But even in difficult times, effort matters. To the newly graduating college student, this translates into: "you're pretty much fucked, but the people making me do this dumb interview pay me very well to feed you as much bullshit as possible."
if you're going for a desk job that requires no specific skill I would say you're correct. But you'll see that workplaces that require specialized skills(programming, design) will look at your skill first(in a lot of cases) and ignore your certification.
Yeah. And part of my college debt is having to buy this guy's books for classes which come in the form of loose-leaf packages with website portal codes. Apparently, an economist makes money by forcing students to pay him $150 for a block of paper every 3 months.
The greatest advice to those of you watching is : Don't listen to anything said by a lackey who let's personal politics manipulate the outcome of his solutions rather than allowing the data to formulate it's own conclusions.
The notion of "keep on plugging, even in hard times." is the best advice I have ever heard from Krugman. The rest of his dribble tends to promote apathy among society.
You just made that up 100%. I said 99% of petty crime is the result of social problems which could almost all be solved if those people had access to resources. -->Crimes aren't committed by people who grow up in rich neighborhoods. Persons of all races who grow up in poverty with poor nutrition, no education, no job, who are victimized from a young age by businesses and the state and society have a nay-impossible task of finding their way into any position not admitting of crime in adulthood.
Crime is a phenomenon of some people being isolated from society in such severe ways that crime is the only feasible means of changing their social position.
People don't even listen to what he has to say, they see the name krugman and just immediately block out the message he's trying to send. Pretty typical internet stuff but for some reason it still surprises me
I'm 17 and I have leaned more by reading online then at school.I don't like to read books at school about fairy tales.I once told my English Teacher"Why do I have to read a AR book,I have a imagination,I can think of this and more on my own"her reply was"So you can become, more enlightened".Still to this day I hate reading but when its books about things that have changed the world I love to read them.I know I'm just rambling but I just thought I would share my thoughts.Say that to your EnglishT
This is a very scary and compromising position my country is in: less and less jobs that demand higher education, I interpret this as more jobs for less educated sheep, and less jobs for potential engineers, scientists, doctors, and too many lawyers (and their close corporate/banking friends) that essentially sold us to the highest bidder(s).
It's actually not that extreme; that's why there are laws against property theft in almost every country/state/municipality you go to. The greed of individuals, collectively, can sometimes be disastrous for a whole society so that's why most governments try to temper it with laws promoting responsibility.
I don't personally know if you'd steal a car if there were no laws in place, but you can't deny that, if there were no laws, there'd be a great deal more car thefts (and crime) in general. Also, our society doesn't demonize wealth, it frowns upon unethical measures people sometimes take to make wealth, like if a bank sells off millions of dollars in subprime loans to unknowing investors.
The first problem is the Federal reserve lending dollars with interest. Then the banks paying off the loans taking more money out of circulation (contraction). Banks meddling in higher education and home markets (cost inflation). Then you have the wars... and outsourcing lastly and super regulation that makes new business ideas almost impossible to start legit.
Now if you adopted abolishing the minimum wage people would get entry level jobs easier. And that's McDonald's. You could get a job at a big company for under minimum wage and work your way up.
Yes spending levels were cut from WW2 lol, when you end a world war it tends to do that. Keep in mind that through the 50s-70s we had 70-90% taxes at the highest bracket compared to 35% today. Also you do realize that Keynes himself said during a boom you cut during a bust you don't. The time to save on water isn't during a fire, it's after you put it out. Also increase in regulation in the 80s seems quite contrary to nearly every source I've read.
His economic way of thinking is a large part of why many recent graduates ARE in terrible financial situations... There is sound advice contained within his rambling here; I specifically refer to when he discusses the continuation of learning rather than considering yourself done and waiting for a job. However, within the first minute of his advice he advocated voting for politicians who promise to fix the economy... because that's done a whole ton of good the past couple of decades.
Also, that's because every source you ever read wanted to deal with the fantasy that Reagan was a 'Capitalist' when in fact he was a mercantilist like the presidents before him. Not much changed when he got into office other than getting credit for getting rid of regulations that Carter signed into law before he left office. Never mind the fact that in 1979 there were 50-54k pages of regulations 20 years later there were 150k 15k were added by Clinton between 1996 and 1999 btw.
1. Keep on plugging it/Don't give up. 2. Vote. 3. Read news/Stay connected. 4. Don't trust the Internet/Trust the Internet. 5. Keep learning. "That's the best thing you can do. Good luck." Ladies and Gentlemen, Noble award winning economist Paul Krugman.
