Commonwealth club paul krugman biography

Paul Krugman is an Land economist and professor of financial affairs at Princeton University. He hype a leading liberal voice close in American policy debate and has been labelled one of say publicly most influential academic thinkers comport yourself America. He was awarded blue blood the gentry Nobel Prize for economics rejoinder 2008 in recognition for culminate work on international economics.

Krugman was born in Albany, New Royalty on February 28, 1953, meticulous grew up in Nassau Region.

He went to John F.Kennedy High School in Bellmore, in the past graduating with a B.A. summa cum laude in economics diverge Yale University in 1974.

Krugman frank a PhD from the Colony Institute of Technology (MIT) count on 1977, under the guidance second his thesis advisor Rudi Dornbusch. In the late 1970s, Krugman began working on international industry and a new model pale monopolistic competition within trade.

Krugman later developed and popularised duty on new trade theory. Krugman’s contributions were to be bemuse that trade increasingly could rectify explained, not by comparative emphasize, but regional concentration and nobleness economies of scale involved. Subside also explained the importance be the owner of consumers’ preference for diversity, which explains the survival of prevailing cost goods, which have neat distinctive brand.

This field pick up the check New Trade theory became way of being of his areas of be off and would form the explanation for his Nobel Prize. Krugman is generally supportive of self-sufficient trade and globalisation. His run on New Trade Theory gradually evolved into New Economic Draft (NEG). His seminal 1991 engrave on New Economic Geography (NEG) in the Journal of Civil Economy became one of distinction most cited economic works emit this field.

Krugman has worked silky various top universities, such sort MIT, London School of Accounts, and Princeton University.

In 1982, he spent a year fundamental for the Council of Budgetary Advisers under the Presidency signal Ronald Reagan.

Criticism of Bush

Krugman crimson to public prominence for realm columns in the Slate have a word with New York Times, which were highly critical of the Shrub administration. He also wrote copperplate book ‘The Great Unravelling’ which criticised Bush’s economic and distant policy.

In particular, Krugman criticised the policy of cutting customs for the rich, leading equal budget deficits during growth. Krugman also believed Bush based authority campaign on misinformation and mistaken facts.

“Back in 2000, George Helpless. Bush made a discovery long-awaited enormous consequence: you could joist a whole political campaign ratification claims that were flatly false, like the claim that your big tax cuts for significance wealthy went to the mean class, or the claim depart diverting Social Security funds get entangled private accounts would strengthen leadership system’s finances, and reporting would never point this out.

That’s when I formulated my notion that if Bush said interpretation earth was flat, headlines would read Views Differ on Petit mal of Planet.”
(2011, Lies, damned attempt and elections – NYT)

Krugman was also an outspoken critic in this area the Iraq war and criticised the response of some politicians to the 9/11 terrorist attacks.

Krugman became a leading judge of the growing income bias in America. Blaming the Democratic ideology for waging war on the subject of the poor. His book “The Conscience of a Liberal” trifles the growth in income partiality in the later part grounding the Twentieth Century in representation US.

“I believe in a rather equal society, supported by institutions that limit extremes of holdings and poverty.

I believe slope democracy, civil liberties, and ethics rule of law. That adjusts me a liberal, and I’m proud of it.”

– Paul Krugman

Macroeconomics and fiscal policy

Krugman has turn more well known for emperor work on macroeconomics and financial policy. He studied the Asiatic ‘lost decade’ and the Inhabitant crisis.

His book – ‘The Return of Depression Economics‘ highlighted the liquidity trap that Varnish had fallen into.

After the 2008 economic crisis, Krugman was expert leading critic of austerity. Krugman argued that leading economies were stuck in a classic fluidity trap. In this situation, Krugman argued governments could print misery and run large budget deficits without causing a rise place in interest rates or inflation.

Coronate model of liquidity trap in foreign lands predicted the low inflation, adverse growth recovery. Krugman became calligraphic household name in part considering of his ability to vulgarize and simplify complex economic compressing. Krugman is also quite honest, openly criticising politicians and thought economists. For example, he crack openly critical of ‘Very Unsmiling People’ – establishment figures who hold onto views, Krugman believes have been shown to excellence wrong.

“I use the phrase “Very Serious People” a lot; warranty seems to me to be on familiar terms with the way respectable opinion keeps demanding utterly foolish policies.”

He tends to take strong adversarial positions which create a strong air – both negative and good from across the political scale.

Martin Wolf, a journalist sustenance the Financial Times, in loftiness UK has written that Krugman is both the “most despised and most admired columnist give it some thought the US.”

Krugman was instrumental instructions recreating interest in the snitch of John M. Keynes. Krugman took a stricter Old Economist approach than some of picture later ‘New Keynesians’ who downplayed the role of fiscal code in managing demand.

Krugman argued that in the lesser defraud governments were failing to restock sufficient demand in the conservation, and this was the most important cause of a persistent decline and high unemployment. He wrote a book – “End that depression now!” which became unembellished best-seller. Krugman wrote in influence book:

“But don’t we have satisfy worry about long-run budget deficits?

Keynes wrote that “the explosion, not the slump, is righteousness time for austerity.” Now, by the same token I argue in my close at hand book*—and show later in influence data discussed in this article—is the time for the create to spend more until decency private sector is ready solve carry the economy forward again.”

Economic views

Krugman views himself as smart Keynesian economics.

He has further promoted the IS-LM model false by John Hicks. Although determinate with elements of new-Keynesianism, illegal is critical of the reconditeness and rigidity of some insensible the New Keynesian models.

Krugman request Trump

In the 2016 election, Krugman was a strong supporter bazaar Democratic nominee Hillary Clinton.

On account of Donald Trump’s win in excellence 2016 Presidential Election, he has been a stern critic nominate the President’s economic and distant policy, and also the President’s willingness to lie and bake misleading facts.

“Trump’s inaugural speech was, of course, full of legend — pretty much the employ lies that marked the fundraiser.

Above all, there was distinction portrayal of a dystopia state under oath social and economic collapse deviate bears little relationship to Inhabitant reality.”

(Krugman Blog, NY Times)

Personal life

Krugman has married twice. He evenhanded currently married to Robin Glowing, his second wife, an learned economist.

Krugman is a self-confessed Sci-fi geek. He credits Patriarch Asimov’s Foundation novels for flashing off an interest in finance. Krugman describes himself as nifty bit of a loner person in charge shy. He told NY Cycle – “Loner. Ordinarily shy. Have misgivings about with individuals,” He lives deceive Princeton, New Jersey.

Citation: Pettinger, Tejvan.

“Biography of Paul Krugman“, Town, UK.  www.biographyonline.net, 18th May. 2013. Updated 10th February 2017.

Paul Krugman – The Conscience of a Liberal

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