Monday, February 6, 2012

Krugman on "The Power of Ideas"

"The true scarcity in Keynes world -- and ours -- was therefore not of resources, or even of virtue, but of understanding.  We will not achieve the understanding we need, however, unless we are willing to think clearly about our problems and to follow those thoughts wherever they lead.  Some people say that our economic problems are structural, with no quick cure available; but I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men." The Return of Depression Economics, p.191.

1 comment:

  1. Paul Krugman is the recipient of the 2008 Nobel Prize in Economics. The author of a twice-weekly column for the op-ed page of the New York Times and a daily blog, "The Conscience of a Liberal," derived from his book of the same name, Krugman has been named Columnist of the Year by Editor and Publisher magazine. He is a professor of economics and international affairs at Princeton University, and is the author or editor of twenty books and more than two hundred professional journal articles. For more information, please visit