This "guy" has some solid advice. Take your head out of your ass and listen to the world around you, and that includes listening Mr. Krugman. If you give yourself the edge, offering something other people don't have with a passionate interest, you will get the job.
I would modify that statement to "This guy is often wrong. Many times. Listen, but think for yourself." I would qualify the statement by adding that the same could be said for every economist (or any person for that matter). However, I generally feel that if it's worth lending my ear to anyone, it's to a Nobel Prize winner.
really worry about graduating from college, living 6 years from government scholarship surely makes earning money in private sector seems hard and unthinkable
I agree with your point about the bankers and whatnot, but I don't see how this supports your overall point, which I think is "crime should be legalized". Doesn't your case about the bankers just drive the point that there should be more laws - not less - that deal with this problem?
I would say that he is extremely popular. He probably has more unthinking disciples than any other economist alive today. Most of the debate around PK is ill informed. His positions on most things are mainstream amongst economists - but when you look into the nuances of a small number there are major differences. Many economists (including me) think that one of the policies he advocated for was a cause of the imbalance in the financial system that we are still dealing with.
Wrong, government cuts from late 40s into the late 50s were actually against Keynesian economic policy. Also in the 60s America got itself involved in the Vietnam war and when you draft people to go play soldier it will have an effect on unemployment and the economy itself as resources were diverted from the private sector to the war. Let's not forget that it was Keynesian economists who said that high inflation and unemployment couldn't occur at the same time. The 70s proved them wrong.
I think people react to him because of the previous mistakes. What he is saying here seems pretty sensible - I would like to hear him acknowledge the potential (or even the existence) of small business and entrepreneurs a little more. Most economists agree on most things, but the differences are important. PK provides a focal point for some important points of contention. This is polarizing. The fact he shills for the blue team I think also creates some blow back.
Have you ever read Keynes? And is it that difficult to differentiate between a single person against the government in control of the world's biggest economy (and the world's currency)?
"The time to save on water isn't during a fire, it's after you put it out." It's hard to put out a fire with water when you are the one that has been putting oil all over the place to make everything run smoothly. "Also increase in regulation in the 80s seems quite contrary to nearly every source I've read." Number of government regulations increased in those years the 'deregulation' didn't come from Reagan but Carter.
"We're not a household, we're an economy; your spending is my income and vice versa." Yeah he said that on Newsnight in the UK a couple months ago. No one seems to be listening though, sigh.
I think you are right. Same applies in many of the engineering fields. Energetic people with useful skills will always land on their feet. I think PK is talking mostly about college educated people in arcane fields. I don't understand why people think their knowledge of 16th century Spanish spoons will get them a high paying job - high paying jobs need lots of customers to support them.
I completely agree with you. Maybe if objective economists ran the government then revitalizing the economy might work. However, politicians will give money to those who backed them during the campaign so the entire system becomes corrupt cronyism.
There was absolutely zero content in this video. Krugman essentially stated it's easy to get educated without going to college, and that those who are in college should just "keep plugging on". What?
Einstein didn't try to influence political questions nor cater to the ordinary netizens and citizens. In physics, arguments are all that matter - in politics and economics, it is quite a bit different.
there are many differences between the US and Scandinavian countries (I.e. fraction of the population, history, geography, ethnic diversity, etc) that make that argument like comparing apples to oranges. But yes, looking at an empirical example-TARP is another fault of keynesianism. Big banks took risks that wouldn't have been possible without the fed's low interest rates. Keynesianism creates consumerism and credit cards on credit cards. Savings is a bad thing for Krugman. where is the logic?
His ideas on this subject are sound. Raising the price of your labor through investing in education is something any economist would support. People don't like Krugman's other ideas about Keynesian economics. For instance, he advocates deficit spending in order to generate growth for the economy. However, this would be added to the current deficit of 1.3 trillion in addition to requiring either borrowing the money from the private sector or by printing more money which would lead to inflation.
??? If you're arguing that the US can sometimes act unfairly in terms of criminal justice, I agree with that, but the original point I was making (which can be accessed via the magic of the "Show Comment" button) was that greed can sometimes be the cause of unethical behavior, which society should discourage.
How about don't go to college?? One of my buddies didn't go to college and he's lightyears ahead of us who did; not only is he debt-free but he's making almost $30,000/year at 21 years old.
