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Preview — The Return of Depression Economics and the Crisis of 2008 by Paul Krugman
The Return of Depression Economics and the Crisis of 2008
In 1999, in The Return of Depression Economics, Paul Krugman surveyed the economic crises that had swept across Asia and Latin America, and pointed out 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 Str...more
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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 chaos or not. How much ...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-regulate the financial s ...more
From 1953 to 1973, Japan stunned the world wi ...more
Krugman uses the example of a baby-sitting co-op to illustrate how money supply and inflation play their part in financial booms and busts. He also provides solutions on how the simp ...more
...which is honestly pretty appropriate, considering the utte ...more
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, and the profession needs to ditch the fa ...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 fluctuations) he uses t ...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 conclusions. M ...more
The book was about the return to depression Economics. What are depression economics, you ask? I don't know. He never actually explains what he means by that!
He ends the book by saying we have to go back to 'good old Keynesian macro-economics'. But he never explains what that means either!!!!! The book is SUPPOSED to be for non-economists. That's the whole reason he uses the 'Capital City Baby Sitting Co-op' in a 'whimsical' fashion to exp ...more
I was disappointed because this book is more of a history of the various recessions and depressions that have affected the world in the past 60 odd years. The author has explained their causes and how successful the measures to combat them were. But the book stops right there.
What I found ...more
I was struck by the following passage, in which Krugman wrote about the decline of mainstream socialist thought. Though "socialism" remains the right's favorite bugbear, Krugman captures the reality in American life pretty succinctly, for better or for worse.
"But who can now use the words of socialism with a straight face? As a member of the baby boo ...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
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 "solutions" always include examples that didn ...more
The author takes readers through a hypothesis based analysis to reach a conclusion about return of depression economics, he analyze various economic crises around the world over the last half century, each crises with specific reasons and various outcomes - leading to the world's economic situation post 2008 financial crises, then delivering future outlook, its challenges as well as suggested methods to overcome predicted crises.