In 1999, in The Return of Depression Economics, Paul Krugman surveyed the economic crises that had swept across Asia and Latin America, and pointed...
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Jan 08, 2009
Kristian
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I just finished reading "The Return of Depression Economics and the Crisis of 2008" by Paul Krugman, recipient of the 2008 Noble Prize in Economics. Great read. This book, given as a gift to me by my step-mother for xmas, turned out to be a real gem. Putting it all into perspective, I believe I have a better understanding of how complex economies of scale seemingly always return into major depressions for some time, even despite vast regulations meant to compensate for sharp short-term
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Jan 18, 2011
Hieu
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In how many ways can economic crises happen? Paul Krugman answers: “a lot!” In his book "The Return of Depression Economics," Krugman thrills us with the fact of how little we know about crises, how vulnerable our financial system is, and how dangerous globalization could be. In fact, he gives us three reasons to be obsessed about our economy: the breakdown of Japan, the vicious circle of financial crisis, and the haunting ghosts of non-bank banks.
From 1953 to 1973, Japa More...
From 1953 to 1973, Japa More...
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Dec 29, 2008
Daniel
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This is an excellent review of the reasons why the American economy has turned into the debacle that is before us. Must read explanation at the end of Chapter 8 which dispels all the partisan B.S. and fingerpointing about the alleged causes behind the meltdown and focuses blame where it should properly reside.
Very interesting as well is the way that he deals with "moral hazard" not making judgments but allowing the reader to determine if this is a factor in causing fiscal More...
Very interesting as well is the way that he deals with "moral hazard" not making judgments but allowing the reader to determine if this is a factor in causing fiscal More...
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Feb 02, 2009
JM
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Okay, I admit: I read this book cover to cover in one sitting at Powell's and I didn't buy it. I should have, though, because it's the most interesting and well-written economics-oriented book I've read this year so far. He's got a way with words and a way with focusing on what's important that makes other economics-oriented books seem like fluff. He's so good at scaring the financial crap out of you. And isn't that why you read economics books in the first place?
I am philosophic More...
I am philosophic More...
Jan 30, 2009
Carol
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Economist Paul Krugman originally published this book in 1999 but updated it in late 2008 so that it carries a 2009 copyright. I was attracted by this short (191-page), clear exposition, for-the-layman, because I wanted to try to understand the reasons for the economic crisis and the steps that are being taken to get out of it. Now that the new president is in office, the opposition party is back to sniping at him and his proposals, of course. It's confusing to me to hear all the claims and cou
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Dec 17, 2011
Ben
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As Krugman wanders far and wide and provides more overview than in depth analysis, this is a hard book to review. There are many, if not all, points that a reader could argue with, sometimes opposing, sometimes making subtle distinctions. However, on the whole, this is a solid read that can give the reader a good understanding of some of the issues the world economy is facing today, with an understanding that Krugman’s premises are often conclusions based on unspoken premises and arguments inv
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Dec 12, 2011
Alvinenator
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What I like about it is that this is essentially a primer, with chapters which serve as effective introductory points for further research. Hence, I agree that it is not the most rigorous tract out there, but it serves as an effective summary of the big events of international finance and reminds us of some of the important analyses.
It is also to its credit that the book's argument was simple, yet left room for subtlety. Take his point that the rise of a shadow banking system essentially ou More...
It is also to its credit that the book's argument was simple, yet left room for subtlety. Take his point that the rise of a shadow banking system essentially ou More...
Nov 28, 2011
Kim
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This is a tough book to "review" because it is downright painful to read yet necessary if you are trying to understand how liberals think. I don't mean it's painful because of the subject, but because it makes you want to bang your head against the wall.
Krugman, the mouthpiece for liberal inflationary economics, is often touted for his "Nobel Prize" which is actually specific to international trade. What stands out when you read his books is that his "solutio More...
Krugman, the mouthpiece for liberal inflationary economics, is often touted for his "Nobel Prize" which is actually specific to international trade. What stands out when you read his books is that his "solutio More...