^This, my curriculum was outdated and didn't have enough practical job application IMO. They didn't do a good job with transitioning us to the job market and so now I'm headed to Grad school. This time I got a top 10 US Engineering school, though. Hoping it's a little better
Good to know that you keep in company of people who aren't informed at all. You can look it up for yourself and see that regulations have increased. Just because it didn't change what hedge fund managers and floor traders did doesn't make them experts on regulation history. As a matter of fact they probably only follow regulations that matter to them currently.
Oooh, spend money to save money. Always a fun topic. I've always considered the fact that money imported into the right places could well revitalize an industry and provide income, but such a thing is pretty difficult to do. Either way, I didn't figure what this guy said outside the video mattered when in the comments discussing what he said in the video. As I say, I don't care who's saying it, what they are saying often matters more.
Unfortunately, all that self education, while interesting and perhaps useful on a personal level, is still useless in the job market because employers look at certification first, not what you actually know. And it is the formal education institutions that still offer the only road to that certification in most cases. Yeah, they offer a lot of the material for free, but that's because those institutions know that the education itself is not where their money comes from.
Ah. I should have clued onto the whole 'he's not popular' thing after how the Rumsfeild video a while back went down, but usually I don't care who's talking, only what they're saying. Ke$ha could be up here, saying the same stuff, and I would agree 98%, just as I do now. That said, I'm gonna look some more into this guy now. Sounds... fascinating.
People are not job seeker's they are "CAREER SEEKER'S". And A person does Not want the world to use them , they want to use the world , a symbiotic relationship would be A good middle ground .
school is just a place to learn the facts and methods for you to be a creative thinker. school is not the place to learn how to be a winner, a go-getter, a person who knows the value of the struggle. school is just one possible path you can take to be a successful person.
I just don't understand where is all this anymosity against Paul coming from. I find this video non-inspirational but stil the guy comes with an open heart and you can feel his compassion. Congrats Paul, I follow you everywhere. I bought your latest book and reading it.
Heres some advice dont go to college and get IT certifications, people his age have no idea what a computer can do so way over bill his generation because they basically are participating on inter generational theft. Also invest in the stock market when they do quantitative easing. Saving wont help you at this point ask any person who has a pension.
Yes, I love Ron Paul. I also admire Peter Schiff, who was RIDICULED for his predictions of the sub-prime and housing meltdown - and we all know how that turned out...... And yes, IMHO I would agree (though I am not an economic scholar) that Keynesian approach might work in certain circumstances, But, as with anything in life, there are LIMITS.
I find economics as a field to be pretty vapid, but I still listened to him because he's a generally interesting guy at the least, and in this case he had decent points to make.
Do what we're doing... our inflation hasn't risen despite Austrians constantly saying it will happen in 2010, 2011, and now in 2012. Krugman called that it wouldn't rise in these years, he was right.
Actually, only about 550 humans in the last 110 years have received a Nobel Prize and 44 humans in the history of the US have been the President of the US. So, I think it is saying much. Considering there are 330 million Americans, little things like Nobel Prizes can help narrow down who's likely to have something worthwhile to say.
Im not sure this is the greatest advice. I would say think of things that are of value to other people and work out how to do them better or as well as anyone else. Even if the whole thing crashes (I dont think it will - but agree we are still headed into the storm) you are still just one man and will be better off interacting with other people willing to bear the load than being on your own.
...I don't get it. Why is everyone bitching about him, and how he's 'part of the problem'? He recommends, basically, absorbing as much information as possible, and acknowledges that a college degree isn't an insta-pass to a job. What's so heinous about saying that?
That 8% number is the low end. Anyone who knows anything about how America measures unemployment, knows that that the real figures are always worse than they report. The U.S government uses U3 but U6 is paints a much more realistic picture. And when you factor in how many people have left the labor force, you get a much more bleaker picture than is presented. The real U.S unemployment rate is much closer to 15%.
Why a coin? Simple. A unique law allows the mint to mint platinum coins, so all the mint has to do is create a small coin, ship it to the fed, and then remelt it. What would happen in effect, would be that the fed would have a trillion more dollars. This would fix two problems at once: downward inflation, and the debt crisis. Now, you could argue that spending cuts would be better, but given his own views (and that of half the nation), the trillion dollar coin is reasonable.
Well educated statement. Except, you know, no government ANYWHERE has listened to A WORD he's said for this crisis. "We're not a family, we're an economy". AKA don't stop spending money, or we're screwed. Austerity measures anyone?
