A New York Times best-selling call to arms from Nobel Prize–winning economist Paul Krugman.
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.
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," 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.
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End this depression now
Paul Krugman is an extremely knowledgeable economist who has written a well researched and detailed perspective on our current crisis. The book can become a little heady at times, but the reader will certainly walk away with a much broader understanding of how we arrived in our current situation and become better informed in moving forward.
End this depression now
Entertaining and informative.
On point! Every member of Congress should be required to read!