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]
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]
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]
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.
The malefactors of great wealth and the religious right. Economist Paul Krugman on insufficient necessity.
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?
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.