Crime is sometimes also a phenomenon of people being assholes and not thinking about other people when they try to benefit themselves, ie Bernie Madoff
This was sound advice at a time when there's practically none that can be given. I can't say it's very useful, but unfortunately there's not much else. This brings me back to Erich Fromm's statement, which was that depression was the result of man not being able to sell himself on the market. What's so pathetic about the current state of affairs is that he now has to attempt to do so for an unpaid internship.
I concur. That common ground is the Constitution. We the People, the uninformed electorate are to blame. We've elected individuals (from both parties) who's only objective was to see how far they could expand their power beyond the Constitution. Slowly, we've allowed political agendas to supersede what’s best for the United States. Until people wake up, become informed and make educated decisions at the ballot box things will only get worse. In other words - we're screwed.
This nobel laureate's arguments are important only in that they show how flawed economic theory has become since "The General Theory of Employment, Interests, and Money." The idea of perpetuating debt for future generations, in the name of short-term "employment," is unsustainable and immoral. If were expected to balance our finances, why not the gov't and too-big-to-fail banks? The dollar as the world reserve currency will not last forever, and Keynesianism will be the death of this illusion.
If it was up to Krugman, we'd have ongoing "Quantitative Easing" and he'd keep hiring an endless army of govt workers. Krugman is one scary dude. And yes, I'll admit he's intelligent, but that does not mean he has any common sense.
This fucker is the very picture of every top-level executive that exists today. He graduated from Yale and MIT in the 1970s (they're always from the '70s), he has a PHD and has been working in education all his life. He's NEVER had to actually look for a job.
Laura Zimmerman But does that have anything to do with what he says? How you feel about his career and background is not relevant. I went to school for 15 years after I graduated with a B.Sc. I went to get an MBA without having any intention of using it, just in case. It ended up getting me a job after a layoff. I took maintenance and steam plant classes and it got me a job after another layoff. Again, I wasn't expecting it either, but it worked out. Everything he said in that clip is useful, even if its just the tone and attitude. There is absolutely NO job security for my generation. I've made it a point to train for the next job, no matter what, even if it is setting aside a couple of evenings a week. I'm 50 years old and I have never bought a new car and I do not have the time to ever watch TV. I'm astonished that people feel comfortable enough to sit and watch ball games all weekend. To me it is a huge luxury. I'm happy for them, but still amazed. If you don't have a job, it doesn't mean you have time to spend. Even if the time spent gets you the lowest paying job in the company, its still work. You can survive and think of the next step.
Thank you for the warning, I have a lot of libertarian friends so I've been through the song and dance before :) I was in agreement with Ron Paul during the last election cycle on a lot of things, he just lacks the required amount of pragmatism and discernment. His belief that gold is stable,despite it dropping from around 2K an ounce to near 1.3K by now, not to mention basing your currency on an internationally traded good opens you up for market manipulation, is clearly wish fullfillment.
i see what your saying. if there were no laws in place then i would have a higher chance of stealing a car because my emotions aren't in check. i agree with that, there should be basic laws in place to protect us from immoral things. but that kind of greed is different from say making lots of money. how is that our society demonizes wealth? its like if you make over 350,000 dollars your automatically evil.
'do your best, don't give up'. Great advice.
Is this the Paul Krugman who said in 1998 that the internet is not going to have more impact than the fax machine?????
I'm only a layman, not an educated man like Paul Krugman. But I have to say that he sounds like lives in a dream world.
But even in difficult times, effort matters.
To the newly graduating college student, this translates into: "you're pretty much fucked, but the people making me do this dumb interview pay me very well to feed you as much bullshit as possible."
"It's definitely hard" - Paul Krugman
It's 2018 and it feels like the world still isn't "ready for me" even though I've done much of what he says in this video...sigh...
Twelve years after this video been uploaded i'm here to make my first step. This my first author that i intented to focus on. Let's start!
if you're going for a desk job that requires no specific skill I would say you're correct. But you'll see that workplaces that require specialized skills(programming, design) will look at your skill first(in a lot of cases) and ignore your certification.
Yeah. And part of my college debt is having to buy this guy's books for classes which come in the form of loose-leaf packages with website portal codes. Apparently, an economist makes money by forcing students to pay him $150 for a block of paper every 3 months.
The greatest advice to those of you watching is : Don't listen to anything said by a lackey who let's personal politics manipulate the outcome of his solutions rather than allowing the data to formulate it's own conclusions.
