugman-2255_direct_the-great-thing-about-fiscal-policy-is-t_2701245.png) > [When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is…](https://sms4smile.com/quotes/paul-krugman/when-depression-economics-prevails-the-usual-rules-of-economic-policy/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/a34/paul-krugman-2255_caution_when-depression-economics-prevails-the-u_1967566.png) > [Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side…](https://sms4smile.com/quotes/paul-krugman/generous-unemployment-benefits-can-increase-both-structural-and/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/dac/paul-krugman-2255_benefits_generous-unemployment-benefits-can-incre_269398.png) > [What the Depression teaches us is that when the economy is so depressed that even a zero interest rate isn't low enough,…](https://sms4smile.com/quotes/paul-krugman/what-the-depression-teaches-us-is-that-when-the-economy-is-so/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/787/paul-krugman-2255_conventional_what-the-depression-teaches-us-is-that-w_3132359.png) > [A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve successfully replaced the technology…](https://sms4smile.com/quotes/paul-krugman/a-snarky-but-accurate-description-of-monetary-policy-over-the-past/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/b12/paul-krugman-2255_accurate_a-snarky-but-accurate-description-of-mon_3066773.png) > [I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.](https://sms4smile.com/quotes/paul-krugman/i-ve-always-believed-in-expansionary-monetary-policy-and-if-necessary/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/56d/paul-krugman-2255_always-believe_i-ve-always-believed-in-expansionary-mon_126957.png) > [There has been plenty to criticize about President Obama’s handling of the economy. Yet the overriding story of the past few years…](https://sms4smile.com/quotes/paul-krugman/there-has-been-plenty-to-criticize-about-president-obama-s-handling/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/07d/paul-krugman-2255_blocked_there-has-been-plenty-to-criticize-about_2081211.png) > [There is no economic policy. That's really important to say. The general modus operandi of the Bushies is that they don't make…](https://sms4smile.com/quotes/paul-krugman/there-is-no-economic-policy-that-s-really-important-to-say-the/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/f84/paul-krugman-2255_deals_there-is-no-economic-policy-that-s-reall_1147045.png) > [America's political landscape is infested with many zombie ideas - beliefs about policy that have been repeatedly refuted with evidence and analysis…](https://sms4smile.com/quotes/paul-krugman/america-s-political-landscape-is-infested-with-many-zombie-ideas/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/7ff/paul-krugman-2255_america_america-s-political-landscape-is-infeste_990122.png) > [Many people ... prefer to describe themselves as progressives rather than liberals. To some extent that's a response to the decades-long propaganda…](https://sms4smile.com/quotes/paul-krugman/many-people-prefer-to-describe-themselves-as-progressives-rather-than/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/56a/paul-krugman-2255_campaigns_many-people-prefer-to-describe-themselve_3151821.png) > [It should be possible to emphasize to students that the level of employment is a macroeconomic issue, depending in the short run…](https://sms4smile.com/quotes/paul-krugman/it-should-be-possible-to-emphasize-to-students-that-the-level-of/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/2c4/paul-krugman-2255_demand_it-should-be-possible-to-emphasize-to-st_462476.png) > [I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough…](https://sms4smile.com/quotes/paul-krugman/i-ve-always-believed-that-a-speculative-bubble-need-not-lead-to-a/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/23e/paul-krugman-2255_alternatives_i-ve-always-believed-that-a-speculative_1595485.png) > [ \[T\]he next time you hear serious-sounding people explaining the need for fiscal austerity, try to parse their argument. Almost surely, you'll discover… ](https://sms4smile.com/quotes/paul-krugman/t-he-next-time-you-hear-serious-sounding-people-explaining-the-need/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) [Image](https://sms4smile.com/quotes/i/2a3/paul-krugman-2255_argument_t-he-next-time-you-hear-serious-sounding_2152800.jpg) ## Other authors on Policy ## More by Paul Krugman > [People who are complaining about the Fed are people who've been predicting runaway inflation for five and six years, and it hasn't happened.](https://sms4smile.com/quotes/paul-krugman/people-who-are-complaining-about-the-fed-are-people-who-ve-been/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [Surely I'm not the only person to ask the obvious question: How different, really, is Mr. Madoff's tale from the story of the investment…](https://sms4smile.com/quotes/paul-krugman/surely-i-m-not-the-only-person-to-ask-the-obvious-question-how/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [“The rich are different from you and me: they have more influence.”](https://sms4smile.com/quotes/paul-krugman/the-rich-are-different-from-you-and-me-they-have-more-influence/) [Paul Krugman](https://sms4smile.com/quotes/author/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 sound silly.