Nov 20, 2011
Ob-jonny
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This is the ultimate book for helping to understand international fiscal policy and the causes of the 2008 financial crisis. The book goes step by step through all of the financial crises in the 1990s, of which there were many, to help identify patterns and to understand what works and what doesn't. It explains the Japanese crisis, the Asian crisis of 1997, and several other fiascoes in Asia and Latin America. It proves that investor confidence and panics caused by hedge funds can create cris
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Sep 30, 2011
Mac
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This book was apparently written without the current financial crisis in mind, but it's hard to see how. Krugman shows how, just like in the 1990s in Asia, the United States' economy (via its new, non-bank banking system), created a situation that more or less mirrored the crises of the early 1930's. Considering how well that went, we have nothing to fear but a decade of economic pain followed by the most devastating war the planet has ever seen... While Krugman doesn't anticipate an actual de
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Jul 29, 2011
The book is too superficial and almost without a coherent purpose. It spends a lot of time on long history but with too much description of event details and hardly any elaborate justification of the causes cited.
Too many broad-brush reasons were given as if they were undisputed facts. Notwithstanding quite a few ridiculous errors, the efforts at drawing common elements in all crises were also woeful.
As a result, the conclusions drawn were always likely to be faulty and they were. But much wor More...
Too many broad-brush reasons were given as if they were undisputed facts. Notwithstanding quite a few ridiculous errors, the efforts at drawing common elements in all crises were also woeful.
As a result, the conclusions drawn were always likely to be faulty and they were. But much wor More...
Mar 20, 2011
Trevor
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This isn’t nearly as good a book as it could have been – the book it could have been is Freefall: America, Free Markets, and the Sinking of the World Economy, which, if you were looking for a book to read on the GFC that is quick, easy and jaw-dropping, that is the one I would recommend.
This book was really looking at the Asian Financial Crisis, but has been updated to include information on the GFC of 2008.
The most interesting parts of the book relate to the need to re More...
This book was really looking at the Asian Financial Crisis, but has been updated to include information on the GFC of 2008.
The most interesting parts of the book relate to the need to re More...
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Dec 03, 2010
Ankur
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How did America fall like a House of Cards?You would be explaining this to your friends and all the other interesting details and intricacies of the Great depression in the morning once if you took the time to keep this book by your pillow side in the night.It is written in a way as to arouse curiosity in the dumbest of the cavemen.The author bares all the secrets in such an easy and crisp language that you think that you are flipping through a crazy thriller Novel,and of course you can't stop b
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Jun 11, 2010
David
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The main claim in this book is essentially that economic history repeats itself in small doses throughout time and across geography. These instances provide experimental evidence of how economies get into trouble and how they respond to stimulus and intervention of various sorts, or, equally important, how they respond to no intervention. Krugman contends that this forms a basis of knowledge from which we can formulate intelligent and effective responses to our current and future economic trav
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Oct 07, 2009
Daniel
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Though I have a reasonable grasp of the current global financial crisis, I wanted to know a little more about its inner workings. After reading several articles by Paul Krugman, I decided to pick up his book, especially since it now has updates from the 2008 financial crisis.
Krugman strikes a fine balance between simplifying global investment banking and unloading the economist jargon. In order to explain the basic characteristics of a recession (and several other market fluctuat More...
Krugman strikes a fine balance between simplifying global investment banking and unloading the economist jargon. In order to explain the basic characteristics of a recession (and several other market fluctuat More...
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Aug 18, 2009
Bob
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In “The Return Of Depression Economics”, Paul Krugman sets out to explain why the current world financial crisis has occurred. He uses the Great Depression of the 1930s plus an extensive review of the Asian crisis of the 90s (which he suggests was a dress rehearsal for today’s dilemma) to explain what has gone wrong and most importantly, why.
Krugman is a Nobel Prize Winner in Economics. This alone should be enough to get anyone’s interest in a book on this topic. However, it is Kr More...