The notion of "keep on plugging, even in hard times." is the best advice I have ever heard from Krugman. The rest of his dribble tends to promote apathy among society.
You just made that up 100%.
I said 99% of petty crime is the result of social problems which could almost all be solved if those people had access to resources. -->Crimes aren't committed by people who grow up in rich neighborhoods.
Persons of all races who grow up in poverty with poor nutrition, no education, no job, who are victimized from a young age by businesses and the state and society have a nay-impossible task of finding their way into any position not admitting of crime in adulthood.
Peter Schiff should be the one giving the advice. Not Paul Krugman
he should have just said: "it's all about who you know, if you dont know anybody, meet someone"
Spoken like a true undergraduate.
Crime is a phenomenon of some people being isolated from society in such severe ways that crime is the only feasible means of changing their social position.
People don't even listen to what he has to say, they see the name krugman and just immediately block out the message he's trying to send. Pretty typical internet stuff but for some reason it still surprises me
I'm 17 and I have leaned more by reading online then at school.I don't like to read books at school about fairy tales.I once told my English Teacher"Why do I have to read a AR book,I have a imagination,I can think of this and more on my own"her reply was"So you can become, more enlightened".Still to this day I hate reading but when its books about things that have changed the world I love to read them.I know I'm just rambling but I just thought I would share my thoughts.Say that to your EnglishT
This is a very scary and compromising position my country is in: less and less jobs that demand higher education, I interpret this as more jobs for less educated sheep, and less jobs for potential engineers, scientists, doctors, and too many lawyers (and their close corporate/banking friends) that essentially sold us to the highest bidder(s).
It's actually not that extreme; that's why there are laws against property theft in almost every country/state/municipality you go to. The greed of individuals, collectively, can sometimes be disastrous for a whole society so that's why most governments try to temper it with laws promoting responsibility.
I don't personally know if you'd steal a car if there were no laws in place, but you can't deny that, if there were no laws, there'd be a great deal more car thefts (and crime) in general. Also, our society doesn't demonize wealth, it frowns upon unethical measures people sometimes take to make wealth, like if a bank sells off millions of dollars in subprime loans to unknowing investors.
The first problem is the Federal reserve lending dollars with interest. Then the banks paying off the loans taking more money out of circulation (contraction). Banks meddling in higher education and home markets (cost inflation). Then you have the wars... and outsourcing lastly and super regulation that makes new business ideas almost impossible to start legit.
Now if you adopted abolishing the minimum wage people would get entry level jobs easier. And that's McDonald's. You could get a job at a big company for under minimum wage and work your way up.
Yes spending levels were cut from WW2 lol, when you end a world war it tends to do that. Keep in mind that through the 50s-70s we had 70-90% taxes at the highest bracket compared to 35% today. Also you do realize that Keynes himself said during a boom you cut during a bust you don't. The time to save on water isn't during a fire, it's after you put it out. Also increase in regulation in the 80s seems quite contrary to nearly every source I've read.
His economic way of thinking is a large part of why many recent graduates ARE in terrible financial situations...
There is sound advice contained within his rambling here; I specifically refer to when he discusses the continuation of learning rather than considering yourself done and waiting for a job. However, within the first minute of his advice he advocated voting for politicians who promise to fix the economy... because that's done a whole ton of good the past couple of decades.
This guy is proof why the only noble prizes are those of the sciences.
Also, that's because every source you ever read wanted to deal with the fantasy that Reagan was a 'Capitalist' when in fact he was a mercantilist like the presidents before him. Not much changed when he got into office other than getting credit for getting rid of regulations that Carter signed into law before he left office. Never mind the fact that in 1979 there were 50-54k pages of regulations 20 years later there were 150k 15k were added by Clinton between 1996 and 1999 btw.
1. Keep on plugging it/Don't give up.
2. Vote.
3. Read news/Stay connected.
4. Don't trust the Internet/Trust the Internet.
5. Keep learning.
"That's the best thing you can do. Good luck."
Ladies and Gentlemen, Noble award winning economist Paul Krugman.
This "guy" has some solid advice. Take your head out of your ass and listen to the world around you, and that includes listening Mr. Krugman.
If you give yourself the edge, offering something other people don't have with a passionate interest, you will get the job.
I would modify that statement to "This guy is often wrong. Many times. Listen, but think for yourself."
