Paul Krugman

Paul Krugman is professor of Economics and International Affairs at Princeton University and a regular columnist for The New York Times. Krugman was the 2008 recipient of the Nobel Prize in Economics. He is the author of numerous books, including The Conscience of A Liberal, The Return of Depression Economics, and his most recent, End This Depression Now!.

Articles by this author

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Monday, February 23, 2009
Banking on the Brink
Comrade Greenspan wants us to seize the economy’s commanding heights. O.K., not exactly. What Alan Greenspan, the former Federal Reserve chairman — and a staunch defender of free markets — actually said was, “It may be necessary to temporarily nationalize some banks in order to facilitate a swift and orderly restructuring.” I agree. The case for nationalization rests on three observations.
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Monday, February 16, 2009
Decade at Bernie's
By now everyone knows the sad tale of Bernard Madoff's duped investors. They looked at their statements and thought they were rich. But then, one day, they discovered to their horror that their supposed wealth was a figment of someone else's imagination. Unfortunately, that's a pretty good metaphor for what happened to America as a whole in the first decade of the 21st century.
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Friday, February 13, 2009
Failure to Rise
By any normal political standards, this week's Congressional agreement on an economic stimulus package was a great victory for President Obama. He got more or less what he asked for: almost $800 billion to rescue the economy, with most of the money allocated to spending rather than tax cuts. Break out the Champagne!
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Monday, February 09, 2009
The Destructive Center
What do you call someone who eliminates hundreds of thousands of American jobs, deprives millions of adequate health care and nutrition, undermines schools, but offers a $15,000 bonus to affluent people who flip their houses? A proud centrist. For that is what the senators who ended up calling the tune on the stimulus bill just accomplished.
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Sunday, February 08, 2009
What the Centrists Have Wrought
I’m still working on the numbers, but I’ve gotten a fair number of requests for comment on the Senate version of the stimulus. The short answer: to appease the centrists, a plan that was already too small and too focused on ineffective tax cuts has been made significantly smaller, and even more focused on tax cuts.
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Friday, February 06, 2009
On The Edge
A not-so-funny thing happened on the way to economic recovery. Over the last two weeks, what should have been a deadly serious debate about how to save an economy in desperate straits turned, instead, into hackneyed political theater, with Republicans spouting all the old clichés about wasteful government spending and the wonders of tax cuts. It's as if the dismal economic failure of the last eight years never happened - yet Democrats have, incredibly, been on the defensive.
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Monday, February 02, 2009
Bailouts for Bunglers
Question: what happens if you lose vast amounts of other people's money? Answer: you get a big gift from the federal government - but the president says some very harsh things about you before forking over the cash. Am I being unfair? I hope so. But right now that's what seems to be happening.
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Friday, January 16, 2009
Forgive and Forget?
Last Sunday President-elect Barack Obama was asked whether he would seek an investigation of possible crimes by the Bush administration. "I don't believe that anybody is above the law," he responded, but "we need to look forward as opposed to looking backwards." I'm sorry, but if we don't have an inquest into what happened during the Bush years - and nearly everyone has taken Mr. Obama's remarks to mean that we won't - this means that those who hold power are indeed above the law because they don't face any consequences if they abuse their power.
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Monday, January 12, 2009
Ideas for Obama
Last week President-elect Barack Obama was asked to respond to critics who say that his stimulus plan won’t do enough to help the economy. Mr. Obama answered that he wants to hear ideas about “how to spend money efficiently and effectively to jump-start the economy.” O.K., I’ll bite — although as I’ll explain shortly, the “jump-start” metaphor is part of the problem.
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Friday, January 09, 2009
The Obama Gap
“I don’t believe it’s too late to change course, but it will be if we don’t take dramatic action as soon as possible. If nothing is done, this recession could linger for years.” So declared President-elect Barack Obama on Thursday, explaining why the nation needs an extremely aggressive government response to the economic downturn. He’s right. This is the most dangerous economic crisis since the Great Depression, and it could all too easily turn into a prolonged slump.
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