So what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment. Paul Krugman More Quotes by Paul Krugman More Quotes From Paul Krugman It’s not about the budget; it’s about the power...So will the attack on unions succeed? I don’t know. But anyone who cares about retaining government of the people by the people should hope that it doesn’t. Paul Krugman who-cares government people The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth. Paul Krugman economics mathematics groups 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. Paul Krugman taken successful past Rising inequality isn’t about who has the knowledge; it’s about who has the power. Paul Krugman inequality rising The growth of the Internet will slow drastically, as the flaw in 'Metcalfe's law'–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's. Paul Krugman impact squares law Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is. Paul Krugman hysteria benefits favors Middle-class societies don't emerge automatically as an economy matures, they have to be CREATED through political action. Paul Krugman political action class You really have to go searching desperately to find any contemporary examples of good, old-fashioned runaway inflation. Paul Krugman runaway old-fashioned example There are no atheists in foxholes and there are no libertarians in financial crises. Paul Krugman foxholes libertarian atheist Debt is one person's liability, but another person's asset. Paul Krugman liability debt assets We should try to create the society each of us would want if we didn't know in advance who we'd be. Paul Krugman should want trying Seven habits that help produce the anything-but-efficient markets that rule the world. Paul Krugman running believe thinking 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. Paul Krugman political government philosophy 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. Paul Krugman political law believe In our country, learned ignorance is on the rise. Paul Krugman our-country ignorance country Europe is often held up as a cautionary tale, a demonstration that if you try to make the economy less brutal, to take better care of your fellow citizens when they're down on their luck, you end up killing economic progress. But what European experience actually demonstrates is the opposite: social justice and progress can go hand in hand. Paul Krugman opposites europe hands I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men. Paul Krugman mind men believe If you had to explain America's economic success with one word, that word would be "education".... Until now, the results of educational neglect have been gradual - a slow-motion erosion of America's relative position. But things are about to get much worse, as the economic crisis ... deals a severe blow to education across the board.... We need to wake up and realize that one of the keys to our nation's historic success is now a wasting asset. Education made America great; neglect of education can reverse the process. Paul Krugman blow education america If you want to understand opposition to climate action, follow the money. Paul Krugman climate-action global-warming want The key reason executives are paid so much now is that they appoint the members of the corporate board that determines their compensation and control many of the perks that board members count on. So it's not the invisible hand of the market that leads to those monumental executive incomes; it's the invisible handshake in the boardroom. Paul Krugman invisible-hand keys hands