I would qualify the statement by adding that the same could be said for every economist (or any person for that matter). However, I generally feel that if it's worth lending my ear to anyone, it's to a Nobel Prize winner.
really worry about graduating from college, living 6 years from government scholarship surely makes earning money in private sector seems hard and unthinkable
I agree with your point about the bankers and whatnot, but I don't see how this supports your overall point, which I think is "crime should be legalized". Doesn't your case about the bankers just drive the point that there should be more laws - not less - that deal with this problem?
I would say that he is extremely popular. He probably has more unthinking disciples than any other economist alive today.
Most of the debate around PK is ill informed. His positions on most things are mainstream amongst economists - but when you look into the nuances of a small number there are major differences. Many economists (including me) think that one of the policies he advocated for was a cause of the imbalance in the financial system that we are still dealing with.
I am so glad to see someone else taking my words.
Unfortunately, with most politicians, promising to do something IS the empty rhetoric.
Wrong, government cuts from late 40s into the late 50s were actually against Keynesian economic policy. Also in the 60s America got itself involved in the Vietnam war and when you draft people to go play soldier it will have an effect on unemployment and the economy itself as resources were diverted from the private sector to the war. Let's not forget that it was Keynesian economists who said that high inflation and unemployment couldn't occur at the same time. The 70s proved them wrong.
God if only employers accepted self educated on a job resume.
He never blinks his eyes..
I think people react to him because of the previous mistakes. What he is saying here seems pretty sensible - I would like to hear him acknowledge the potential (or even the existence) of small business and entrepreneurs a little more.
Most economists agree on most things, but the differences are important. PK provides a focal point for some important points of contention. This is polarizing. The fact he shills for the blue team I think also creates some blow back.
He reminds me of someone who would host a weekly public access show in your local area.
Have you ever read Keynes? And is it that difficult to differentiate between a single person against the government in control of the world's biggest economy (and the world's currency)?
"The time to save on water isn't during a fire, it's after you put it out."
It's hard to put out a fire with water when you are the one that has been putting oil all over the place to make everything run smoothly.
"Also increase in regulation in the 80s seems quite contrary to nearly every source I've read."
Number of government regulations increased in those years the 'deregulation' didn't come from Reagan but Carter.
"We're not a household, we're an economy; your spending is my income and vice versa."
Yeah he said that on Newsnight in the UK a couple months ago. No one seems to be listening though, sigh.
I think you are right. Same applies in many of the engineering fields.
Energetic people with useful skills will always land on their feet.
I think PK is talking mostly about college educated people in arcane fields. I don't understand why people think their knowledge of 16th century Spanish spoons will get them a high paying job - high paying jobs need lots of customers to support them.
More importantly, which politicians avoid talking about jobs when they matter.
I completely agree with you.
Maybe if objective economists ran the government then revitalizing the economy might work. However, politicians will give money to those who backed them during the campaign so the entire system becomes corrupt cronyism.
Preach it brotha!
Advice to Graduates: Don't listen to this man.
Apparently, Krugman took Oprah's advice and read "The Secret".
There was absolutely zero content in this video. Krugman essentially stated it's easy to get educated without going to college, and that those who are in college should just "keep plugging on". What?
I love this man.
Einstein didn't try to influence political questions nor cater to the ordinary netizens and citizens. In physics, arguments are all that matter - in politics and economics, it is quite a bit different.
there are many differences between the US and Scandinavian countries (I.e. fraction of the population, history, geography, ethnic diversity, etc) that make that argument like comparing apples to oranges. But yes, looking at an empirical example-TARP is another fault of keynesianism. Big banks took risks that wouldn't have been possible without the fed's low interest rates. Keynesianism creates consumerism and credit cards on credit cards. Savings is a bad thing for Krugman. where is the logic?
Didn't he advocate lowering the interest rates? Didn't those artificially low rate contribute greatly to the housing bubble?
Try reading some Dean Baker. Dense and comprehensive, shows you what real economics looks like. Krugman is rather timid at times.
Krugman is legend.
His ideas on this subject are sound. Raising the price of your labor through investing in education is something any economist would support.
People don't like Krugman's other ideas about Keynesian economics. For instance, he advocates deficit spending in order to generate growth for the economy. However, this would be added to the current deficit of 1.3 trillion in addition to requiring either borrowing the money from the private sector or by printing more money which would lead to inflation.
American unemployment is around 8%. This IS NOT A BIG NUMBER. Do you know what is the rate in Spain for instance?
Thank you for this.
???
