End this depression now!

Paul R. Krugman

Book - 2012

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Subjects
Published
New York, NY : W. W. Norton c2012.
Edition
1st ed
Language
English
Physical Description
259 p.
Bibliography
Includes index.
ISBN
9780393088779
0393088774
Main Author
Paul R. Krugman (-)
  • Introduction: what do we do now?
  • How bad things are
  • Depression economics
  • The Minsky moment
  • Bankers gone wild
  • The second gilded age
  • Dark age economics
  • Anatomy of an inadequate response
  • But what about the deficit?
  • Inflation : the phantom menace
  • Eurodommerung
  • Austerians
  • What it will take
  • End this depression!
  • Postscript
  • What do we really know about the effects of government spending?
  • Acknowledgments
  • Index.
Review by Choice Reviews

Nobel Prize-winning economist Krugman (economics, Princeton Univ.) presents abundant evidence that the continuing effects of the great recession (or "lesser depression") could be solved quickly and decisively by implementing the prescriptions taught in many introductory macroeconomic courses. He argues that the tragedy of the current state of affairs is that policy makers already know what to do, but that political paralysis driven by anti-government ideologues and sarcastically referenced "very serious people" has caused institutional rejection of the hard-won practical knowledge produced by the economics profession and historical experience. The result: a "colossal muddle" that could have been avoided. Readers of Krugman's New York Times column and blog will be familiar with his main arguments, but there is even more powerful evidence and context leveraged here. He demonstrates that fears focused on the negative consequences of public spending are unsupported by the data or any coherent understanding of "liquidity trap"-driven depression economics. Krugman points out that Keynesian expectations have been validated throughout, arguing that governments as "spenders of last resort" need to aggressively boost economic demand and fight the actual crisis: massive and chronic levels of involuntary unemployment. Summing Up: Highly recommended. Undergraduate, graduate, and research collections. Lower-division Undergraduates; Upper-division Undergraduates; Graduate Students; Researchers/Faculty. S. E. Horn Everett Community College Copyright 2012 American Library Association.

Review by Publishers Weekly Reviews

Krugman (Fuzzy Math), winner of the 2008 Nobel Prize in Economics, takes an edifying and often humorous journalistic approach to the current economic crisis in this accessible and timely study. Rather than provide a mere postmortem on the 2008 collapse (though relevant history lessons are provided), Krugman aims to plot a path out of this depression. He maintains that "We are suffering from a severe overall lack of demand;" as every purchase is also a sale, everyone's income is someone's spending , and few are currently spending. This "paradox of thrift," when everyone cuts back and tries to pay off old debt at the same time, ensures a stagnant economy—when no new debt is issued, the cycle continues, for one man's debt is another man's asset. Krugman suggests, then, that "the government spend where the private sector won't," à la FDR's workers' programs during the Great Depression. The problem, of course, arises when politics enters the equation—some view government intervention as a gateway to socialism, whereas others can't agree on appropriate "shovel-ready" projects to spend money on. Krugman has consistently called for more liberal economic policies, but his wit and bipartisanship ensure that this book will appeal to a broad swath of readers—from the Left to the Right, from the 99% to the 1%. Illus. (Apr.) [Page ]. Copyright 2012 PWxyz LLC

Review by PW Annex Reviews

Krugman (Fuzzy Math), winner of the 2008 Nobel Prize in Economics, takes an edifying and often humorous journalistic approach to the current economic crisis in this accessible and timely study. Rather than provide a mere postmortem on the 2008 collapse (though relevant history lessons are provided), Krugman aims to plot a path out of this depression. He maintains that "We are suffering from a severe overall lack of demand;" as every purchase is also a sale, everyone's income is someone's spending , and few are currently spending. This "paradox of thrift," when everyone cuts back and tries to pay off old debt at the same time, ensures a stagnant economy—when no new debt is issued, the cycle continues, for one man's debt is another man's asset. Krugman suggests, then, that "the government spend where the private sector won't," à la FDR's workers' programs during the Great Depression. The problem, of course, arises when politics enters the equation—some view government intervention as a gateway to socialism, whereas others can't agree on appropriate "shovel-ready" projects to spend money on. Krugman has consistently called for more liberal economic policies, but his wit and bipartisanship ensure that this book will appeal to a broad swath of readers—from the Left to the Right, from the 99% to the 1%. Illus. (Apr.) [Page ]. Copyright 2012 PWxyz LLC

Review by Publisher Summary 1

Looks at the economic downturn of the early 21st century, declaring it a depression, and outlines the steps that can be taken to reverse the trend and get back on the road to economic recovery.

Review by Publisher Summary 2

For general readers with an interest in economic policy, this latest volume by Nobel Prize winning economist Paul Krugman examines the continuing effects of the recent economic crisis and makes a strong and well reasoned argument for the implementation of proactive progressive economic policies to promote growth. Addressing conservative concerns about deficits and inflation head on, Krugman contends that the traditional approach to growth crisis, targeted federal spending, is the solution to the current enduring downturn. Krugman is a New York Times columnist, a professor of economics at Princeton University, and a leading voice in American progressive economics. Annotation ©2012 Book News, Inc., Portland, OR (booknews.com)

Review by Publisher Summary 3

A call-to-arms from Nobel Prize–winning economist and best-selling author Paul Krugman.

Review by Publisher Summary 4

The Great Recession is more than four years old—and counting. Yet, as Paul Krugman points out in this powerful volley, "Nations rich in resources, talent, and knowledge—all the ingredients for prosperity and a decent standard of living for all—remain in a state of intense pain."How bad have things gotten? How did we get stuck in what now can only be called a depression? And above all, how do we free ourselves? Krugman pursues these questions with his characteristic lucidity and insight. He has a powerful message for anyone who has suffered over these past four years—a quick, strong recovery is just one step away, if our leaders can find the "intellectual clarity and political will" to end this depression now.