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." With characteristic lucidity and insight, Krugman pursues the questions of how bad the situation really is, how we got stuck in what can now be called a depression and above all, how we free ourselves. 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.
End This Depression Now!
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"Starred review. 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. 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%." --Publishers Weekly
"Krugman has picked a good time to unleash a thoroughly persuasive polemic against premature fiscal austerity in the wake of a deep recession. He does so in a remarkably easy style [...] it's lively and readable." --Financial Times
"Krugman...most hated and most admired columnist in the US..." --Martin Wolf, Financial Times
"...Krugman divides opinion like no other. To his followers, he's a saint; to his detractors, he's a false prophet with satanic intent." --Jeremy Warner, Daily Telegraph
"[...]since reading Paul Krugman's new book, I fear I'm in danger instead of becoming a bore. It's the sort of book you wish were compulsory reading, and want to quote to anyone who'll listen, because End This Depression Now! provides a comprehensive narrative of how we have ended up doing the opposite of what logic and history tell us we must do to get out of this crisis." --Decca Aitkenhead, Guardian G2
"Although it is not without flaws, I hope without much confidence that the book s wide readership includes the UK prime minister and chancellor." --Samuel Brittan, Financial Times
"Loathe him or love him and Krugman's take-no-prisoners writing style has as many enemies as admirers it is impossible to ignore him." --Ben Chu, The Independent
"Furious but funny, Krugman's seductive style renders recondite theory readable for even the most economically illiterate." --Word
"Krugman is "feisty" and "sharp-elbowed": you might disagree with his thesis, but you'll keep on reading." ----The Week
"In this lively polemic, he [Krugman] makes a powerful case against austerity." --<The Evening Standard
Krugman is "feisty" and "sharp-elbowed": you might disagree with his thesis, but you'll keep on reading. --The Week
"Krugman has picked a good time to unleash a thoroughly persuasive polemic against premature fiscal austerity in the wake of a deep recession. He does so in a remarkably easy style [...] it's lively and readable." --Financial Times
"Krugman...most hated and most admired columnist in the US..." --Martin Wolf, Financial Times
"...Krugman divides opinion like no other. To his followers, he's a saint; to his detractors, he's a false prophet with satanic intent." --Jeremy Warner, Daily Telegraph
"[...]since reading Paul Krugman's new book, I fear I'm in danger instead of becoming a bore. It's the sort of book you wish were compulsory reading, and want to quote to anyone who'll listen, because End This Depression Now! provides a comprehensive narrative of how we have ended up doing the opposite of what logic and history tell us we must do to get out of this crisis." --Decca Aitkenhead, Guardian G2
"Although it is not without flaws, I hope without much confidence that the book s wide readership includes the UK prime minister and chancellor." --Samuel Brittan, Financial Times
"Loathe him or love him and Krugman's take-no-prisoners writing style has as many enemies as admirers it is impossible to ignore him." --Ben Chu, The Independent
"Furious but funny, Krugman's seductive style renders recondite theory readable for even the most economically illiterate." --Word
"Krugman is "feisty" and "sharp-elbowed": you might disagree with his thesis, but you'll keep on reading." ----The Week
"In this lively polemic, he [Krugman] makes a powerful case against austerity." --<The Evening Standard
Krugman is "feisty" and "sharp-elbowed": you might disagree with his thesis, but you'll keep on reading. --The Week
About the Author
Paul Krugman is the recipient of the 2008 Nobel Prize in Economics. He is a best-selling author, columnist, and blogger for the New York Times, and is a professor of economics and international affairs at Princeton University.
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Most Helpful Customer Reviews
58 of 65 people found the following review helpful
By Diziet
TOP 500 REVIEWER
Format:Hardcover|Amazon Verified Purchase
Paul Krugman's purpose in writing this book is to:
'...go over the heads of the Serious People who have, for whatever reason, taken all of us down the wrong path, at immense cost to our economies and our societies, and to appeal to informed public opinion in an effort to get us doing the right thing instead.' (Intro, Pxii).
