The Official Paul Krugman Web Page

News!! I am starting up my Princeton web site. It is at

It's only partial, but eventually all files will move.

 I'm back! My recent move to New Jersey and other pressures have temporarily prevented me from updating this site. I will now begin occasional postings, although fewer than before I began writing for the NY Times. You can still read that column on the day it appears (Sunday and Wednesday, currently) by going to the  opinion page , and read about 8 back columns on the Times op-ed archive. Still older columns will be posted on this site soon.  For the latest additions to this site, check out  What's new   .

What's new
Articles in Fortune
Articles in Slate
Other writing
Stuff that is harder to read
Additional biographical info
What I look like
 My honorary degree ceremony in Berlin (text of talk, audio, video)
 Special page on Japan (direct links to Japan-related pieces)
Some favorite links   (updated)
The unofficial page (A fan has set this up: I disavow any knowledge of his actions)

Welcome to my home page. The main purpose of this page is to give interested parties - students, colleagues, journalists, mad bombers, etc. - easy access to some of my more recent writings. For the time being the links in this page lead for the most part to less-formal writing, mainly for nonprofessional publications. I have started, however, to put some pieces that do contain equations into a new section, "Stuff that is harder to read". (I also maintain a listing, in reverse chronological order, of what's new on this page).

Most people who have accessed this page probably know who I am, but for anyone else here is a summary. (To learn more click here ). I have recently moved from MIT to  Princeton . I was born in 1953, got my Ph.D. from MIT in 1977, and have since taught at Yale and Stanford as well as MIT. I also spent an eye-opening year working at the White House (Council of Economic Advisers) in 1982-3. In 1991 I received my major professional gong, the John Bates Clark Medal, given by the American Economic Association every two years to an economist under 40.

I have written or edited 18 books (I think) and several hundred articles. Most of these are about international trade (I helped found the so-called "new trade theory", which is about the consequences of increasing returns and imperfect competition for international trade) and international finance, and are pretty well incomprehensible to laymen. However, since I wrote The Age of Diminished Expectations in 1989, I have increasingly tried to communicate with non-economists through op-eds, magazine articles, and so on. It turns out that people have a hard time tracking all of this stuff down; hence this page. It contains, among other things, links to my two former monthly columns: "No free lunch" in Fortune, and "The dismal science" in the cyberspace magazine Slate. (Slate  is free  - I highly recommend it). As mentioned above, you can read my New York Times column either on paper or online.

With any luck, you will find many of these pieces extremely annoying. My belief is that if an op-ed or column does not greatly upset a substantial number of people, the author has wasted the space. This is particularly true in economics, where many people have strong views and rather fewer have taken the trouble to think those views through - so that simply insisting on being clear-headed about an issue is usually enough to enrage many if not most of your readers.

But read the articles and judge for yourself.


Fortune / No Free Lunch
Requiem for the New Economy (11/10/97)
Seven Habits of Highly Defective Investors (12/29/97)
Don't Worry About Deflation (2/2/98)
Asia: What Went Wrong (3/2/98)
There'll always be a Soros (3/30/98)
Rupiah Rasputin (4/13/98) (sidebar for Fortune story on Indonesia)
  Who's afraid of the euro? (4/27/98)
 The ice age cometh  (5/25/98)
Supply, demand, and English food (7/20/98)
Why aren't we all Keynesians yet? (8/3/98)
Saving Asia: It's time to get radical (9/7/98)
Soros' plea (Nov. 1998)
The euro:beware of what you wish for (Dec. 1998)
I know what the hedges did last summer (Dec. 1998)
 Should the Fed care about stock bubbles? (Mar. 1, 1999)
 The ascent of e-man (May 1999)
  What you don't think about can't hurt you
 Why Germany Kant Kompete (July 1999)
 A self-defeating prophecy (Dec. 1999)

Slate Magazine/The Dismal Science
Downsizing downsizing (6/24/96)
How copper came a cropper (7/15/96)
Supply-side virus strikes again (8/15/96)
The lost fig leaf (9/27/96)
Economic culture wars (10/24/96)
Gold bug variations (11/22/96)
The CPI and the rat race (12/21/96)
The accidental theorist (1/23/97)
Vulgar Keynesians (2/6/97)
In praise of cheap labor (3/20/97)
Earth in the balance sheet (4/17/97)
Rat democracy (5/15/97)
Unmitigated Gauls (6/5/97)
The east is in the red (7/1/97)
Bahtulism (8/14/97)
Who's buying whom? (9/25/97)
The power of biobabble (10/23/97)
A raspberry for free trade (11/20/97)
Speed trap(12/18/97)
The legend of Arthur (1/14/98)
Entertainment values (1/22/98)
Krugman's Life of Brian (A Symposium) (1/30/98) (because it contains letters from other people, this requires a subscription to Slate - try it, you'll like it)
Algorithms (2/12/98)
Paradigms of panic (3/12/98)
The $300,000 man (4/11/98)
Soft microeconomicsThe squishy case against you-know-who (4/23/98)
Glenn Loury's Round Trip The odyssey of a black intellectual
Setting sunJapan: What went wrong? (6/11/98)
Size does matterIn defense of macroeconomics (7/9/98) (requires Slate subscription)
Baby-sitting the economy (8/13/98) (requires Slate subscription)
The other bear market (9/10/98) (requires Slate subscription)
Rashomon in Connecticut
Is the economic crisis a crisis for economics ? (11/12/98)
The hangover theory (12/3/98)
 No pain, no gain? (1/14/99)
 Morning in Japan? (3/11/99)
 Monomoney mania (4/15/99)
 Thinking outside the box office (5/12/99)
 When good things happen to bad ideas (6/9/99)
 Don't laugh at me, Argentina (7/20/99)
 Talking about a revolution (8/19/99)
 Capital control freaks (9/28/99)
 O Canada (the latest Nobel prize)
 Tiger's tale
 Enemies of the WTO

