Paul Krugman Profile
Paul Krugman

@paulkrugman

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Nobel laureate. Op-Ed columnist, @nytopinion . Author, “The Return of Depression Economics,” “The Great Unraveling,” "Arguing With Zombies," + more.

New York City
Joined October 2008
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@paulkrugman
Paul Krugman
8 hours ago
I’ve been out all day, but looking at current prices I guess nothing much happened in the market?
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@paulkrugman
Paul Krugman
14 hours ago
There's a very old line: If you should happen to forget that you're Jewish, someone WILL remind you. Same, of course, for being Black, or Asian, or female, or ...
@crampell
Catherine Rampell
15 hours ago
Correct. My point is: it sounds an awful lot like victim-blaming to say "if you stop being so Jewish, the anti-Semites won't hurt you." Suggesting Jews refrain from worship, or avoid Jewish spaces, both deprives Jews of our rights and will not keep us safe
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@paulkrugman
Paul Krugman
a day ago
And so far the evidence is that this is not happening 2/
@paulkrugman
Paul Krugman
2 days ago
This actually implies that consumers expect inflation to be, um, transitory. Backing out the implied inflation rate after the first year 4/
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@paulkrugman
Paul Krugman
a day ago
Yes. So far we've traded better growth for higher inflation — a good bargain unless inflation gets entrenched in expectations 1/
@econjared46
Jared Bernstein
a day ago
Bottom line, along w uniquely strong US demand, pandemic-induced supply snarls are juicing price growth in most advanced countries, few of which have seen a recovery as strong as ours. By some measures, US price growth is faster, but we got stronger growth for that extra heat!
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@paulkrugman
Paul Krugman
a day ago
Meanwhile, reason to hope that NYC will have a pretty good spring 3/
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@paulkrugman
Paul Krugman
a day ago
And, of course, accusations that anyone comparing death rates since the vaccines — which are correlated with Trump vote, bc vaccination is so partisan — is being a dishonest political shill 2/
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@paulkrugman
Paul Krugman
a day ago
I think Charles may be being too subtle here. Also, not just one critic. I'm getting a lot of "You say vaccines save lives, but lots of people died in highly vaccinated New York back in early 2020 (before vaccines were available)" 1/
@charles_gaba
Charles #GetCovered-ba 🩺
2 days ago
Who can spot the flaw in this critic’s logic?
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@paulkrugman
Paul Krugman
a day ago
Suggests that prices may eventually fall in smaller/less zoned cities, once houses can be built in large numbers 6/
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@paulkrugman
Paul Krugman
a day ago
And that in turn points to our old friend disrupted supply chains, which have made construction very expensive 5/
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@paulkrugman
Paul Krugman
a day ago
What's going on? The answer surely involves weak supply response 4/
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@paulkrugman
Paul Krugman
a day ago
Eg Atlanta v Boston, on a log scale so you can see proportional differences: Boston >> Atlanta last time, if anything Atlanta > Boston now 3/
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@paulkrugman
Paul Krugman
a day ago
But the 2000s bubble was geographically very uneven: prices surged in cities with strict zoning, but not in places where developers were free to sprawl => elastic housing supply. This time the price rise is across the board, in fact in some cases higher in sprawl areas 2/
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@paulkrugman
Paul Krugman
a day ago
Aha. An economic mystery solved, I think (with a suggestion from Charlie Steindel). I've been noting that we're currently seeing a surge in real house prices up to 2000s-bubble levels 1/
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@paulkrugman
Paul Krugman
2 days ago
Especially clear for "food away from home", which is sort of like the Big Mac index
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