…](https://sms4smile.com/quotes/paul-krugman/the-internet-s-impact-on-the-economy-has-been-no-greater-than-the-fax/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [Not all private equity people are evil. Only some.](https://sms4smile.com/quotes/paul-krugman/not-all-private-equity-people-are-evil-only-some/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [You really have to go searching desperately to find any contemporary examples of good, old-fashioned runaway inflation.](https://sms4smile.com/quotes/paul-krugman/you-really-have-to-go-searching-desperately-to-find-any-contemporary/) [Paul Krugman](https://sms4smile.com/quotes/author/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…](https://sms4smile.com/quotes/paul-krugman/however-the-fact-that-an-economist-offers-a-theoretical-analysis-does/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [Politics determines who has the power, not who has the truth.](https://sms4smile.com/quotes/paul-krugman/politics-determines-who-has-the-power-not-who-has-the-truth/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [The key reason executives are paid so much now is that they appoint the members of the corporate board that determines their compensation and…](https://sms4smile.com/quotes/paul-krugman/the-key-reason-executives-are-paid-so-much-now-is-that-they-appoint/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.](https://sms4smile.com/quotes/paul-krugman/i-ve-always-believed-in-expansionary-monetary-policy-and-if-necessary/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [...academic credentials are neither a necessary nor a sufficient condition for having your ideas taken seriously. If a famous professor repeatedly says stupid things,…](https://sms4smile.com/quotes/paul-krugman/academic-credentials-are-neither-a-necessary-nor-a-sufficient/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [It’s not about the budget; it’s about the power...So will the attack on unions succeed? I don’t know. But anyone who cares about retaining…](https://sms4smile.com/quotes/paul-krugman/it-s-not-about-the-budget-it-s-about-the-power-so-will-the-attack-on/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [When stock prices are rising, it's called ''momentum investing''; when they are falling, it's called ''panic.''](https://sms4smile.com/quotes/paul-krugman/when-stock-prices-are-rising-it-s-called-momentum-investing-when-they/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [I don't want a job in the administration; I think I'm more effective carping from the sidelines.](https://sms4smile.com/quotes/paul-krugman/i-don-t-want-a-job-in-the-administration-i-think-i-m-more-effective/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [Under the gold standard America had no major financial panics other than in 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933.](https://sms4smile.com/quotes/paul-krugman/under-the-gold-standard-america-had-no-major-financial-panics-other/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/policy/paul-krugman/#itemlist", "name": "13 Policy Quotes By Paul Krugman", "numberOfItems": 13, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/the-great-thing-about-fiscal-policy-is-that-it-has-a-direct-impact/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/dfe/paul-krugman-2255_direct_the-great-thing-about-fiscal-policy-is-t_2701245.png", "contentUrl": "https://sms4smile.com/quotes/i/dfe/paul-krugman-2255_direct_the-great-thing-about-fiscal-policy-is-t_2701245.png", "url": "https://sms4smile.com/quotes/i/dfe/paul-krugman-2255_direct_the-great-thing-about-fiscal-policy-is-t_2701245.png", "width": 1080, "height": 1080, "caption": "“The great thing about fiscal policy is that it has a direct impact and doesn't require you to bind the hands…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/when-depression-economics-prevails-the-usual-rules-of-economic-policy/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/a34/paul-krugman-2255_caution_when-depression-economics-prevails-the-u_1967566.png", "contentUrl": "https://sms4smile.com/quotes/i/a34/paul-krugman-2255_caution_when-depression-economics-prevails-the-u_1967566.png", "url": "https://sms4smile.com/quotes/i/a34/paul-krugman-2255_caution_when-depression-economics-prevails-the-u_1967566.png", "width": 1080, "height": 1080, "caption": "“When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side effect of raising the natural rate of unemployment.