If you're arguing that the US can sometimes act unfairly in terms of criminal justice, I agree with that, but the original point I was making (which can be accessed via the magic of the "Show Comment" button) was that greed can sometimes be the cause of unethical behavior, which society should discourage.
Thanks for the advice, I will be sure to use my smarts as a way to vote for Ron Paul ideal economics.
How about don't go to college?? One of my buddies didn't go to college and he's lightyears ahead of us who did; not only is he debt-free but he's making almost $30,000/year at 21 years old.
^This, my curriculum was outdated and didn't have enough practical job application IMO. They didn't do a good job with transitioning us to the job market and so now I'm headed to Grad school. This time I got a top 10 US Engineering school, though. Hoping it's a little better
Good to know that you keep in company of people who aren't informed at all. You can look it up for yourself and see that regulations have increased. Just because it didn't change what hedge fund managers and floor traders did doesn't make them experts on regulation history. As a matter of fact they probably only follow regulations that matter to them currently.
Oooh, spend money to save money. Always a fun topic. I've always considered the fact that money imported into the right places could well revitalize an industry and provide income, but such a thing is pretty difficult to do.
Either way, I didn't figure what this guy said outside the video mattered when in the comments discussing what he said in the video.
As I say, I don't care who's saying it, what they are saying often matters more.
Unfortunately, all that self education, while interesting and perhaps useful on a personal level, is still useless in the job market because employers look at certification first, not what you actually know. And it is the formal education institutions that still offer the only road to that certification in most cases. Yeah, they offer a lot of the material for free, but that's because those institutions know that the education itself is not where their money comes from.
Ah. I should have clued onto the whole 'he's not popular' thing after how the Rumsfeild video a while back went down, but usually I don't care who's talking, only what they're saying. Ke$ha could be up here, saying the same stuff, and I would agree 98%, just as I do now.
That said, I'm gonna look some more into this guy now. Sounds... fascinating.
People are not job seeker's they are "CAREER SEEKER'S". And A person does Not want the world to use them , they want to use the world , a symbiotic relationship would be A good middle ground .
school is just a place to learn the facts and methods for you to be a creative thinker. school is not the place to learn how to be a winner, a go-getter, a person who knows the value of the struggle. school is just one possible path you can take to be a successful person.
I just don't understand where is all this anymosity against Paul coming from. I find this video non-inspirational but stil the guy comes with an open heart and you can feel his compassion.
Congrats Paul, I follow you everywhere. I bought your latest book and reading it.
They really could. If you owe someone 100k, they have you by the balls. If you figure out a way to owe them 100 million, you have them by the balls.
100% agree with you.
Heres some advice dont go to college and get IT certifications, people his age have no idea what a computer can do so way over bill his generation because they basically are participating on inter generational theft. Also invest in the stock market when they do quantitative easing. Saving wont help you at this point ask any person who has a pension.
Very true!
Yes, I love Ron Paul. I also admire Peter Schiff, who was RIDICULED for his predictions of the sub-prime and housing meltdown - and we all know how that turned out......
And yes, IMHO I would agree (though I am not an economic scholar) that Keynesian approach might work in certain circumstances, But, as with anything in life, there are LIMITS.
I find economics as a field to be pretty vapid, but I still listened to him because he's a generally interesting guy at the least, and in this case he had decent points to make.
Do what we're doing... our inflation hasn't risen despite Austrians constantly saying it will happen in 2010, 2011, and now in 2012. Krugman called that it wouldn't rise in these years, he was right.
Greed is bad if someone decides to steal your car because they want it badly.
Your right, what does a Nobel Prize winner in Economics know about his field anyway?
Actually, only about 550 humans in the last 110 years have received a Nobel Prize and 44 humans in the history of the US have been the President of the US. So, I think it is saying much.
Considering there are 330 million Americans, little things like Nobel Prizes can help narrow down who's likely to have something worthwhile to say.
Im not sure this is the greatest advice.
I would say think of things that are of value to other people and work out how to do them better or as well as anyone else.
Even if the whole thing crashes (I dont think it will - but agree we are still headed into the storm) you are still just one man and will be better off interacting with other people willing to bear the load than being on your own.
...I don't get it. Why is everyone bitching about him, and how he's 'part of the problem'?
He recommends, basically, absorbing as much information as possible, and acknowledges that a college degree isn't an insta-pass to a job.
What's so heinous about saying that?
Can't these kids just get out of debt by going into more debt? Or does that only work when the government does it?
