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There are many economic puzzles, but there are only two really great mysteries. One of these mysteries is why economic growth takes places at differe… - Paul Krugman
" "There are many economic puzzles, but there are only two really great mysteries.
One of these mysteries is why economic growth takes places at different rates over time and across countries. Nobody really knows why the U.S. economy could generate 3 percent annual productivity growth before 1973 but only 1 percent afterward, nobody really knows why Japan surged from defeat to global economic power after World War II, while Britain slid slowly into third-rate status. At any given time there are always policy entrepreneurs willing to claim that they have all the answers, but we'll come to that story in later chapters.
The other mystery is the reason why there is a business cycle ― the irregular rhythm of recessions and recoveries that prevents economic growth from being a smooth trend. It was in challenging the orthodox, Keynesian view of business cycles that conservatives first forced a major rethinking of economics.
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About Paul Krugman
Paul Robin Krugman (born February 28, 1953) is an American New Keynesian economist, Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and a former op-ed columnist for The New York Times.
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Paul Robin Krugman
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Paul R Krugman
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Additional quotes by Paul Krugman
There are three kinds of writing in economics: Greek-letter, up-and-down, and airport. Greek-letter writing formal, theoretical, mathematical is how professors communicate. Like any academic field, economics has its fair share of hacks and phonies, who use complicated language to hide the banality of their ideas; it also contains profound thinkers, who use the specialized language of the discipline as an efficient way to express deep insights. [...] Up-and-down economics is what one encounters on the business pages of newspapers, or for that matter on TV. It is preoccupied with the latest news and the latest numbers, hence its name. [...] Finally, airport economics is the language of economics bestsellers. These books are most prominently displayed at airport bookstores, where the delayed business traveler is likely to buy them. Most of these books predict disaster: a new great depression, the evisceration of our economy by Japanese multinationals, the collapse of our money. A minority have the opposite view, a boundless optimism: new technology or supply-side economics is about to lead us into an era of unprecedented economic progress. Whether pessimistic or optimistic, airport economics is usually fun, rarely well informed, and never serious.
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The new trade theory picture of the world looks something like this: Each country has, at any given time, a set of broad resources—land, skilled labor, capital, climate, general technological competence. These resources define up to a point the industries in which the country can hope to be competitive on world markets. [...] But a country's resources do not fully determine what it produces, because the detailed pattern of advantage reflects the self-reinforcing virtuous circles, set in motion by the vagaries of history.
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