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/generous-unemployment-benefits-can-increase-both-structural-and/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/dac/paul-krugman-2255_benefits_generous-unemployment-benefits-can-incre_269398.png", "contentUrl": "https://sms4smile.com/quotes/i/dac/paul-krugman-2255_benefits_generous-unemployment-benefits-can-incre_269398.png", "url": "https://sms4smile.com/quotes/i/dac/paul-krugman-2255_benefits_generous-unemployment-benefits-can-incre_269398.png", "width": 1080, "height": 1080, "caption": "“Generous unemployment benefits can increase both structural and frictional unemployment. So government…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/what-the-depression-teaches-us-is-that-when-the-economy-is-so/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/787/paul-krugman-2255_conventional_what-the-depression-teaches-us-is-that-w_3132359.png", "contentUrl": "https://sms4smile.com/quotes/i/787/paul-krugman-2255_conventional_what-the-depression-teaches-us-is-that-w_3132359.png", "url": "https://sms4smile.com/quotes/i/787/paul-krugman-2255_conventional_what-the-depression-teaches-us-is-that-w_3132359.png", "width": 1080, "height": 1080, "caption": "“What the Depression teaches us is that when the economy is so depressed that even a zero interest rate isn't…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve successfully replaced the technology bubble with a housing bubble", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/a-snarky-but-accurate-description-of-monetary-policy-over-the-past/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/b12/paul-krugman-2255_accurate_a-snarky-but-accurate-description-of-mon_3066773.png", "contentUrl": "https://sms4smile.com/quotes/i/b12/paul-krugman-2255_accurate_a-snarky-but-accurate-description-of-mon_3066773.png", "url": "https://sms4smile.com/quotes/i/b12/paul-krugman-2255_accurate_a-snarky-but-accurate-description-of-mon_3066773.png", "width": 1080, "height": 1080, "caption": "“A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/i-ve-always-believed-in-expansionary-monetary-policy-and-if-necessary/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/56d/paul-krugman-2255_always-believe_i-ve-always-believed-in-expansionary-mon_126957.png", "contentUrl": "https://sms4smile.com/quotes/i/56d/paul-krugman-2255_always-believe_i-ve-always-believed-in-expansionary-mon_126957.png", "url": "https://sms4smile.com/quotes/i/56d/paul-krugman-2255_always-believe_i-ve-always-believed-in-expansionary-mon_126957.png", "width": 1080, "height": 1080, "caption": "“I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "There has been plenty to criticize about President Obama’s handling of the economy. Yet the overriding story of the past few years is not Mr. Obama’s mistakes but the scorched-earth opposition of Republicans, who have done everything they can to get in his way - and who now, having blocked the president’s policies, hope to win the White House by claiming that his policies have failed.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/there-has-been-plenty-to-criticize-about-president-obama-s-handling/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/07d/paul-krugman-2255_blocked_there-has-been-plenty-to-criticize-about_2081211.png", "contentUrl": "https://sms4smile.com/quotes/i/07d/paul-krugman-2255_blocked_there-has-been-plenty-to-criticize-about_2081211.png", "url": "https://sms4smile.com/quotes/i/07d/paul-krugman-2255_blocked_there-has-been-plenty-to-criticize-about_2081211.png", "width": 1080, "height": 1080, "caption": "“There has been plenty to criticize about President Obama’s handling of the economy. Yet the overriding story…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/there-is-no-economic-policy-that-s-really-important-to-say-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/f84/paul-krugman-2255_deals_there-is-no-economic-policy-that-s-reall_1147045.png", "contentUrl": "https://sms4smile.com/quotes/i/f84/paul-krugman-2255_deals_there-is-no-economic-policy-that-s-reall_1147045.png", "url": "https://sms4smile.com/quotes/i/f84/paul-krugman-2255_deals_there-is-no-economic-policy-that-s-reall_1147045.png", "width": 1080, "height": 1080, "caption": "“There is no economic policy. That's really important to say. The general modus operandi of the Bushies is…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "America's political landscape is infested with many zombie ideas - beliefs about policy that have been repeatedly refuted with evidence and analysis but refuse to die. The most prominent zombie is the insistence that low taxes on rich people are the key to prosperity.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/america-s-political-landscape-is-infested-with-many-zombie-ideas/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/7ff/paul-krugman-2255_america_america-s-political-landscape-is-infeste_990122.png", "contentUrl": "https://sms4smile.com/quotes/i/7ff/paul-krugman-2255_america_america-s-political-landscape-is-infeste_990122.png", "url": "https://sms4smile.com/quotes/i/7ff/paul-krugman-2255_america_america-s-political-landscape-is-infeste_990122.png", "width": 1080, "height": 1080, "caption": "“America's political landscape is infested with many zombie ideas - beliefs about policy that have been…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "Many people ... prefer to describe themselves as progressives rather than liberals. To some extent that's a response to the decades-long propaganda campaign conducted by movement conservatives, which has been quite successful in making Americans disdain the word liberal but much less successful in reducing support for liberal policies.