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Quote by 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 war, and - very much in third place - tax cuts.”

Quote by Paul Krugman

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Paul Krugman
Paul Krugman

Paul Krugman is a renowned economist known for his contributions to macroeconomic policy and international trade. He won the Nobel Prize in Economics in 1991 and is considered one of the leading figures in the New Keynesian economics school. more

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“Governments do not necessarily act in the national interest, especially when making detailed microeconomic interventions. Instead, they are influenced by interest group pressures. The kinds of interventions that new trade theory suggests can raise national income will typically raise the welfare of small, fortunate groups by large amounts, while imposing costs on larger, more diffuse groups.”

KindPhilosophyGovernmentPoliticalInterestGroupsTheoryAmountCostEconomicsPressureRaisesTradeIncomeFortunateWelfareInterventionImposingNational InterestsInterest GroupsMicroeconomics
Author:Paul Krugman
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“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.”

ShouldLittlesLongPhilosophyRunningJobsPoliticalLostTermNaturalLevelsNumbersIssuesEffectsPolicyStudentsDemandEconomicsTradeImpactRateEmploymentLong RunsEfficiencyUnemploymentTariffsMacroeconomicsMicroeconomics
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“Used to the conditions of a capitalistic environment, the average American takes it for granted that every year business makes something new and better accessible to him. Looking backward upon the years of his own life, he realizes that many implements that were totally unknown in the days of his youth and many others which at that time could be enjoyed only by a small minority are now standard equipment of almost every household.”

YearsPhilosophyPoliticalUsedRealizingEnvironmentConditionsYouthStandardsEconomicsAverageGrantedEnjoyedMinoritiesSomething NewHouseholdLooking BackEquipment
Book:Economic freedom and interventionism: an anthology of articles and essays
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