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The most celebrated economist of his generation.
--This text refers to an out of print or unavailable edition of this title.
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Nobel Prize® winning economist Paul Krugman shows how today's crisis parallels the events that caused the Great Depression - and explains what it will take to avoid catastrophe. In 1999, Paul surveyed the economic crisis that had swept across Asia and Latin America, and warned that those crises were a warning for all of us: like diseases that have become resistant to antibiotics, the economic maladies that caused the Great Depression were making a comeback. In the years that followed, as Wall Street boomed and financial wheeler-dealers made vast profits, the international crises of the 1990s faded from memory. But now depression economics has come to America: when the great housing bubble of the mid-2000s burst, the U.S. financial system proved as vulnerable as those of developing countries caught up in earlier crises - and a replay of the 1930s seems all too possible.
In this new, greatly updated edition of The Return of Depression Economics, Paul shows how the failure of regulation to keep pace with an increasingly out-of-control financial system set the United States, and the world as a whole, up for the greatest financial crisis since the 1930s. He also lays out the steps that must be taken to contain the crisis, and turn around a world economy sliding into a deep recession. Brilliantly crafted in Paul's trademark style - lucid, lively and supremely informed - this new edition of The Return of Depression Economics will become an instant cornerstone of the debate over how to respond to the crisis.
In this new, greatly updated edition of The Return of Depression Economics, Paul shows how the failure of regulation to keep pace with an increasingly out-of-control financial system set the United States, and the world as a whole, up for the greatest financial crisis since the 1930s. He also lays out the steps that must be taken to contain the crisis, and turn around a world economy sliding into a deep recession. Brilliantly crafted in Paul's trademark style - lucid, lively and supremely informed - this new edition of The Return of Depression Economics will become an instant cornerstone of the debate over how to respond to the crisis.
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Most Helpful Customer Reviews
13 of 13 people found the following review helpful
Format:Paperback
For anyone wishing to read one single book about macroeconomics, this is the one. Apart from providing fundamental insights into the current crisis, the book explains the dynamics of macroeconomics in the most enlightening and entertaining way I have seen so far. As a doctorate student of economics, I would recommend this book both to other economists, for the intuition it offers, and to non-economists, as a great and very topical introduction to the field of macroeconomics.
8 of 8 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
Dr. Paul Krugman writes a regular column for the New York Times, so those familiar with his column will find this book familiar - and his analysis and solutions easy to understand and brilliant.
Essentially, Krugman proves - through countless examples - how the demand side (government intervention) has rescued the supply side (banking and industry) over the last century. Yet the uniformed or idiotic right wing (can you separate them?) either deny the facts, don't know them or are 'ideologically' opposed to them. This book originally focused on the Latin American and Asian banking crises but has been expanded to deal with the onset of the great 2007-8 disaster we are still living with.
Krugman has consistently advocated massive public capital infusion (about 4% of GDP in the US) to lift the economy (the US actually put in less than half, a figure Krugman long predicted would be insufficient) and a new regulatory set up for the Non-bank banking sector (hedge funds, etc.) which never happened.
The Obama administration was too timid to enact a real Keynesian push (opposed by the right wing Republicans and scared Democrats) and the current Tory lead government is producing precisely the wrong program (refuted countless times in this slim volume) for recovery.
It was Gordon Brown, Alistair Darling and Ed Balls who were on the right path, but did not explain to the 'great British public' why the UK deficit had to balloon in the short term to stave off depression. Of course, the public punished Brown for saving the British economy, and swallowed whole the Conservative's version of events, believing that we should punish ordinary citizens for the excesses of the few (who are, of course, all richer as a result of the crisis). Ed Balls regularly refers to Krugman, and rightly so - he is a beacon of clarity in these dark days.
Read Krugman as a first step to seeing what macro-economists really know about what starts and how to contain, economic crises.
