Quotes from Paul Krugman

There's another element in the euro crisis, another weakness of a shared currency, that took many people, myself included, by surprise. It turns out that countries that lack their own currency are highly vulnerable to self-fulfilling panic, in which the efforts of investors to avoid losses from default end up triggering the very default they fear.

One is reminded of the old joke about the centipede who was asked how he managed to coordinate his 100 legs : He started thinking about it and could never walk properly again.

The habit of disguising ideology as expertise has created a deficit of legitimacy.

The Internet's impact on the economy has been no greater than the fax machine's….ten years from now, the phrase "information economy" will sound silly. (1997)

Some people want the past repeated and have an interest in making sure we don't remember it.

In the scientific world, the syndrome known as 'great man's disease' happens when a famous researcher in one field develops strong opinions about another field that he or she does not understand, such as a chemist who decides that he is an expert in medicine or a physicist who decides that he is an expert in cognitive science. They have trouble accepting that they must go back to school before they can make pronouncements in a new field.

No vale la pena tener una reforma si se obtiene haciendo tantas concesiones que acaban por condenarla al fracaso.

I've been thinking a lot lately about the power of doctrines — how support for a false dogma can become politically mandatory, and how overwhelming contrary evidence only makes such dogmas stronger and more extreme.