Other Writings
"White collars turn blue" The New York Times Magazine, 9/29/96
An exchange with Jude Wanniski (from Mother Jones backtalk)
" Ricardo's difficult idea " (paper for Manchester conference on free trade, March 1996)
" What economists can learn from evolutionary theorists " (a talk to the EAEPE, Nov. 1996)
" Against the tide: an intellectual history of free trade " (book review)
" What should trade negotiators negotiate about? " (review essay in Journal of Economic Literature, March 1997)
" Seeking the rule of the waves " (book review, Foreign Affairs, June 1997)
" One world, ready or not " (book review, The Washington Post)
" What is wrong with Japan? " (Nihon Keizai Shimbun)
" How fast can the U.S. economy grow? " (Harvard Business Review, Summer 1997)
" Capitalism's mysterious triumph " (Nihon Keizai Shimbun)
" Is capitalism too productive? " (Foreign Affairs, Sept./Oct. 1997)
" What ever happened to the Asian miracle? " (Fortune, Aug. 18, 1997)
" Currency crises " (prepared for NBER conference, October 1997)
" Two cheers for formalism " (forthcoming in Economic Journal)
" The Mercedes menace " (USA Today, Jan. 13, 1998)
" The trouble with history " (Washington Monthly, March 1998)
" Will Asia bounce back? " (speech to be given in Hong Kong, March 1998)
"Start taking the Prozac " (Financial Times, April 9, 1998)
" I told you so " (New York Times Magazine, May 5, 1998)
" The myth of Asia's miracle " (the Nov. 1994 Foreign Affairs article - by popular demand)
" Future imperfect " (The Red Herring, June 1998)
America the Boastful (Foreign Affairs, May 1998)
The Great Betrayal (Washington Post - review of Patrick Buchanan)
A bridge to nowhere? (Shizuoka Shimbun, 7/14/98)
False Dawn : The Delusions of Global Capitalism (book review, New Statesman)
No time for losers (New York Times Magazine, 7/26/98)
Viagra and the wealth of nations (New York Times Magazine, 8/23/98)
Don't panic - yet (New York Times, 8/30/98)
An open letter to Prime Minster Mahathir (9/1/98)
The confidence game (The New Republic, 10/5/98)
Heresy time (9/28/98 - a note on why I have starting saying outrageous things)
Curfews on capital: what are the options? (10/12/98 - why dollar debt is not the problem)
The eternal triangle (10/13/98 - a note on global "architecture")
Even worse than you think (10/27/98) Financial Times
The return of Dr. Mabuse (New York Times Magazine)
 The web gets ugly (New York Times Magazine, Dec. 6, 1998)
 Japan heads for the edge (Financial Times, 1/20/99)
 Alas, Brazil (2/1/99)
 Syllabus for graduate macro
 A monetary fable (The Independent)
  Delusions of respectability (2/7/99)
 Inflation targeting in a liquidity trap: the law of the excluded middle (2/10/99)
 Some chaotic notes on regional dynamics (3/10/99)
 Labor pains (The New York Times Magazine, 5/23/99)
 Still depressed about Japan (Financial Times)
 Global vision du jour (Washington Monthly)
 Money can't buy happiness - er, can it? (New York Times)
 The euro, living dangerously (A quick note after reading the news)
 Recovery? Don't bet on it (Time, Asia edition)
 A dollar crisis? (memo, August 1)
 Why I am an economist (sigh) (Notes during textbook revision)
 Land of the rising yen
 Pathetic is the word
 Networks and increasing returns: a cautionary tale
 Dow 36,000: how silly is it?
 The wonders of editing
 Notes on Social Security
 Class warfore?

Stuff that is harder to read
" What happened to Asia? " (for a conference in Japan, January 1998)
" Fire-sale FDI " (for NBER Conference on Capital Flows to Emerging Markets, Feb. 20-21, 1998)
" Japan's trap " (May 1998: an attempt to clarify my own thoughts on the Japanese slump)
Further notes on Japan's liquidity trap (clarification on "Japan's trap")
But for, as if, and so what (a technical note on the effect of trade on wages)
Latin America's swan song (notes on the current dilemma)
It's baaack! Japan's slump and the return of the liquidity trap (draft Brookings Paper - requires Adobe Acrobat)
Japan's bank bailout (10/17/98 - why the scheme is likely to fail)
Japan: still trapped (11/30/98 - a restatement of the argument)
 There's something about macro (notes about teaching graduate macroeconomics)
  The world's smallest macroeconomic model
 Balance sheets, the transfer problem, and financial crises (pdf file, rough draft of conference paper)
 Can deflation be prevented? (2/21/99)
 Deflationary spirals (2/25/99)
 The spatial economy: introduction (introduction to forthcoming book with Masahisa Fujita and Anthony J. Venables)
 The fall and rise of development economics (a 1994 essay about models and methods from  Rodwin and Schon, Rethinking the Development Experience)
 Heaven is a weak euro (6/3/99)
 And now for something completely different (Paper presented at a 1998 conference on trade and inequality)
 Analytical afterthoughts on the Asian crisis (9/12/99)
 Time on the cross: can fiscal policy save Japan? (9/21/99)
 Was it all in Ohlin? (paper for Centennial celebration of Bertil Ohlin, Stockholm)
 Thinking about the liquidity trap (paper for NBER/CEPR/TCER conference in Tokyo, Dec. 1999)
 The energy crisis revisited (note posted Mar. 5, 2000)

mitCopyright © 1997 Massachusetts Institute of Technology