Politics determines who has the power, not who has the truth.
Paul KrugmanRead
In fact, I'd say that the sources of the economy's expansion from 2003 to 2007 were, in order, the housing bubble, the war, and - very much in third place - tax cuts.
Interpretation
What this quote means
The quote attributes the economic expansion from 2003 to 2007 to three main influences, highlighting the housing bubble as the most significant factor.
In this quote, Paul Krugman emphasizes the key sources that contributed to the economic growth experienced between 2003 and 2007. He argues that the housing bubble played a pivotal role in driving this expansion, followed by the impact of the war, while tax cuts were a more minor factor. This suggests that major economic phenomena often have complex, multifaceted causes, where speculative bubbles can lead to significant growth, albeit with potential long-term consequences.
Themes
EconomyHousing BubbleTax CutsExpansionWar
In practice
Example use cases
During a lecture on economic trends, you might quote Krugman to emphasize the impacts of speculative bubbles.
More from Paul Krugman
All quotes →Our popular economics writers, however, are not in the business of giving their readers a ringside seat on the research action; with no exception I can think of, they use their books to do an end run around the normal structure of scholarship, to preach ideas that few serious economists share. Often, these ideas are not just at odds with the professional consensus; they are demonstrably wrong, and sometimes terminally silly. But they sound good to the unwary reader.
Paul KrugmanRead
The raw fact is that every successful example of economic development this past century ... has taken place via globalization.
Paul KrugmanRead
Wealthy Americans who benefit hugely from a system rigged in their favor react with hysteria to anyone who points out just how rigged the system is.
Paul KrugmanRead
It’s not about the budget; it’s about the power...So will the attack on unions succeed? I don’t know. But anyone who cares about retaining government of the people by the people should hope that it doesn’t.
Paul KrugmanRead
The economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth.
Paul KrugmanRead
Similar quotes
The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve.
Janet YellenRead
Let me issue and control a nation's money and I care not who writes the laws.
Mayer Amschel RothschildRead
A creative economy is the fuel of magnificence.
Ralph Waldo EmersonRead
America had been a boom-and-bust economy going into the Great Depression - just over and over and over, fortunes were wiped out, ordinary families were crushed under it.
Elizabeth WarrenRead
Ninety-eight percent of all American companies have fewer than 100 employees. Over half of all Americans work for a small business. Small businesses are the backbone of our nation’s economy and we must protect this great resource.....Helping American small business is part of our movement for change and the end of politics as usual.
Barack ObamaRead
What we collectively decide about how to bail out our economy, how to pull our economy out of a ditch and what rules we put in place to make sure this problem does not happen again, will shape our country for the next 50 years. This is it.
Elizabeth WarrenRead