“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

"Economics in the Crisis" http://krugman.blogs.nytimes.com/2012/03/05/economics-in-the-crisis/ (March 5, 2012) <br class="br">The Conscience of a Liberal blog

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "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…" by Paul Krugman?

Paul Krugman106

American economist 1953

Related quotes

“Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump.”

Ludwig von Mises book Socialism

Socialism (1922), Epilogue (1947)

“As you can see, we're about to visit our lower level which is--for the most part--full of "Mens" and "Infants."”

Phil Vischer (1966) American puppeter

Jonah: A VeggieTales Movie DVD (2002)

“Economists can take a good deal of credit for the stabilization policies which have been followed in most Western countries since 1945 with considerable success. It is easy to generate a euphoric and self-congratulatory mood when one compares the twenty years after the first World War, 1919-39, with the twenty years after the second, 1945-65. The first twenty years were a total failure; the second twenty years, at least as far as economic policy is concerned, have been a modest success. We have not had any great depression; we have not had any serious financial collapse; and on the whole we have had much higher rates of development in most parts of the world than we had in the 1920’s and 1930’s, even though there are some conspicuous failures. Whether the unprecedented rates of economic growth of the last twenty years, for instance in Japan and Western Europe, can be attributed to economics, or whether they represent a combination of good luck in political decision making with the expanding impact of the natural and biological sciences on the economy, is something we might argue. I am inclined to attribute a good deal to good luck and non-economic forces, but not all of it, and even if economics only contributed 10 percent, this would amount to a very handsome rate of return indeed, considering the very small amount of resources we have really put into economics.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1960s, The economics of knowledge and the knowledge of economics, 1966, p. 9

“Most economists, to the extent that they think about the subject at all, regard the Great Depression of the 1930s as a gratuitous, unnecessary tragedy.”

Paul Krugman (1953) American economist

Introduction
The Return of Depression Economics and The Crisis of 2008 (2009)

“I suspect that many of the world's financial lords are somewhat embarrassed to tell Japan repeatedly at G-7 meetings and elsewhere to adopt a Keynesian solution. Within Europe, central banks and governments think Keynesian theories and policies are absolutely wrong. Despite the remarkable success of pragmatic policies in the United States, true believers in the Invisible Hand reject Keynesian diagnoses and prescriptions. Many observers of Japan have found it intellectually comforting to blame the slump on the plight of the banks, flooded with bad loans dated from the land and equity bubbles and their collapse. They hope that a governmentmanaged and -subsidized rectification of bank balance sheets will trigger overall economic recovery. I think this is a false hope. The bank problem is only a small part of the macroeconomic disaster. It has to be resolved, of course, but resolution that is no substitute for the needed fiscal and monetary stimuli.”

James Tobin (1918–2002) American economist

"Reflections on Japanese Political Economy" (1999)

“From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.”

Ron Paul (1935) American politician and physician

Before the US House of Representatives, introducing the The Federal Reserve Board Abolition Act, H.R. 833. http://www.lewrockwell.com/paul/paul504.html (9 February 2009) <br class="br">2000s, 2006-2009

“When you're in a Slump,
you're not in for much fun.
Un-slumping yourself
is not easily done.”

Dr. Seuss (1904–1991) American children's writer and illustrator, co-founder of Beginner Books

Source: Oh, The Places You'll Go!

“I've been riding on the crest of a slump lately.”

Tom Waits (1949) American singer-songwriter and actor

“The historic terrain of macro-economic theory is the explanation of the levels and fluctuations of overall economic activity. Macro-economists have been especially interested in the effects of alternative fiscal, financial, and monetary policies.”

James Tobin (1918–2002) American economist

Source: "Money and Finance in the Macro-Economic Process" (1982), p. 12

“I think we all carry a depressive streak in us but most people just hide it. A lot of people think that entertainment has to be something loud, cheerful and happy. I don't buy into it. Depression can be very inspiring. At least for me it can be. The quiet aspects of life are very important, because let's face it, life is pretty difficult.”

Chris Cornell (1964–2017) American singer-songwriter, musician

NYROCK: Interview with Chris Cornell, October 1, 1999 https://web.archive.org/web/20030919022841/http://www.nyrock.com/interviews/1999/cornell_int.asp, <br class="br">On depression and suicide

Help us to complete the source, original and additional information

Paul Krugman106

Related quotes

Related topics