He starts out by analysing just what has gone wrong. Many, many writers have already done this, of course - David Harvey, Nouriel Roubini, Massimo Amato to name but a few - but Krugman's analysis is still really useful. He draws exact parallels between the Great Depression and the current so-called 'Great Recession', not only in terms of cause and effect but also in the variety of responses. His central thesis, however, is that:
'...this doesn't have to be happening [italics in original]...the problem isn't with the economic engine, which is as powerful as ever. Instead, we're talking about what is basically a technical problem, a problem of organization and co-ordination.' (P22)
We have reached a 'Minsky Moment' - as an economy expands, debtors and creditors are happy to borrow and lend until, suddenly, something pops.... Read more ›
'...go over the heads of the Serious People who have, for whatever reason, taken all of us down the wrong path, at immense cost to our economies and our societies, and to appeal to informed public opinion in an effort to get us doing the right thing instead.' (Intro, Pxii).
He starts out by analysing just what has gone wrong. Many, many writers have already done this, of course - David Harvey, Nouriel Roubini, Massimo Amato to name but a few - but Krugman's analysis is still really useful. He draws exact parallels between the Great Depression and the current so-called 'Great Recession', not only in terms of cause and effect but also in the variety of responses. His central thesis, however, is that:
'...this doesn't have to be happening [italics in original]...the problem isn't with the economic engine, which is as powerful as ever. Instead, we're talking about what is basically a technical problem, a problem of organization and co-ordination.' (P22)
We have reached a 'Minsky Moment' - as an economy expands, debtors and creditors are happy to borrow and lend until, suddenly, something pops.... Read more ›
39 of 44 people found the following review helpful
5.0 out of 5 stars
Very Keynesian, Very Convincing, Very Readable, . . . and more than a little Disconcerting
1 Jun 2012
By Rob Julian
Format:Hardcover|Amazon Verified Purchase
As the title to this review suggests, this book convincingly argues that America (and in most cases the rest of the developed world) needs a boost in government spending to return our economies to a healthy state. As with all Krugman's books, this is very well written in an easy conversational style, which makes it very accessible to all those whom have only recently become interested in economics due to the recent troubles.
The books I value the most are those which generate within me challenging questions and gut reactions, and reading this book has left me with a disconcerting amount of both. Can it really be that simple? Why hadn't I seriously supported this before? Could America really just government spend it's way out of a recession? Imagine how much cash it would take! . . . But then I suppose back in the 1930s perhaps the prospect of more government debt was also very scary at the time, but after a few decades of growth and inflation the debt seemed paltry. (Reader warning, homespun analogy coming up): A number of years ago I was unemployed for a few months and became very conscious of what I was spending. After I returned to work I wished I had spent a sizeable bit of money on renovating my flat, which would have been a better use of my time!
One difference between now and the last depression was that back then America had valuable manufacturing strengths and advantages, not yet developed by the majority of the world. Where as now Asia has caught up by gaining many of these positive externalities. Krugman mentions in passing that: "it's long past time to take a tougher line on China and other currency manipulators, and sanction them if necessary".p221.... Read more ›
The books I value the most are those which generate within me challenging questions and gut reactions, and reading this book has left me with a disconcerting amount of both. Can it really be that simple? Why hadn't I seriously supported this before? Could America really just government spend it's way out of a recession? Imagine how much cash it would take! . . . But then I suppose back in the 1930s perhaps the prospect of more government debt was also very scary at the time, but after a few decades of growth and inflation the debt seemed paltry. (Reader warning, homespun analogy coming up): A number of years ago I was unemployed for a few months and became very conscious of what I was spending. After I returned to work I wished I had spent a sizeable bit of money on renovating my flat, which would have been a better use of my time!
One difference between now and the last depression was that back then America had valuable manufacturing strengths and advantages, not yet developed by the majority of the world. Where as now Asia has caught up by gaining many of these positive externalities. Krugman mentions in passing that: "it's long past time to take a tougher line on China and other currency manipulators, and sanction them if necessary".p221.... Read more ›
3 of 3 people found the following review helpful
Format:Hardcover|Amazon Verified Purchase
It is refreshing to read a nice old-fashioned polemic written with genuine passion! It the age of 'third way' Democrats and 'New' Labour there was too much collaboration by Social Democratic parties everywhere with ideas that progressives used to think were consigned to the scrapyard of economic history in the 1930s!
I agree with so much of this book that it feels somewhat churlish to criticise it...but I must because I think it underestimates the problem that faces all of us (on both sides of the Atlantic and beyond).