Krugman is a Nobel Prize Winner in Economics. This alone should be enough to get anyone’s interest in a book on this topic. However, it is Kr More...
Jan 16, 2009
Will
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This is a reworking of a book Krugman released in 1999, now new and improved. It is a popular-audience piece on the current economic debacle, focusing on the mechanics of banking. Krugman gets what is going on in the world of economics better than just about anyone. The Nobel committee would agree. He links the current downfall to several that have come before across the world and shows how we have arrived at a sort of financial perfect storm condition. It is readable and very incisive.
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Oct 10, 2011
Peteralee1
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First, I'm not a huge Krugman fan to begin with, so keep that in mind. I tried to be as objective as possible when reading his book, however.
Most of the book is just background of various financial crises of the past 100 years. Of course in hindsight, Krugman in all his wisdom can see how if the different parties in the crises had just done what he thinks they should have, everything would have turned out fine. I'm not an economist, so I can't really argue intelligently about his More...
Most of the book is just background of various financial crises of the past 100 years. Of course in hindsight, Krugman in all his wisdom can see how if the different parties in the crises had just done what he thinks they should have, everything would have turned out fine. I'm not an economist, so I can't really argue intelligently about his More...
Sep 29, 2009
Karen
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CLIFF-NOTES VERSION: Interesting and very readable, but left some questions unanswered.
FULL REVIEW:
This book was very readable. Paul Krugman does a great job providing simple, succinct, easy-to-understand explanations of economic ideas and also to-the-point, in-a-nutshell historical information. I haven't yet found anything of his a slog to read, which I do appreciate.
His main thesis seems to be that economists don't know as much as they thought they did, a More...
FULL REVIEW:
This book was very readable. Paul Krugman does a great job providing simple, succinct, easy-to-understand explanations of economic ideas and also to-the-point, in-a-nutshell historical information. I haven't yet found anything of his a slog to read, which I do appreciate.
His main thesis seems to be that economists don't know as much as they thought they did, a More...
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Oct 27, 2010
Milan
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In the book “The Return of Depression Economics”, Paul Krugman uses the Great Depression of the 1930s and the Asian crisis of the 90s to explain the financial crisis of 2008. These earlier crises should have provided guidance as to what could go wrong with the economy in the 21st century. Most of the people who should have known better thought that depression and recessions were a thing of the past.
This is a book about economic history which doesn't seem to be a very interesting to More...
This is a book about economic history which doesn't seem to be a very interesting to More...
Apr 08, 2009
Susan
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I only got about three-quarters through this and I have to return it to the library, it's new so no renewals! I am absolutely no economist, but I generally enjoy his columns in the NYT so I figured I'd see if his book helps me to make sense of the current economic crisis. It does, (although he loses me when he starts talking about currency valuation, but as I said, I'm a chimp when it comes to economics!) but I realize his views are liberal, and if I picked up a book about the current crisis by
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Jan 13, 2010
William Thomas
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a clear, concise assessment of the market disasters in the 3rd world that eventually resulted in drastic recessions within the first world. managing to explain the role that hedge funds use to manipulate markets on a global scale for short term gains at the expense of entire countries, this book manages to tell the reader what happened in real and very clear terms, instead of through the use of textbook jargon and textbook answers. the part i enjoyed the most was one of the smallest of things- w
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May 03, 2011
Camille
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My expectations for this book were most definitely not met. Krugman won the Nobel Prize in Economics a few years ago, so I was interested to hear his take on the financial crisis. I learned quite a bit from this book, but I was annoyed the whole time.
First, the title is a misnomer. This is really a book he wrote at the end of the 90s, and then tacked on a chapter about the financial crisis, and tries to sale it as book on the financial crisis. And after doing other reading on the finan More...
First, the title is a misnomer. This is really a book he wrote at the end of the 90s, and then tacked on a chapter about the financial crisis, and tries to sale it as book on the financial crisis. And after doing other reading on the finan More...
