Description
The most celebrated economist of his generation. From AudioFile Are you afraid we're headed back to the past and the Great Depression? Don Leslie will pull you right to the edge of your seat with his rendering of Krugman's second iteration of his primer on global economics since the beginning of the twentieth century. Leslie sounds more like Krugman than Krugman--a real audio pro. And Krugman's terrific writing is oh-so beautifully complemented by this superb narrator's sense of timing and proportion. Close your eyes and you're in a Princeton lecture hall listening to a Nobel Prize winner. This book is for anyone interested in how we got here and how we might get ourselves out of this mess. It's likely to become a cornerstone of college curricula dealing with world economics. M.C. © AudioFile 2009, Portland, Maine --This text refers to an alternate kindle_edition edition. What do babysitting coops and liquidity traps have in common? Lots, according to Paul Krugman. In The Return of Depression Economics , the MIT professor looks at the alarming string of financial crises that plagued various economies around the globe in the 1990s, especially the Asian contagion, and sees an "eerie resemblance to the Great Depression." Instead of the "new world order" promised by the triumph of capitalism over socialism, "the world economy has turned out to be a much more dangerous place than we imagined." Krugman uses the example of a Washington, D.C., babysitting coop to explain the dynamics of recession and inflation. He examines the remarkable emergence of Asia and the precursors to the Asian mess--the Tequila Effect of the mid-'90s that began in Mexico and Japan's fall in the early '90s into an economic malaise. He then analyzes the underlying reasons for the collapse of the Thai baht and other Asian currencies as well as the subsequent actions of the IMF and the murky role of hedge funds. In the end, Krugman sees the return of depression economics, which "means that for the first time in two generations, failures on the demand side of the economy--insufficient private spending to make use of the available productive capacity--have become the clear and present limitation on prosperity for a large part of the world." It's the same problem that was at the root of the 1930s depression. And while it took a world war to solve that problem, Krugman sees solutions that are far less dramatic but that do require a willingness to chuck obsolete doctrines and think about old problems in new ways. Over the years, Krugman has earned a well-deserved reputation for translating the jargon that economists speak into something that anyone with an interest--not necessarily a Ph.D.--can understand. The Return of Depression Economics is another timely testament to Krugman's ability to read and interpret the tea leaves of today's global economy. Highly recommended. --Harry C. Edwards --This text refers to an alternate kindle_edition edition. From Publishers Weekly As an economist in good standing, writes MIT economist Krugman, I am quite capable of writing things that nobody can read. Fortunately, Krugman, author of Slates Dismal Science column, is also quite capable of writing things that almost anyone can read. An accomplished translator of economics into English, Krugman (Peddling Prosperity; The Accidental Theorist; etc.) takes a look at the international financial turmoil of the past two years and concludes that, confident assertions of happy globalizers and bullish day traders notwithstanding, a great depression could happen again. Depression economics is back, he argues, meaning that for the first time in two generations, failures on the demand side of the economy... have become the clear and present limitation on prosperity for a large part of the world. Whether discussing the currency collapse in Indonesia, the travails of Brazil and Russia (and how theyre related) or the failure of hedge funds such as Long Term Capital Management, Krugman writes with invigorating lucidity and forceful opinion. Now as in the 1930s, however, one cannot defend globalization merely by repeating free-market mantras, even as economy after economy crashes. If his message is dire, his tone is light, almost jaunty as he calls supply-side economics a crank doctrine and ably articulates a Keynsian willingness to regulate markets in order to stabilize economies and minimize human suffering. Moving from concrete examples (e.g., the struggles of a Japanese baby-sitting coop) to stinging critiques of head-in-the-sand theorists, Krugman proves himself not only comprehensible but also well worth comprehending. Copyright 1999 Reed Business Information, Inc. --This text refers to an alternate kindle_edition edition. From Library Journal Krugman (economics, M.I.T.) addresses the question, "Could the world-wide depression of the 1930s happen now?" In this short book, rushed to publication (and showing signs of hasty writing), Krugman analyzes the financial and economic situations of countries that have been experiencing difficulties in the last few years, such as Russia, Japan, six southeastern countries, and Brazil and concludes that while they are in an economic slump, this is not a return to the 1930s. What is to be done? For advanced economies, such as Japan's, he advocates a radical expansion of the money supply as an economic stimulus. In developing countries, such as Brazil, he believes that the economic medicine needed is devaluation of the currencies and even currency controls. These very complicated situations, however, do not necessarily lend themselves to such one-shot solutions. An optional purchase.AHarry Frumerman, formerly with Hunter Coll., New York Copyright 1999 Reed Business Information, Inc. --This text refers to an alternate kindle_edition edition. Krugman s facility with both arcane details and vast unified explanations boils down complexity so much that the reader often wonders: Why didn t I see it that way myself --This text refers to an alternate kindle_edition edition. Paul Krugman is the recipient of the 2008 Nobel Prize in Economics. He writes a twice-weekly op-ed column for the New York Times and a blog named for his 2007 book, The Conscience of Liberal . He teaches economics at Princeton University. --This text refers to an alternate kindle_edition edition. Book Description Winner of the Nobel Prize in Economics --This text refers to an alternate kindle_edition edition. Read more
Features & Highlights
- The
- New York Times
- bestseller: the Nobel Prize–winning economist shows how today’s crisis parallels the Great Depression—and explains how to avoid catastrophe. With a new foreword for this paperback edition.
- In this major bestseller, Paul Krugman warns that, like diseases that have become resistant to antibiotics, the economic maladies that caused the Great Depression have made a comeback. He lays bare the 2008 financial crisis—the greatest since the 1930s—tracing it to the failure of regulation to keep pace with an out-of-control financial system. He also tells us how 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
- has become an instant classic. A hard-hitting new foreword takes the paperback edition right up to the present moment.
