I don't think I've had any great success in predicting politics or social change, nor have I really tried.
Paul KrugmanSo what are the effects of increasing minimum wages? Any Econ 101 student can tell you the answer: The higher wage reduces the quantity of labor demanded, and hence leads to unemployment.
Paul Krugman[I]f one asks what substantive contributions [F. A. Hayek] made to our understanding of how the world works, one is left at something of a loss. Were it not for his politics, he would be virtually forgotten.
Paul KrugmanOn the political as on the economic front it's important not to fall into the "not as bad as" trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels; ominous political trends shouldnโt be dismissed just because thereโs no Hitler in sight.
Paul Krugman