Essentially, Krugman proves - through countless examples - how the demand side (government intervention) has rescued the supply side (banking and industry) over the last century. Yet the uniformed or idiotic right wing (can you separate them?) either deny the facts, don't know them or are 'ideologically' opposed to them. This book originally focused on the Latin American and Asian banking crises but has been expanded to deal with the onset of the great 2007-8 disaster we are still living with.
Krugman has consistently advocated massive public capital infusion (about 4% of GDP in the US) to lift the economy (the US actually put in less than half, a figure Krugman long predicted would be insufficient) and a new regulatory set up for the Non-bank banking sector (hedge funds, etc.) which never happened.
The Obama administration was too timid to enact a real Keynesian push (opposed by the right wing Republicans and scared Democrats) and the current Tory lead government is producing precisely the wrong program (refuted countless times in this slim volume) for recovery.
It was Gordon Brown, Alistair Darling and Ed Balls who were on the right path, but did not explain to the 'great British public' why the UK deficit had to balloon in the short term to stave off depression. Of course, the public punished Brown for saving the British economy, and swallowed whole the Conservative's version of events, believing that we should punish ordinary citizens for the excesses of the few (who are, of course, all richer as a result of the crisis). Ed Balls regularly refers to Krugman, and rightly so - he is a beacon of clarity in these dark days.
Read Krugman as a first step to seeing what macro-economists really know about what starts and how to contain, economic crises.
7 of 7 people found the following review helpful
Format:Paperback
Krugman doesn't just make economics accessible to the layman but also provides his own unique insights, in this case to the global economic crisis we're currently in. He also has his own, idiosynchratically exciting way of explaining concepts. You will find differences with other accounts, such as Stiglitz's (whom I greatly admire and am more keen to agree with), which is good, because it provides more food for thought and challenge to the orthodoxy. If you are interested in the global economic state of affairs, you will greatly appreciate this work.
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Most Recent Customer Reviews
Largely successful
A largely successful attempt to make seriously complex issues comprehensible to the non-specialist.
While I found Krugman's attempts to find everyday examples to provide... Read more
While I found Krugman's attempts to find everyday examples to provide... Read more
Published 5 months ago by G. L. Haggett
An easy overview of a difficult subject
If what you want is a simplistic overview, then this book is ideal. I was looking for something a little more solid from "one of the world's most talented economists.... Read more
Published 9 months ago by Suffolk Cyclist
Great theory if you are a Keynesian!!
I decided to read a couple of Krugman books on the behest of 'an extreme political left gentleman that was trying to prove to me the way to deal with the current economic crisis in... Read more
Published 12 months ago by Den
Clear convincing explanation of the global financial disaster
Nobel Laureate Krugman writes with his customary incisiveness and authority about the 2008 global financial crash. Read more
Published 15 months ago by anozama
economic crisis and easy, less painful solution by Keynesian economics
For several years I have tried to read books about economics. Among them this book is the easiest and clearest book I've ever read. Read more
Published 15 months ago by Jonah
Good
Very good book. I'm still reading it though but it is helpful with my thesis.
Published 23 months ago by Shen
Standard Economists writing, no in depth analysis
If you are an economist (or in the ever smaler group of people holding economists at high esteem) you will like the book. Read more
Published on 22 Mar 2010 by Pseudonym
Does not properly represent JM Keynes honest and wise approach
The author begins by apologising for the unorthodox style in which he is going to write the book.
This is odd and unnecessary, as readers will make their own judgement. Read more
This is odd and unnecessary, as readers will make their own judgement. Read more
Published on 16 Jan 2010 by Joe Bob
Very readable but very depressing
What an excellent explanation of modern economics and how we got in the mess we are in. Slightly more depressing is the apparent ease at which all the danger signs were ignored... Read more
Published on 7 Jan 2010 by M. J. Parsons
pretty terrible book
I would expect a world class economist to put together a proper analysis of the depression and how that event relates to the current financial crisis. Read more
Published on 27 Sep 2009 by Christopher Fabri
Listmania!
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