Paul Krugman

@paulkrugman ↗

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Last Checked Aug. 29, 2020

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Tue Jul 28 18:57:10 +0000 2020

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Paul Krugman @paulkrugman

Just to add that the demand constraint is far more tightly binding now than at any time in the past dozen years, because now we have a pandemic that requires people to NOT work. Crazy to talk about UI without that as the central point 8/ — PolitiTweet.org

Posted July 28, 2020

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Paul Krugman @paulkrugman

So what happens if you expand UI? It might — might — reduce incentives to work, shifting the Phillips curve up and to the right. But it also increases aggregate demand. And because demand, not inflation, is the binding constraint it REDUCES unemployment 7/ https://t.co/0EikpIga73 — PolitiTweet.org

Posted July 28, 2020

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Paul Krugman @paulkrugman

Now, the work incentives of UI are still interesting, although of little macro significance for the time being. My read is that the disincentive effect seems to be surprisingly small. You can see this just by looking at aggregate data. 9/ — PolitiTweet.org

Posted July 28, 2020