You see, what we face is not a simple liquidity trap in the classical sense. As the Australian (not Austerian!) economist Steve Keen has pointed out, the real obstacle in the way of a government stimulus solution to the crisis is the huge overhang of private debt. Far from deleveraging, which happens after most periods of depression, personal indebtedness continues to stay stubbornly high in countries such as the US and Britain. The late, great Hyman Minsky, although a fervent Keynesian, pointed out that when Keynes wrote the 'General Theory', the working class didn't have credit cards or mortgages. I might add student loans to this list, which in the US cannot be eliminated by declaring bankruptcy!
Keen thinks that only a universal debt 'jubilee' will solve this almighty mess. This presumably would have to be organised through a modern equivalent of Bretton Woods, with international simultaneous agreement. I think that for the medium term, there is going to have to be a serious redistribution of income in order to get any demand into the economy; a possibility, I notice, that Krugman doesn't address in any depth.
I agree with so much of this book that it feels somewhat churlish to criticise it...but I must because I think it underestimates the problem that faces all of us (on both sides of the Atlantic and beyond).
You see, what we face is not a simple liquidity trap in the classical sense. As the Australian (not Austerian!) economist Steve Keen has pointed out, the real obstacle in the way of a government stimulus solution to the crisis is the huge overhang of private debt. Far from deleveraging, which happens after most periods of depression, personal indebtedness continues to stay stubbornly high in countries such as the US and Britain. The late, great Hyman Minsky, although a fervent Keynesian, pointed out that when Keynes wrote the 'General Theory', the working class didn't have credit cards or mortgages. I might add student loans to this list, which in the US cannot be eliminated by declaring bankruptcy!
Keen thinks that only a universal debt 'jubilee' will solve this almighty mess. This presumably would have to be organised through a modern equivalent of Bretton Woods, with international simultaneous agreement. I think that for the medium term, there is going to have to be a serious redistribution of income in order to get any demand into the economy; a possibility, I notice, that Krugman doesn't address in any depth.
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Most Recent Customer Reviews
5.0 out of 5 stars
Common Sense
Paul Krugman know his stuff. He writes in a clear and simple style, covering the subject in detail, but slowly enough for someone as thick as me to understand. Read more
Published 7 days ago by Nigel J. Tucker
5.0 out of 5 stars
Compulsory reading for our 'leaders'
All members of Government should be compelled to read this incisive analysis of our present Economic woes. Read more
Published 15 days ago by orua
4.0 out of 5 stars
Krugman knows best
Great book on the current crisis, focuses not only on what went wrong but on what could potentially solve the problem. Read more
Published 1 month ago by fio
5.0 out of 5 stars
Excellent book
A first class analysis. He really explains complicated issues very well indeed, a makes a very persuasive case for fiscal action now.
Published 1 month ago by David J. W. Roberts
5.0 out of 5 stars
More than economics...
Paul Krugman is Professor of Economics and International Affairs at Princeton University and a columnist at The New York Times. He won the Nobel prize for economics in 2008. Read more
Published 1 month ago by Dr. R. G. Bullock
3.0 out of 5 stars
Eminently readable
He doesn't hide the fact that he's a touch one sided but does write in a very simple to understand way in support of his points. Read more
Published 1 month ago by PK
5.0 out of 5 stars
A manifesto for the non-despairing, enlightened, citizen.
Superb. A systematic refutation of neo-liberal economics and the immense, unnecessary, damage it has caused. Read more
Published 2 months ago by Adam M Edwards
5.0 out of 5 stars
Brilliant!
This is a must read for anyone interested in or concerned about our current economic circumstances, and should be compulsory reading for all politicians and economists alike. Read more
Published 2 months ago by Michael Hayes
4.0 out of 5 stars
READ THIS PAMPHLET NOW !
I give this book 4 stars for the following reasons:
I have found the part of the book dealing with the history of this economic crisis too long, and sometimes boring, compared... Read more
I have found the part of the book dealing with the history of this economic crisis too long, and sometimes boring, compared... Read more
Published 3 months ago by GUY'S BOOKS
5.0 out of 5 stars
Insightful and possibly inspirational
In the light of recent economic news from Europe and the US its nice to read an accessible economic argument for a return to Keynsian policies and a focus on growth not deficit... Read more
Published 3 months ago by J. M. Hiscock
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