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Peteralee1's Reviews > The Return of Depression Economics and the Crisis of 2008
The Return of Depression Economics and the Crisis of 2008
by Paul Krugman (Goodreads Author)
by Paul Krugman (Goodreads Author)
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 conclusions. Maybe he's right. But who cares, that's all in the past.
When it comes to the current crisis, he comes out with a whole lot of nothing. Maybe I missed it, but there was no big "here's how we fix this". Maybe that wasn't his intent, but it sure felt like he was leading up to that sort of moment. So overall, I was left with a distinct feeling that there really wasn't a point to his book except for him to make money. Luckily I didn't help with that, someone else bought the copy I read.
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 conclusions. Maybe he's right. But who cares, that's all in the past.
When it comes to the current crisis, he comes out with a whole lot of nothing. Maybe I missed it, but there was no big "here's how we fix this". Maybe that wasn't his intent, but it sure felt like he was leading up to that sort of moment. So overall, I was left with a distinct feeling that there really wasn't a point to his book except for him to make money. Luckily I didn't help with that, someone else bought the copy I read.
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Eugene
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rated it 4 stars
Nov 23, 2011 03:11pm
I just read a book titled Aftershock: The Next Economy and America's Future by Robert Reich, an economist similar to Krugman, which does provide an interesting outline on what should be done. You might want to look into that book.
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