"In short, what the living wage is really……" — Paul Krugman
"In short, what the living wage is really about is not living standards, or even economics, but morality. Its advocates are basically opposed to the idea that wages are a market price-determined by supply and demand, the same as the price of apples or coal. And it is for that reason, rather than the practical details, that the broader political movement of which the demand for a living wage is the leading edge is ultimately doomed to failure: For the amorality of the market economy is part of its essence, and cannot be legislated away."
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Paul Krugman
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75 Quotes by Paul Krugman
Paul Krugman has 75 quotes on this site.
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Every once in a while I feel despair over the fate of the planet. If you've been following climate science,…
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We know that advanced economies with stable governments that borrow in their own currency are capable of running up very…
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The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
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People respond to incentives. If unemployment becomes more attractive because of the unemployment benefit, some unemployed workers may no longer…
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Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the…
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Raising the minimum wage and lowering the barriers to union organization would carry a trade-off - higher unemployment. A better…
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I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut…
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In fact, I'd say that the sources of the economy's expansion from 2003 to 2007 were, in order, the housing…
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It should be possible to emphasize to students that the level of employment is a macroeconomic issue, depending in the…
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