Paul Krugman

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Worth noting that Denmark, with its 2/3 unionized work force and $22 fast food wages, has HIGHER employment than the US 2/
This is a really interesting piece on what strong labor bargaining power actually looks like 1/ mattbruenig.com/2021/09/20/whe…
"Coal mining is a cultural tradition, and it’s a part of Appalachia’s history. But if Joe Manchin wants to actually serve the people of West Virginia, as opposed to pandering to their nostalgia, he’ll support Biden’s progressive agenda," says @paulkrugman. nyti.ms/3CsjpQM
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Good thread Also worth noting that if one looks at the bottom 50%, pre-tax-and-transfer income is actually higher in France than in the United States The US economy works great for the top 1%, correctly for the top 10%, much less so for the rest of the population twitter.com/paulkrugman/st…
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If you want to oppose Biden's plans, fine. But don't base your case on what you think you've heard about the problems Europe had in the 1990s. 4/
GDP per capita is lower, but mainly because Europeans take much more vacation time than Americans do — and not because of high taxes. Alesina et al debunked that claim (and Prescott) long ago 3/ nber.org/system/files/c…
The image of Europe staggering under the disincentive effects of taxes and social benefits is way out of date. These days prime-age adults are *more* likely to be employed in Europe than in the US 2/
Really surprised to see Greg Mankiw raising the specter of European economies depressed by excessively large welfare states. Even more surprised to see him citing as his main source a 2003(!) paper by Ed Prescott 1/ nytimes.com/2021/09/15/opi…
But remember, the Trump administration was "populist" 3/
Who would think the economic record of the last 40 years, as compared with the postwar boom, was really great? Oh, wait 2/
So I see that former Trump advisers like Stephen Moore are campaigning against Biden's plans because they would reverse the 40-year Reagan revolution that has really changed the country." And this would be a bad thing because? 1/
And I'm done. So what happened with the CA recall? (OK, I wasn't that out of touch.) Regular service will resume shortly. This is what I've been doing: discoverybicycletours.com/great-alleghen…
PSA: I'm on a bike trip this week. 32 miles and 2000' elevation gain tomorrow. So no columns or newsletters. Maybe an occasional tweet, or maybe not. Reengaging with reality next weekend.
Many Rs saying that the only reason Biden is mandating vaccines is to distract people from Afghanistan or something. I dunno; maybe it has something to do with this?
Companies aren’t acting as if they expect lots of future inflation, @paulkrugman notes. They’re acting, instead, as if they see current inflation as a blip. nyti.ms/3k0aCzf
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I mean, freedom for SC is working out so well 2/
The governor of South Carolina has declared war on vaccine mandates, continuing his state's tradition of standing up for liberty 1/
Again, he's doing the right thing regardless of the politics. But he may also have chosen favorable ground for a big political fight 5/
But Biden is fighting back. He's using executive authority to save lives, and basically daring Rs to put themselves on the side of the minority trying to ruin life for the rest of us 4/
Rs are now sabotaging Biden by undermining the fight against Covid; how self-conscious they are about this is something we can argue, but that's how it's working out. And having blocked basic public health measures, they're all set to blame Biden for Covid's persistence 3/
It's now clear that Republicans effectively sabotaged Obama's economy, slowing the recovery, by imposing fiscal austerity (using completely false claims that they were worried about debt.) And Obama was basically passive, even accepting their premises 2/
Biden's vaccine mandate is terrific public policy; it is, more or less literally, what the doctor ordered. Is it good politics? We don't know. But one thing worth noting is the contrast with Obama 1/
"America was viciously attacked 20 years ago," @paulkrugman writes. "But even then, the call that mattered was coming from inside the house." nyti.ms/3yYz6Nq
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Check out GC Public Programs' fall 2019 line-up. The whole series looks excellent - including three co-hosted by @stone_lis: one on Occupy, one on "Survival of the City", and one on economics and sci-fi. Register online! @paulkrugman @GC_CUNY @GCPresents twitter.com/GC_CUNY/status…
