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Paul Krugman

Geburtstag: 28. Februar 1953
Andere Namen: Paul Robin Krugman

Paul Robin Krugman [ˈkɹuːɡmən] ist ein US-amerikanischer Ökonom und Publizist. Er ist Professor für Volkswirtschaftslehre an der Princeton University, Centenary Professor an der London School of Economics, Sachbuchautor und Träger des Alfred-Nobel-Gedächtnispreises für Wirtschaftswissenschaften 2008. Krugman ist Begründer der Neuen Ökonomischen Geographie. In den Vereinigten Staaten ist er besonders durch seine wöchentlichen Kolumnen in der New York Times über Fachkreise hinaus bekannt geworden. Wikipedia

Zitate Paul Krugman

„… politics determine who has the power, not who has the truth.“

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—  Paul Krugman

The Australian Financial Review, 6 September 2010, p. 15, "Time for Obama to abandon caution". Also seen in the Sacramento Bee http://www.sacbee.com/2010/09/04/3004829/obama-should-aim-high-on-stimulus.html

„I believe in a relatively equal society, supported by institutions that limit extremes of wealth and poverty. I believe in democracy, civil liberties, and the rule of law. That makes me a liberal, and I’m proud of it.“

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—  Paul Krugman, buch The Conscience of a Liberal

Quelle: The Conscience of a Liberal (2007), Ch. 13. The Conscience of a Liberal http://books.wwnorton.com/books/detail.aspx?ID=5887. W. W. Norton & Company. 352 pages ISBN 978-0-393-06069-0, 1st edition (2007)

„I would summarize the Keynesian view in terms of four points:1. Economies sometimes produce much less than they could, and employ many fewer workers than they should, because there just isn’t enough spending. Such episodes can happen for a variety of reasons; the question is how to respond.
2. There are normally forces that tend to push the economy back toward full employment. But they work slowly; a hands-off policy toward depressed economies means accepting a long, unnecessary period of pain.
3. It is often possible to drastically shorten this period of pain and greatly reduce the human and financial losses by “printing money”, using the central bank’s power of currency creation to push interest rates down.
4. Sometimes, however, monetary policy loses its effectiveness, especially when rates are close to zero. In that case temporary deficit spending can provide a useful boost. And conversely, fiscal austerity in a depressed economy imposes large economic losses.“

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—  Paul Krugman

Keynesianism Explained http://krugman.blogs.nytimes.com/2015/09/15/keynesianism-explained (September 15, 2015)
The Conscience of a Liberal blog

„Economics is harder than physics; luckily it is not quite as hard as sociology. Why is economics such a hard subject? Part of the answer has to do with complexity. The economy cannot be put in a box. […] Another reason economics is hard is that the critical sociologist is right: it involves human beings, who do not behave in simple, mechanical ways.“

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—  Paul Krugman, buch Peddling Prosperity

Preface
Peddling Prosperity (1994)

„It’s a tribute to the importance of Friedman’s work that questions about his legacy bear so directly on contemporary policy issues. But for that reason it’s also important not to engage in hagiography. Friedman was a great economist, but like every other great economist in history, he was also wrong about some important things.“

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—  Paul Krugman

Response to Nelson and Schwartz, Journal of Monetary Economics 55 (2008)

„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.“

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—  Paul Krugman

on CNN's "Fareed Zakaria GPS", August 21, 2011. http://www.huffingtonpost.com/2011/08/15/paul-krugman-fake-alien-invasion_n_926995.html

„So let’s bid a not at all fond farewell to the Big Zero — the decade in which we achieved nothing and learned nothing.“

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—  Paul Krugman

"The Big Zero", The New York Times (27th December, 2009)

„As is often the case with major disputes in economics, the argument over fiscal policy went on for years, with some critics of fiscal policy still defending their position when this book went to press. It seems fair, however, to say that among economists a more or less Keynesian view of the effects of fiscal policy came to prevail. Careful statistical studies at the International Monetary Fund and else where showed that austerity policies have historically been followed by contraction, not expansion. Recent experience, in which countries like Spain and Greece that were forced into severe austerity also experienced severe slumps, seemed to confirm that observation. Furthermore, it was clear that those who had predicted a sharp rise in U. S. interest rates due to budget deficits, leading to conventional crowding out, had been wrong: U. S. long-term interest rates remained near record lows even during the years from 2009 to 2012, when the government ran very large deficits.“

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—  Paul Krugman

Quelle: Economics (4th ed., 2015), Chapter 33. Macroeconomics: Events and Ideas

„First, most of the speculation about the superiority of the communist system - including the popular view that Western economies could painlessly accelerate their own growth by borrowing some aspects of that system - was off base. Rapid Soviet economic growth was based entirely on one attribute: the willingness to save, to sacrifice current consumption for the sake of future production. The communist example offered no hint of a free lunch.
Second, the economic analysis of communist countries' growth implied some future limits to their industrial expansion - in other words, implied that a naive projection of their past growth rates into the future was likely to greatly overstate their real prospects. Economic growth that is based on expansion of inputs, rather than on growth in output per unit of input, is inevitably subject to diminishing returns. It was simply not possible for the Soviet economies to sustain the rates of growth of labor force participation, average education levels, and above all the physical capital stock that had prevailed in previous years. Communist growth would predictably slow down, perhaps drastically.“

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—  Paul Krugman

Pop Internationalism (1996), Asia's Miracle (1994)

