“The world economy is in a nosedive, and understanding what I call "depression economics" - the weird world you get into when even a zero interest rate isn't low enough, and a messed-up financial system is dragging down the real economy - is essential if we're going to avoid the worst.” IfsWorldRealEnoughUnderstandingInterestEconomyWorstEssentialsLowsEconomicsRateFinancialZeroMessed UpInterest RateWorld EconomyFinancial System Author:Paul Krugman
“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.” WorldWayTryingSelfFactsPastNationsPoorCasesSuccessfulTakenEconomicCenturyExampleDevelopmentStandardsDecentGlobalizationStandards Of LivingEconomic DevelopmentSelf SufficiencySufficiencyEconomic GlobalizationPoor Nations Author:Paul Krugman
“Our grandfathers lived in a world of largely self-sufficient, inward-looking national economies - but our great-great grandfathers lived, as we do, in a world of large-scale international trade and investment, a world destroyed by nationalism.” WorldSelfEconomyTradeInvestmentInternationalScalesDestroyedSufficientNationalismGrandfatherInwardSelf SufficientLarge ScaleGreat GrandfatherInternational TradeNational Economy Author:Paul Krugman
“What saved the economy, and the New Deal, was the enormous public works project known as World War II, which finally provided a fiscal stimulus adequate to the economy’s needs.” WorldNeedsWarDealsKnownEconomyProjectsSavedEnormousWar Of The WorldsWorld War IiWorld War IAdequateStimulusNew Deal Author:Paul Krugman
“If we discovered that, you know, space aliens were planning to attack and we needed a massive buildup to counter the space alien threat and really inflation and budget deficits took secondary place to that, this slump would be over in 18 months. ... There was a Twilight Zone episode like this in which scientists fake an alien threat in order to achieve world peace. Well, this time, we don't need it, we need it in order to get some fiscal stimulus.” IfsKnowsWorldNeedsWellsWould BeOrderSpaceAchieveMonthsNeededScientistThreatPlanningAliensBudgetsFakeZoneMassiveTwilightEpisodesInflationDeficitStimulusTwilight ZoneSlumpsBudget DeficitSpace Aliens Author:Paul Krugman
“I'm especially baffled by the idea of taking insurance against a U.S. default. If America defaults, we're talking about a chaotic world - Mad Max, more or less - in which case, who imagines that insurance claims will be honored?” IfsWorldIdeasAmericaTalkingCasesImagineClaimsMadImagine ThatHonoredMaxChaoticDefaultBaffledMad Max Author:Paul Krugman
“[I]f you look at United States history since World War II, you find that of the 10 presidents who preceded Barack Obama, seven left office with a debt ratio lower than when they came in. Who were the three exceptions? Ronald Reagan and the two George Bushes.” WorldLooksTwoWarStatesThreeLeftPresidentUnitedUnited StatesOfficeSevenDebtBarackWar Of The WorldsExceptionWorld War IiWorld War IRatios Author:Paul Krugman
“[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.” PeopleIfsWorldNeedsTryingRealNextBeliefSoundMillionsFantasyPolicySeriousBuiltArgumentFoundationRewardsInvisibleFairyReal WorldRealismNext TimeExplainingAusterityBlightVigilante Author:Paul Krugman
“Coming up with a good idea, with an insight into the way the world works that is really new and that you really believe in, is a deeply satisfying experience.” WorldWayBelieveIdeasInsightSatisfyingGood Ideas Author:Paul Krugman
“The United States in particular and the West in general should be feeling a little embarrassed about all that lecturing we did to the Third World.” WorldShouldLittlesStatesFeelingsUnitedUnited StatesParticularThirdsWestInvestingEmbarrassedThird WorldLecturing Author:Paul Krugman
“Seven habits that help produce the anything-but-efficient markets that rule the world. 1. Think short term. 2. Be greedy. 3. Believe in the greater fool 4. Run with the herd. 5. Overgeneralize 6. Be trendy 7. Play with other people's money” PeopleThinkingWorldBelievePlayHelpingRunningTermGreaterProduceFoolHabitSevenLibertarianEfficientGreedyShort TermHerdsTrendySeven HabitsEfficient Markets Author:Paul Krugman
“[I]f one asks what substantive contributions [F. A. Hayek] made to our understanding of how the world works, one is left at something of a loss. Were it not for his politics, he would be virtually forgotten.” WorldMadeWould BeAsksLeftUnderstandingLossForgottenLibertarianContributionHayek Author:Paul Krugman
“I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.” MenWorldMindBelieveImportantI BelieveProsperityObstaclesDoctrineObsoleteClutter Author:Paul Krugman
“The science fiction world has a lot of people doing seriously imaginative thinking.” PeopleThinkingWorldFictionScience FictionImaginative Author:Paul Krugman