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/many-people-prefer-to-describe-themselves-as-progressives-rather-than/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/56a/paul-krugman-2255_campaigns_many-people-prefer-to-describe-themselve_3151821.png", "contentUrl": "https://sms4smile.com/quotes/i/56a/paul-krugman-2255_campaigns_many-people-prefer-to-describe-themselve_3151821.png", "url": "https://sms4smile.com/quotes/i/56a/paul-krugman-2255_campaigns_many-people-prefer-to-describe-themselve_3151821.png", "width": 1080, "height": 1080, "caption": "“Many people ... prefer to describe themselves as progressives rather than liberals. To some extent that's a…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "It should be possible to emphasize to students that the level of employment is a macroeconomic issue, depending in the short run on aggregate demand and depending in the long run on the natural rate of unemployment, with microeconomic policies like tariffs having little net effect. Trade policy should be debated in terms of its impact on efficiency, not in terms of phoney numbers about jobs created or lost.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/it-should-be-possible-to-emphasize-to-students-that-the-level-of/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/2c4/paul-krugman-2255_demand_it-should-be-possible-to-emphasize-to-st_462476.png", "contentUrl": "https://sms4smile.com/quotes/i/2c4/paul-krugman-2255_demand_it-should-be-possible-to-emphasize-to-st_462476.png", "url": "https://sms4smile.com/quotes/i/2c4/paul-krugman-2255_demand_it-should-be-possible-to-emphasize-to-st_462476.png", "width": 1080, "height": 1080, "caption": "“It should be possible to emphasize to students that the level of employment is a macroeconomic issue…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "item": { "@type": "Quotation", "text": "I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/i-ve-always-believed-that-a-speculative-bubble-need-not-lead-to-a/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/23e/paul-krugman-2255_alternatives_i-ve-always-believed-that-a-speculative_1595485.png", "contentUrl": "https://sms4smile.com/quotes/i/23e/paul-krugman-2255_alternatives_i-ve-always-believed-that-a-speculative_1595485.png", "url": "https://sms4smile.com/quotes/i/23e/paul-krugman-2255_alternatives_i-ve-always-believed-that-a-speculative_1595485.png", "width": 1080, "height": 1080, "caption": "“I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 13, "item": { "@type": "Quotation", "text": "[T]he next time you hear serious-sounding people explaining the need for fiscal austerity, try to parse their argument. Almost surely, you'll discover that what sounds like hardheaded realism actually rests on a foundation of fantasy, on the belief that invisible vigilantes will punish us if we're bad and the confidence fairy will reward us if we're good. And real-world policy - policy that will blight the lives of millions of working families - is being built on that foundation.", "creator": { "@type": "Person", "name": "Paul Krugman" }, "url": "https://sms4smile.com/quotes/paul-krugman/t-he-next-time-you-hear-serious-sounding-people-explaining-the-need/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/2a3/paul-krugman-2255_argument_t-he-next-time-you-hear-serious-sounding_2152800.jpg", "contentUrl": "https://sms4smile.com/quotes/i/2a3/paul-krugman-2255_argument_t-he-next-time-you-hear-serious-sounding_2152800.jpg", "url": "https://sms4smile.com/quotes/i/2a3/paul-krugman-2255_argument_t-he-next-time-you-hear-serious-sounding_2152800.jpg", "width": 1080, "height": 1080, "caption": "“[T]he next time you hear serious-sounding people explaining the need for fiscal austerity, try to parse…” — Paul Krugman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/policy/paul-krugman/#webpage", "url": "https://sms4smile.com/quotes/about/policy/paul-krugman/", "name": "Policy Quotes by Paul Krugman", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/policy/paul-krugman/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/dfe/paul-krugman-2255_direct_the-great-thing-about-fiscal-policy-is-t_2701245.png" }, "description": "13 Policy quotes by Paul Krugman. Plus more from Paul Krugman and more Policy sayings from other authors.", "breadcrumb": { "@id": "https://sms4smile.com/quotes/about/policy/paul-krugman/#breadcrumb" } }, { "@type": "BreadcrumbList", "@id": "https://sms4smile.com/quotes/about/policy/paul-krugman/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Topics", "item": "https://sms4smile.com/quotes/categories/" }, { "@type": "ListItem", "position": 4, "name": "Policy", "item": "https://sms4smile.com/quotes/about/policy/" }, { "@type": "ListItem", "position": 5, "name": "Paul Krugman", "item": "https://sms4smile.com/quotes/about/policy/paul-krugman/" } ] }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```