„When the economy is in a depression, scarcity ceases to rule. Productive resources sit idle, so that it is possible to have more of some things without having less of others; free lunches are all around. As a result, all the usual rules of economics are stood on their head; we enter a looking-glass world in which virtue is vice and prudence is folly. Thrift hurts our future prospects; sound money makes us poorer. Moreover, that's the kind of world we have been living in for the past several years, which means that it is a kind of world that students should understand. […] Depression economics is marked by paradoxes, in which seemingly virtuous actions have perverse, harmful effects. Two paradoxes in particular stand out: the paradox of thrift, in which the attempt to save more actually leads to the nation as a whole saving less, and the less-well-known paradox of flexibility, in which the willingness of workers to protect their jobs by accepting lower wages actually reduces total employment. […] In times of depression, the rules are different. Conventionally sound policy – balanced budgets, a firm commitment to price stability – helps to keep the economy depressed. Once again, this is not normal. Most of the time we are not in a depression. But sometimes we are – and 2013, when this chapter was written, was one of those times.“

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—  Paul Krugman

“Depressions are Different”, in Robert M. Solow, ed. Economics for the Curious: Inside the Minds of 12 Nobel Laureates. 2014.

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„We’re now in the seventh year of a slump brought on by Wall Street excess; the wizardly job of “allocating the economy’s investment resources” consisted, we now know, largely of funneling money into a real estate bubble.“

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—  Paul Krugman

"Iron Men of Wall Street" http://krugman.blogs.nytimes.com/2014/02/16/iron-men-of-wall-street/, 16 February 2014
The Conscience of a Liberal blog

„But the honest truth is that what drives me as an economist is that economics is fun. I think I understand why so many people think that economics is a boring subject, but they are wrong. On the contrary, there is hardly anything I know that is as exciting as finding that the great events that move history, the forces that determine the destiny of empires and the fate of kings, can sometimes be explained, predicted, or even controlled by a few symbols on a printed page. We all want power, we all want success, but the ultimate reward is the simple joy of understanding.“

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—  Paul Krugman

Incidents from my career http://web.mit.edu/krugman/www/incidents.html (1995)

„Keynesian theory initially prevailed because it did a far better job than classical orthodoxy of making sense of the world around us, and Friedman’s critique of Keynes became so influential largely because he correctly identified Keynesianism’s weak points. And just to be clear: although this essay argues that Friedman was wrong on some issues, and sometimes seemed less than honest with his readers, I regard him as a great economist and a great man.“

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—  Paul Krugman

"Who Was Milton Friedman?", The New York Review of Books (February 15, 2007)
The New York Review of Books articles

„I do not mean to say that formal economic analysis is worthless, and that anybody's opinion on economic matters is as good as anyone else's. On the contrary! I am a strong believer in the importance of models, which are to our minds what spear-throwers were to stone age arms: they greatly extend the power and range of our insight. In particular, I have no sympathy for those people who criticize the unrealistic simplifications of model-builders, and imagine that they achieve greater sophistication by avoiding stating their assumptions clearly. The point is to realize that economic models are metaphors, not truth. By all means express your thoughts in models, as pretty as possible (more on that below). But always remember that you may have gotten the metaphor wrong, and that someone else with a different metaphor may be seeing something that you are missing.“

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—  Paul Krugman

" How I Work http://web.mit.edu/krugman/www/howiwork.html", American Economist (1993)

„When it comes to the all-too-human problem of recessions and depressions, economists need to abandon the neat but wrong solution of assuming that everyone is rational and markets work perfectly. The vision that emerges as the profession rethinks its foundations may not be all that clear; it certainly won’t be neat; but we can hope that it will have the virtue of being at least partly right.“

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—  Paul Krugman

"How Did Economists Get It So Wrong?", The New York Times (September 2, 2009)
The New York Times Columns

„So let's start telling the truth: competitiveness is a meaningless word when applied to national economies. And the obsession with competitiveness is both wrong and dangerous.“

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—  Paul Krugman

Pop Internationalism (1996), Competitiveness: A Dangerous Obsession (1994)

„This article makes three points. First, it argues that concerns about competitiveness are, as an empirical matter, almost completely unfounded. Second, it tries to explain why defining the economic problem as one of international competition is nonetheless so attractive to so many people. Finally, it argues that the obsession with competitiveness is not only wrong but dangerous, skewing domestic policies and threatening the international economic system.“

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—  Paul Krugman

Pop Internationalism (1996), Competitiveness: A Dangerous Obsession (1994)

„The idea that a country's economic fortunes are largely determined by its success on world markets is a hypothesis, not a necessary truth; and as a practical, empirical matter, that hypothesis is flatly wrong. That is, it is simply not the case that the world's leading nations are to any important degree in economic competition with each other, or that any of their major economic problems can be attributed to failures to compete on world markets.“

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—  Paul Krugman

Pop Internationalism (1996), Competitiveness: A Dangerous Obsession (1994)

„It's tempting to give up—either to retreat to the ivory tower, or to start to play the policy entrepreneur game. After all, what is the use of sophisticated policy thinking or careful examination of the facts if simplistic ideas win every time?
One answer is simply that it would be wrong to give up. If the people with good ideas do not fight for them, they have no right to complain about the outcome.
But good ideas will still often lose to convenient nonsense. When that happens, every serious economist is ultimately sustained by a faith that the right ideas will eventually prevail.“

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—  Paul Krugman, buch Peddling Prosperity

Epilogue
Peddling Prosperity (1994)

„Where do ideas about economics come from? They come, of course from economists—where by an "economist" I mean someone who thinks and writes regularly about economic issues. But not all economists are alike, and in fact the genus includes two radically distinct species: The professors and the policy entrepreneurs.“

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—  Paul Krugman, buch Peddling Prosperity

Introduction: Looking for Magicians
Peddling Prosperity (1994)

„Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Etiam egestas wisi a erat. Morbi imperdiet, mauris ac auctor dictum.“

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