All articles from Paul Krugman
I Coulda Made a Better Deal
First off: two more of my inequality primers are now free at the Stone Center web site. The list so far:Why did the rich pull away from the rest?The importance of worker powerA Trumpian diversionOligarchs and the rise of mega-fortunesNow, on to current events.Trump has now announced a trade "deal" w
Let’s Do Lunch!
Get more from Paul Krugman in the Substack appAvailable for iOS and AndroidGet the app
The Media Can’t Handle the Absence of Truth
We have guests for the next couple of days, and it would be rude to spend the whole time chained to the computer. So this post and maybe the next will be short and somewhat meta.On Tuesday I talked to Greg Sargent of the New Republic; transcript here. I highly recommend subscribing to Greg's podcast
Trump/Brazil: Delusions of Grandeur Go South
Statue of limitations?Note: Trump announced a bunch more tariffs, some very high, late yesterday. Everything suggests that this is the new normal, unless the courts rule (as they should) that everything has been illegal. I'll have a full analysis of the economics of Smoot-Hawley 2.0 in Sunday's prim
The Emperor’s New Trade Deal
On Tuesday Donald Trump went on CNBC to explain why the European Union is facing a tariff of "only" 15 percent. But what he said was simply delusional — and the delusion should be even more concerning than the tariffs.The Europeans, Trump asserted, had agreed to cough up $600 billion, which he descr
Fossil Fool
Like many U.S. institutions, the European Union has abysmally failed the Trump test. The EU is an economic superpower and could have retaliated effectively against Trump's illegal tariffs — illegal under both U.S. and international law. Instead, Europe did nothing and even made some apparent concess
Understanding Interest Rate Policy
Last week Mike Johnson, the speaker of the House, said something stupid. OK, that has been true every week of Johnson's tenure. But this particular remark was right up this newsletter's alley and suggested the topic for this week's primer.Here's what happened: Johnson went on TV and supported Donald
The Limits of Sprawl
Today I want to mostly take a break from politics — but only mostly, because these days everything is political. Instead, I'm going to talk about versions of urbanization, inspired by a Wall Street Journal article about Atlanta.Before I get there, in Saturday's post — a conversation with Henry Farre
About That Stock Market
A very busy day yesterday, so a less comprehensive post than usual. Before I get there, a note: two more of my inequality primers are now free at the Stone Center site. The list so far:Why Did the Rich Pull Away from the Rest? Paul Krugman, Understanding Inequality: Part IThe Importance of Worker Po
The Paranoid Style in American Economics
Source: Boston GlobeIn economist-speak, Friday's jobs report brought the "hard data" into line with the "soft data." Before Friday, anecdotal evidence and independent surveys generally pointed to an economy facing major headwinds as a result of erratic policy, but official employment numbers still s
Talking with Martin Wolf
OK, I had an excellent conversation with Helene Rey of the London Business School ready to go — and the technology swallowed the whole thing. We'll rerecord for next week.As a stopgap, here's another of my conversations with Martin Wolf of the FT.Transcript: (free link):https://on.ft.com/3FKXEDf
Trump is Getting Desperate
Last week's big non-Epstein news was Friday's very bad jobs report and Donald Trump's immediate reaction — which was not to rethink his policies but to fire the head of the Bureau of Labor Statistics.What will he do when his tariffs and deportations start showing up in inflation numbers? I don't kno
The Meaning of a Weak Jobs Report
I'm working on a full-length primer on tariffs for Sunday, but this morning's jobs report shocker needs a comment.It's highly likely that what we're seeing is the effect of Trump's tariffs — or more precisely the uncertainty that his erratic tariff policy has created.Contrary to myth, tariffs don't
Caracas on the Potomac
What I wrote just before Trump took officeIf stagflation breaks out under an authoritarian regime, but officials aren't allowed to report the numbers, did it make a sound?Over the past six months we've watched institution after institution corrupted by the Trump administration. Institutions that mig
The Economics of Smoot-Hawley 2.0, Part I
The Aug. 1 deadline has come and gone, and Donald Trump hasn't made any trade deals. What some gullible reports call "deals" are at best "frameworks" in which other countries have suggested — without signing anything — that they'll do things that might help the U.S. economy. For the most part even t