Apr 24, 2009
Anil
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This book depicts the relationship between failure of financial sector and recession. The books writes about 1930 depression, recession of 1980's, 1990's, and current one.
The book also covered latin American and south east/pacific financial debacles (Mexico, Argentina, Indonesia, Japan, Malaysia, Korea, Australia). Info about hedge funds and their impact/tricks leading to currency devaluations (UK, Indonesia, Malaysia Australia and so on) is good. In short it looks like this cycle of bubb More...
The book also covered latin American and south east/pacific financial debacles (Mexico, Argentina, Indonesia, Japan, Malaysia, Korea, Australia). Info about hedge funds and their impact/tricks leading to currency devaluations (UK, Indonesia, Malaysia Australia and so on) is good. In short it looks like this cycle of bubb More...
Jul 07, 2009
Jesse
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Paul Krugman, who was our old bugaboo back in my World Bank-protesting days, has morphed into one of the best liberal critics of Obama and his tepid response to the Meltdown. So it was a little weird to read his pre-meltdown book which he has gussied up with recent developments. But there is definitely Old Paul there, writing about the rising standard of living caused by globalization and the death of Socialism. He even gives the obligatory shout out to Pinochet, not mentioning the economic w
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Jan 17, 2009
Ross
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Overall, this was a very good layman's summary of modern economic crises and how they happen. If you've taken a second-level Macroeconomics course, there will be a lot of stuff you already know discussed in simpler terms. I thought this was a nice refresher, but some people who've learned the material before might think it's boring.
My only serious criticism is that Krugman spends far too little time making specific prescriptions. He does an excellent job diagnosing the current glo More...
My only serious criticism is that Krugman spends far too little time making specific prescriptions. He does an excellent job diagnosing the current glo More...
Jan 17, 2009
Ken
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Its probably safe to say that a book on economics is challenged to hold a readers attention the way a good novel might. Krugman's "The Return of Depression Economics" does little to dispel this theory, but I didn't grab this in hopes for a good tale about global decline. If you read Krugman's oped pieces, then you have an idea that he an economist well worth listening to and one of the few economists with some celebrity. He just picked up a Nobel prize too.
For me the More...
For me the More...
Oct 05, 2009
Eric
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I'm reading it again. Dude's point is really simple, in a sense, but subtle enough that you can't really say it. I'm trying to get to the point where I can just visualize it all at once.
He doesn't quite put it this way, but he's suggesting that sometimes, global finance and international investment can be like a huge monetary game of jenga; value keeps getting added on the top, but down below, the foundation gets to be more and more just air. Sometimes, it's unemployment; sometimes it's More...
He doesn't quite put it this way, but he's suggesting that sometimes, global finance and international investment can be like a huge monetary game of jenga; value keeps getting added on the top, but down below, the foundation gets to be more and more just air. Sometimes, it's unemployment; sometimes it's More...
Jun 08, 2010
Diane
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I'm still reading this book. It kept me company on a prolonged layover in Detroit's airport so I've waded about three quarters of the way through. Nobel prize winner Krugman wrote this book before the economy and financial markets collapsed in late 2008. So far, he seems to have seen the dynamics and choices very clearly. I've learned more about how currency markets and banking is interconnected world wide than I learned in all my college economic classes. So far I think I'm learning that the
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Aug 03, 2009
Lynn
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I need to admit first that I am a total Paul Krugman junky. Even though we no longer get the Times, I regularly read his column online.
This book, fortunately, is not a compilation of his op-eds but instead a somewhat technical, though well-written lay person's explanation of what is going on now in the global economy and how we got here, which is pretty much the traditional ways, according to PK. In other words, it is harder reading than his journalistic writing, though I am sure a lot More...
This book, fortunately, is not a compilation of his op-eds but instead a somewhat technical, though well-written lay person's explanation of what is going on now in the global economy and how we got here, which is pretty much the traditional ways, according to PK. In other words, it is harder reading than his journalistic writing, though I am sure a lot More...
