Paul Krugman - The Conscience of a Liberal (2007)

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The best you can say about economic policy in this slump is that we have for the most part avoided a full repeat of the Great Depression. I say for the most part because we actually are seeing a Depression-level slump in Greece, and very bad slumps elsewhere in the European periphery. Still, the overall downturn hasn't been a full 1930s replay. But all of that, I think, can be attributed to the financial rescue of 2008-2009 and automatic stabilizers. Deliberate policy to offset the crash in private spending has been largely absent.

Paul Krugman
Sometimes economists in official positions give bad advice; sometimes they give very, very bad advice; and sometimes they work at the OECD.

Paul Krugman
We're now in the seventh year of a slump brought on by Wall Street excess; the wizardly job of allocating the economy's investment resources consisted, we now know, largely of funneling money into a real estate bubble.

Paul Krugman
If Keynes was Luther, Friedman was Ignatius of Loyola, founder of the Jesuits. And like the Jesuits, Friedman's followers have acted as a sort of disciplined army of the faithful, spearheading a broad, but incomplete, rollback of Keynesian heresy. By the century's end, classical economics had regained much though by no means all of its former dominion, and Friedman deserves much of the credit.

Paul Krugman
I know that when I look at today's Mexicans and Central Americans, they seem to me fundamentally the same as my grandparents seeking a better life in America. On the other side, however, open immigration can't coexist with a strong social safety net; if you're going to assure health care and a decent income to everyone, you can't make that offer global. So Democrats have mixed feelings about immigration; in fact, it's an agonizing issue.

Paul Krugman
To be a progressive, then, means being a partisan—at least for now. The only way a progressive agenda can be enacted is if Democrats have both the presidency and a large enough majority in Congress to overcome Republican opposition. And achieving that kind of political preponderance will require leadership that makes opponents of the progressive agenda pay a political price for their obstructionism—leadership that, like FDR, welcomes the hatred of the interest groups trying to prevent us from making our society better.

Paul Krugman
We're living in a Dark Age of macroeconomics. Remember, what defined the Dark Ages wasn't the fact that they were primitive — the Bronze Age was primitive, too. What made the Dark Ages dark was the fact that so much knowledge had been lost, that so much known to the Greeks and Romans had been forgotten by the barbarian kingdoms that followed.

Paul Krugman