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Paul Krugman, winner of the 2008 Nobel Prize in economics, shows how today’s crisis parallels the events that caused the Great Depression – and explains what it will take to avoid catastrophe. In 1999, in The Return of Depression Economics, Paul Krugman surveyed the economic crises 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, Krugman 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 Krugman’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:
5.0 out of 5 stars
Provides great intuition for macroeconomics,
This review is from: The Return of Depression Economics and the Crisis of 2008 (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.
7 of 7 people found the following review helpful:
4.0 out of 5 stars
Up there with the best popular writers,
This review is from: The Return of Depression Economics and the Crisis of 2008 (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.
6 of 6 people found the following review helpful:
4.0 out of 5 stars
Depressed about economics?,
By The Outsider "Muso" (London) - See all my reviews
This review is from: The Return of Depression Economics and the Crisis of 2008 (Paperback)
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.
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