You are agreeing with me.
How did less spending, and a more balance budget, cause the housing market collapse?
-_-
That 8% number is the low end. Anyone who knows anything about how America measures unemployment, knows that that the real figures are always worse than they report. The U.S government uses U3 but U6 is paints a much more realistic picture. And when you factor in how many people have left the labor force, you get a much more bleaker picture than is presented.
The real U.S unemployment rate is much closer to 15%.
Richard Dreyfuss will play him in a movie
Why a coin? Simple. A unique law allows the mint to mint platinum coins, so all the mint has to do is create a small coin, ship it to the fed, and then remelt it. What would happen in effect, would be that the fed would have a trillion more dollars. This would fix two problems at once: downward inflation, and the debt crisis. Now, you could argue that spending cuts would be better, but given his own views (and that of half the nation), the trillion dollar coin is reasonable.
Well educated statement. Except, you know, no government ANYWHERE has listened to A WORD he's said for this crisis. "We're not a family, we're an economy". AKA don't stop spending money, or we're screwed. Austerity measures anyone?
Crime is sometimes also a phenomenon of people being assholes and not thinking about other people when they try to benefit themselves, ie Bernie Madoff
This was sound advice at a time when there's practically none that can be given. I can't say it's very useful, but unfortunately there's not much else. This brings me back to Erich Fromm's statement, which was that depression was the result of man not being able to sell himself on the market. What's so pathetic about the current state of affairs is that he now has to attempt to do so for an unpaid internship.
I concur. That common ground is the Constitution.
We the People, the uninformed electorate are to blame. We've elected individuals (from both parties) who's only objective was to see how far they could expand their power beyond the Constitution. Slowly, we've allowed political agendas to supersede what’s best for the United States.
Until people wake up, become informed and make educated decisions at the ballot box things will only get worse. In other words - we're screwed.
This nobel laureate's arguments are important only in that they show how flawed economic theory has become since "The General Theory of Employment, Interests, and Money." The idea of perpetuating debt for future generations, in the name of short-term "employment," is unsustainable and immoral. If were expected to balance our finances, why not the gov't and too-big-to-fail banks? The dollar as the world reserve currency will not last forever, and Keynesianism will be the death of this illusion.
Krugman's advise: don't listen to him
If it was up to Krugman, we'd have ongoing "Quantitative Easing" and he'd keep hiring an endless army of govt workers. Krugman is one scary dude. And yes, I'll admit he's intelligent, but that does not mean he has any common sense.
This fucker is the very picture of every top-level executive that exists today. He graduated from Yale and MIT in the 1970s (they're always from the '70s), he has a PHD and has been working in education all his life. He's NEVER had to actually look for a job.
Laura Zimmerman But does that have anything to do with what he says? How you feel about his career and background is not relevant. I went to school for 15 years after I graduated with a B.Sc. I went to get an MBA without having any intention of using it, just in case. It ended up getting me a job after a layoff. I took maintenance and steam plant classes and it got me a job after another layoff. Again, I wasn't expecting it either, but it worked out. Everything he said in that clip is useful, even if its just the tone and attitude. There is absolutely NO job security for my generation. I've made it a point to train for the next job, no matter what, even if it is setting aside a couple of evenings a week. I'm 50 years old and I have never bought a new car and I do not have the time to ever watch TV. I'm astonished that people feel comfortable enough to sit and watch ball games all weekend. To me it is a huge luxury. I'm happy for them, but still amazed. If you don't have a job, it doesn't mean you have time to spend. Even if the time spent gets you the lowest paying job in the company, its still work. You can survive and think of the next step.
If you have cancer, are you not going to let the doctor treat you unless he has had cancer?
-Milton Friedman
Why are most of the western countries in debt?
Thank you for the warning, I have a lot of libertarian friends so I've been through the song and dance before :) I was in agreement with Ron Paul during the last election cycle on a lot of things, he just lacks the required amount of pragmatism and discernment. His belief that gold is stable,despite it dropping from around 2K an ounce to near 1.3K by now, not to mention basing your currency on an internationally traded good opens you up for market manipulation, is clearly wish fullfillment.
i see what your saying. if there were no laws in place then i would have a higher chance of stealing a car because my emotions aren't in check. i agree with that, there should be basic laws in place to protect us from immoral things. but that kind of greed is different from say making lots of money. how is that our society demonizes wealth? its like if you make over 350,000 dollars your automatically evil.
Solid Reasoning, very solid