Paul Krugman: Monetary and Fiscal Implications of Secular Stagnation Crooked Timber: If this is “secular stagnation”, I want my old job back The Global Bezzle – whence it came, where it went and why it matters (repost from 2011) [more inside]
White Collars Turn Blue: "But computers are proficient at analyzing symbols; it is the messiness of the real world that they have trouble with. Furthermore, symbols can be transmitted easily to Asmara or La Paz and analyzed there for a fraction of the cost in Boston. Therefore, many of the jobs that once required a college degree have been eliminated... So enrollment in colleges and universities has dropped almost two-thirds since its peak at the turn of the century. The prestigious universities coped by reverting to an older role. Today a place like Harvard is, as it was in the 19th century, more of a social institution than a scholarly one -- a place for children of the wealthy to refine their social graces and befriend others of their class... While business gurus were proclaiming the new dominance of creativity and innovation over mere production, the growing ease with which information was transmitted and reproduced made it harder for creators to profit from their creations... How, then, could creativity be made to pay? The answer was already becoming apparent a century ago: creations must make money indirectly by promoting sales of something else."
Breitbarted! [BUSINESSINSIDER.COM] "Conservative news site Breitbart.com duped by fake story that Paul Krugman declared dankruptcy. A satirical item published last week purporting that economist Paul Krugman had filed for bankruptcy has spread to Boston.com and the conservative website Breitbart this morning. The item originated in The Daily Currant, a satirical news site. Austria's Format online magazine picked it up, and their report was subsequently cited by Boston.com [It has since been taken down 404 error.]. Then it spread to Breitbart. It has since been taken down this morning, but here's a screenshot:" [more inside]
There's been a lot of talk in the US media about the "Fiscal Cliff" and the "Grand Bargain" What are they?
The "fiscal cliff" is a confluence of three legal changes taking effect Jan. 1: the expiration of a payroll-tax cut, the expiration of the Bush-era tax cuts, and the advent of mandatory spending cuts known as "sequestration."Fiscal Cliff 101: 5 Basic Questions Answered. What's Happening: Fiscal Cliff Explained [more inside]
Obama to Congressional Republicans: pass this jobs bill, or take the blame. The Economist has the details of the plan. Paul Krugman describes the plan as significantly bolder and better than expected. Good news and bad news: Obama's plan would work, but GOP won't pass it. Why not? [more inside]
The Outer Limits episode, The Architects of Fear is built around faking an alien invasion in order to stop nuclear armageddon. In a recent interview, Paul Krugman of the New York Times proposed a fake alien invasion to stimulate the economy.
Paul Krugman and Robin Wells have a long two-part essay in the New York Review of Books on the current economic slump. The Slump Goes On: Why? And The Way Out of the Slump.
Since around June 2009 many indicators have been pointing up: GDP has been rising in all major economies, world industrial production has been rising, and US corporate profits have recovered to pre-crisis levels. Yet unemployment has hardly fallen in either the United States or Europe--which means that the plight of the unemployed, especially in America with its minimal safety net, has grown steadily worse as benefits run out and savings are exhausted. And little relief is in sight: unemployment is still rising in the hardest-hit European economies, US economic growth is clearly slowing, and many economic forecasters expect America's unemployment rate to remain high or even to rise over the course of the next year.[more inside]
What to Do. 2008 Nobel Laureate in Economics Paul Krugman on what to do about the economic crisis. [Via]
Where no economist had gone before. Paul Krugman posts a type-written paper on interstellar trade which he wrote as "an oppressed assistant professor" in the '70s. I do not propose to develop a theory which is universally valid, but it may at least have some galactic relevance. [pdf link]
Reagan at Neshoba. Some time ago, a blog post was authored at Mahablog which suggested that movement politics can best be understood when their rhetoric is viewed as a series of metaphors, with an allegory made to a spectacular episode of Stark Trek: The Next Generation featuring Paul Winfield titled "Darmok". Picard and crew stumble across an alien race that speaks only in metaphor. The alien captain, frustrated by the failure to communicate, transports Picard to the surface of a planet, where they must learn to communicate or die. The alien captain does finally reach Picard, but dies as a result of his injuries battling an invisible predator. By way of comparison, examine Candidate Ronald Reagan's speech at Neshoba [audio, 57MB, via, additional context here]. Some pundits are claiming that it is an example of the Southern Strategy codified as dog-whistle politics, whilst others view it as an honest mistake, and others still find an inconvenient long sequence of other "honest mistakes". [more inside]
How do regional clusters of economic activity get started? For example, why is Dalton, a town in northern Georgia, the center of the American carpet industry? It started with a farm girl named Catherine Evans, who made a tufted bedspread as a wedding present in 1900. Via Paul Krugman.
