I do not think this is a permanent condition. The craziness comes more from cultural ethnic issues than anything else, because you have a… A lot of t… - Paul Krugman
" "I do not think this is a permanent condition. The craziness comes more from cultural ethnic issues than anything else, because you have a… A lot of the real craziness come from, if you like, from rural who feel that they’re losing their country, they’re losing ownership of the country. And they are right—we are becoming more diverse, more multicultural. And in the end... they are not the future. In the end, the power they still have will go away. But it’s a very difficult time until then. So the future is Mayor Deblasio of New York, but Ted Cruz is still out there with the ability to do a lot of damage.
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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Additional quotes by Paul Krugman
I would summarize the Keynesian view in terms of four points: 1. Economies sometimes produce much less than they could, and employ many fewer workers than they should, because there just isn’t enough spending. Such episodes can happen for a variety of reasons; the question is how to respond.
2. There are normally forces that tend to push the economy back toward full employment. But they work slowly; a hands-off policy toward depressed economies means accepting a long, unnecessary period of pain.
3. It is often possible to drastically shorten this period of pain and greatly reduce the human and financial losses by “printing money”, using the central bank’s power of currency creation to push interest rates down.
4. Sometimes, however, monetary policy loses its effectiveness, especially when rates are close to zero. In that case temporary deficit spending can provide a useful boost. And conversely, fiscal austerity in a depressed economy imposes large economic losses.
To make a harsh but not entirely unjustified analogy, a government wedded to the ideology of competitiveness is as unlikely to make good economic policy as a government committed to creationism is to make good science policy, even in areas that have no direct relationship to the theory of evolution.
Economists, like everyone, have their political es, but these are by no means as strong an influence on what they are willing to consider as you might think. For example, one might have thought that strongly liberal economists like, say, James Tobin would be at least mildly sympathetic to the views of radical economists who draw their inspiration from Marx, or of heterodox economic thinkers like Galbraith. After all, in such fields as history and sociology the Marxist or post-Marxist left has long received a respectful hearing. And yet you don't find this happening: liberal economists are almost as quick as their conservative colleagues to condemn heterodox leftist ideas as foolish—it was the liberal Robert Solow, not Milton Friedman, who defended orthodoxy in the bitter "capital controversy" with British radicals.