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I don't know how it will play politically; I don't even know how the news media will cover it, whether they'll de facto take the side of the irresponsible minority. But Biden needed to be bold, and he has surpassed expectations 2/
Today, Joe Biden became president. OK, he already was. But this is huge — a dramatic assertion of his right and duty to protect the American people from harm 1/ nytimes.com/2021/09/09/bus…
I still think it would take protracted overheating to bring stagflation back. And that still doesn't look likely 8/
Just in general, I don't get the sense that price- and wage-setters are acting as if they expect sustained inflation ahead. Which means that we are not reliving the 70s. 7/
Presumably firms reluctant to offer across-the-board wage increase because they don't expect economy-wide wages to keep increasing, and don't want to lock in higher costs 6/
Struck by this line from the Beige Book: "Some contacts said that pay equity across workers made it difficult to raise wages for new hires." 5/ federalreserve.gov/monetarypolicy…
We're hearing a lot of stories about firms offering signing bonuses and other inducements for new hires — but raising overall wages, not so much 4/ forbes.com/sites/jackkell…
But how can we tell? Not sure that surveys are the best or at least only approach. Suggestion: look at price- and wage-setting behavior 3/
Historically, we've had episodes of high inflation that didn't get built in, and faded quickly; the 70s was exceptional 2/
Ricardo Reis is asking the right question: the current rate of inflation, or even the rate over the next year plus, matters less than whether pricing behavior starts to build in expectations of future inflation 1/ brookings.edu/bpea-articles/…
Grant and Sherman were the generals who actually figured out how to win a war. Oh, and they weren’t fighting for an evil cause 2/
Not the important point, but Lee’s tactical victories were strategically barren; he held back the tide but never turned it 1/ twitter.com/andrewsolender…
Incredibly, newspaper reports still claim that European welfare states have high unemployment. That's decades out of date. Do you even FRED, Bro?
Remember, after Hurricane Maria hit Puerto Rico it took ELEVEN MONTHS to restore power 2/ vox.com/identities/201…
This seems like an extraordinary accomplishment. How was it achieved? The report doesn't say. Was it the state response, the federal response? Surely someone should be getting credit 1/ nytimes.com/live/2021/09/0…
Like @paulkrugman, I find it rather striking that US corporations -- even those who make a big show of reducing their own emissions -- are lobbying against climate action. And by striking I mean rage-inducing. nytimes.com/2021/09/02/opi…
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America is having another Covid slowdown — this time without the safety net, writes @paulkrugman. nyti.ms/2X2Jhnh
Retweeted by Paul Krugman
It's amazing to me how many news reports on the Delta disaster manage to avoid mentioning "Republicans". It's not all political. But the political aspect is huge, and you would think impossible to ignore
The big question, he argued rightly, was how it was possible to have extended periods of high unemployment. Schumpeter and Hayek both saw this as a necessary part of adjusting the mix of stuff the economy produced. Both were wrong 5/
One of Keynes's biggest insights was that the cause of the boom-bust cycle was actually a secondary question — he relegated it to a short chapter near the end of The General Theory 4/ gutenberg.net.au/ebooks03/03000…
Second, some object to my grouping Hayek with Schumpeter, because they had different stories about overinvestment: Schumpeter emphasized innovation, Hayek loose money. But that misses the point 3/
Two points I'd like to clarify. As some point out, Hayek eventually endorsed monetary stimulus in a depression. But he was very much a liquidationist in the 1930s, which is when it mattered 2/
Responses to this confirm something I've observed before: nothing gets people angrier than monetary theory. Say that Trump is a traitor and they yawn; say that fiat money works and they scream incoherently 1/ nytimes.com/2021/09/03/opi…
I haven't yet read Barry Eichengreen's "In defense of public debt." But does he add anything to the analysis in "1066 and all that"?
Having been on the receiving end of minor versions of this, I know their response: "Well, it's the kind of thing liberals do, so we're basically right even though we're wrong" twitter.com/JohnJHarwood/s…
We're having a reallocation slump. Some inflation is just what the doctor ordered. nytimes.com/2021/09/03/opi…
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