Everyone complains about the weather, but nobody does anything about it. What are the climate change policy options? Paul Krugman on tax-shifting. William Nordhaus on carbon taxes vs. cap-and-trade (PDF). Mark Jaccard, Nic Rivers, and Matt Horne note that in Canada, voluntary measures and subsidies haven't worked, and propose a detailed policy package (PDF). [more inside]
Paul Krugman: The best places to get sick A dozen years ago, everyone was talking about an American health care crisis. But then the issue faded from view: A few years of good data led many people to conclude that HMOs and other innovations had ended the historic trend of rising medical costs. But the pause in the growth of health care costs in the 1990s proved temporary. Medical costs are once again rising rapidly and the U.S. health care system is once again in crisis. So now is a good time to ask why other advanced countries manage to spend so much less than we Americans do, while getting better results.
The malefactors of great wealth and the religious right. Economist Paul Krugman on insufficient necessity.
The producer strikes back. After crowing Monday about how he made mincemeat of NYT columnist Paul Krugman on The Factor, O'Reilly gets rebutted on Tuesday via quicktime on the blog of Outfoxed co-producer Jim Gilliam.
In the United States, the cover of Paul Krugman's new book is a little bit different than the cover in England. (from Atrios)
Video of Krugman on Media and Economics
If Bush said the earth is flat, of course Fox News would say "Yes, the earth is flat, and anyone who says different is unpatriotic." And mainstream media would have stories with the headline: "Shape of Earth: Views Differ; and would at most report that some Democrats say that it's round."So said Paul Krugman during a recent interview in Boston with Chris Lydon, former host of NPR's 'The Connection.'
Paul Krugman writes that the Bush administration will fight a "khaki election" next year, taking advantage of the general good feeling after the Iraq war. The original khaki election was the British election of 1900, contested during the Boer War. Our armed forces don't really wear khaki so much anymore and I think we need a new term. I suggest calling 2004 the "Camo Election." Any better suggestions?
Paul Krugman, Princeton prof and NYTimes columnist is the subject of a Google Question. Some one wants to know "What kind of house does he live in? What kind of car does he drive? Is anything known about his personal life (hobbies, sports, sexual orientation, etc)? ". Krugman himself answers with panache and asks for the money!
For Richer: the first in a New York Times series on class in the United States. Princeton economics professor Paul Krugman declares the death of the middle class, pointing out disparities between the rich and the poor, examining efforts to cover up class makeup with quantile data, and probing the transformation of corporate executive ethics and influence. Even Glenn Reynolds is taken to task for his Sweden-Mississippi per capita GDP comparison. Krugman's sources are on the slim side, but the question must be asked: Are we living in a new Gilded Age? And, if so, how can citizens and government work to change things?
Dishonesty in defense of tax cuts. Paul Krugman sets the record straight with refreshing honesty. If only he were in charge of our country's economics... From the CEO White House to our Banana Republics to our largest corporations budgetary dishonesty abounds and we'll eventually have to pay the bill.
Plutocracy and Politics. Paul Krugman's musings upon reading Kevin Phillip's Wealth and Democracy: How Great Fortunes and Government Created America's Aristocracy, reviewed here by Bruce Reed of the Washington Monthly. Also, Three Questions For Kevin Phillips.
What do Greenspan, Enron and the number 11 all have in common? Economist and NYT colimnist Paul Krugman notes with not too much irony that "Just one month ago the James A. Baker III Institute presented Alan Greenspan with its Enron Prize." (a big wince over regretable timing, and the emphasis is mine) No big conspiracy here, but the general thrust of Krugman's column (NYT link) is that somethings got to give if things are to again get real (good). Lots of interesting under-reported economic factoids in the article make for enlightening reading.
Here's a short but sweet Paul Krugman critique of the House stimulus bill.
That didn't take long. Thanks to Paul Krugman; it's high time someone disagreed with Bush's wrongheaded fiscal ideas. Bush is going back to fuzzy math to justify another tax cut.
Do internal memos reveal oil refineries engaged in price-fixing? From Joshua Micah Marshall's Talking Points memo; links to a Paul Krugman NYT op-ed, but far more intriguingly to Sen. Ron Wyden's (D-OR) webpage, where on June 14th he released his report on alleged price fixing by varied oil refineries based on internal memos and documents of these companies. These types of allegations have been made before, but there is some rather damning language from those internal memos...
I Love Paul Krugman! He, better than any writer I have seen, cuts through all the political BS to expose the Republican party, whose members, for the most part, obtain office by cleverly deceiving the little people on what is in their interest. I would love to see PK "debate" the President (link to the NYTIMES--make up a username/password if don't have one and you're that concerned).