Biography of Paul Krugman
Paul Krugman is an American economist and professor of economics at Princeton University. One of the main liberal voices in the American political debate, he was also named one of the most influential scientific thinkers in America. Krugman was awarded the Nobel Prize in Economics in 2008 for his work on the international economy.
Krugman was born in Albany, New York, on February 28, 1953, and grew up in Nassau County. He studied at the John F. Kennedy Middle School in Belmore, received a bachelor’s degree in economics with honors at Yale University in 1974.
Krugman received his doctorate from the Massachusetts Institute of Technology in 1977, under the guidance of his scientific mentor, Rudi Dornbusch. In the late 1970s Krugman began to work in the direction of international trade and a new model of monopolistic competition in trade. Later Krugman developed and popularized work on the new theory of trade. Krugman’s contribution is that trade is increasingly
Krugman worked in various leading universities, such as: MIT, the London School of Economics, Princeton University. In 1982, he worked for a year at the Council of Economic Advisers under President Ronald Reagan.
Criticism of Bush
Krugman took an important position in society thanks to his columns in “Slate” and “New York Times”, which were criticized by the Bush administration. He
Back in 2000, George Bush made the discovery of a huge consequence: you could base the entire political campaign on requirements that are completely untrue, as well as the claim that your big tax breaks for the rich go to the middle class, or the statement that diversion of social funds insurance for private accounts will strengthen the finances of the system, and reporting will never indicate this. Then I formulated my doctrine that if Bush said that the earth is flat, the headlines would say: “Different views on the shape of the Planet.”
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Krugman, as a frank critic of the war in Iraq, criticized the reaction of some politicians to 9 out of 11 terrorist attacks. Krugman became the main critic of growing inequality in incomes in America, accusing the Republican ideology of waging war with the poor. His book “The Liberal’s Conscience” details the growth of income inequality in the late twentieth century in the United States.
“I believe in a relatively equal society supported by institutions that limit the extremes of wealth and poverty, I believe in democracy, civil liberties and the rule of law, which makes me a liberal and I’m proud of it.” – Paul Krugman.
Macroeconomics and fiscal policy
Krugman became famous for his work on macroeconomics and budget policy. He studied the Japanese lost decade and the Asian crisis. In his book, “The Return of the Economic Depression,” Krugman stressed the liquidity traps that Japan hit.
After the economic crisis of 2008, Krugman was the main critic of asceticism. Krugman argued that leading economies fell into the classic liquidity trap. In this situation, Krugman argued that governments can print money and run a large budget deficit without raising interest rates or inflation. His liquidity trap model predicted low inflation, low growth recovery rates. Krugman became a household name in part because of his ability to popularize and simplify complex economic problems. Krugman also quite directly and openly criticized politicians and other economists.
He, as a rule, occupies positions of opposition, which create a strong reaction – both negative and positive from all sides of the political spectrum. Martin Wolfe, a journalist for the Financial Times, wrote in the UK that Krugman is “the most hated and most revered columnist in the US.”
Krugman played an important role in recreating interest in the work of John M. Keynes. Krugman took a strict “Old Keynesian approach”, and not a later “New Keynesian”, which reduced the role of fiscal policy in the management of demand. Krugman argued that in a small depression, governments were not able to provide sufficient demand in the economy, and this was the main reason for the persistent economic recession and high unemployment. He wrote a book – “Exit from the crisis is!”, Which became a bestseller. Krugman wrote in the book: “But should not we worry about the long-term deficit of the budget?” Keynes wrote that “boom, not recession, it’s time to save.” Now, as I proved in my forthcoming book and showed later in the data,
Economic views
Krugman positions himself as a Keynesian economist. He also promoted the IS-LM model invented by John Hicks. He is critical of the complexity and rigidity of some models of new Keynesianism.
Personal life
Krugman was twice married. He is currently married to Robin Wells, his second wife. He believes that the novels of the “Foundation” Isaac Asimov caused interest in the economy. Describes himself as a bit of a lonely and shy person. Paul described himself as “The NY Times” as follows: “A loner, usually shy, shy with individuals.” Currently living in Princeton, New Jersey.
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