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Return of Depression Economics & the Crisis of 2008

by Paul Krugman
Return of Depression Economics & the Crisis of 2008

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ISBN13: 9780393071016
ISBN10: 0393071014
Condition: Standard
DustJacket: Standard

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Synopses & Reviews

Publisher Comments

In 1999, in , 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 Street boomed and financial wheeler-dealers made vast profits, the international crises of the 1990s faded from memory. But now depression economics has come to America: when the great housing bubble of the mid-2000s burst, the U.S. financial system proved as vulnerable as those of developing countries caught up in earlier crises and a replay of the 1930s seems all too possible. In this new, greatly updated edition of , Krugman shows how the failure of regulation to keep pace with an increasingly out-of-control financial system set the United States, and the world as a whole, up for the greatest financial crisis since the 1930s. He also lays out the steps that must be taken 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 will become an instant cornerstone of the debate over how to respond to the crisis.

Review

"'We sometimes, for example, hear it said,' writes John Stuart Mill in his Principles of Political Economy, 'that governments ought to confine themselves to affording protection against force and fraud'; that people should otherwise be 'free agents, able to take care of themselves.' But why, he asks, considering all the 'other evils' of a market society, should people not be more widely protected by government — that is, 'by their own collective strength'? Much like Mill, Paul Krugman likes capitalism's innovations but not its crises and thinks that government has a duty to facilitate the former and protect us from the latter. He doubts that citizens will get much protection from moguls — or from most economists, for that matter — unless we trouble to grasp how the whole intricate game works, so that our legislators will form a consensus about how to regulate it. Mill supposed that we needed to see 'the Dynamics of political economy,' not just 'the Statics.' Krugman knows we need Liquidity Traps for Dummies." Bernard Avishai, The Nation (read the entire Nation review)

Synopsis

In this new, greatly updated edition of The Return of Depression Economics, Krugman shows how the failure of regulation to keep pace with an increasingly out-of-control financial system set the United States, and the world as a whole, up for the greatest financial crisis since the 1930s. He also lays out the steps that must be taken 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 Economicswill become an instant cornerstone of the debate over how to respond to the crisis.

Synopsis

Today, the tragedy of the Great Depression looks gratuitous and unnecessary: Our economists and policy makers simply have gained too much experience since then. It could never happen again. Or could it? Over the course of the last two years, six Asian economies have experienced an economic slump that bears an eerie resemblance to the Great Depression. Russia defaulted on its debt in 1998'"an event that, halfway around the world, drove Brazilian interest rates through the roof and terrified the U.S. bond market. Some of the brightest financiers in the world, working for the Long-Term Capital Corporation, thought they had the market licked only to find themselves in a jam that had all the makings of the overleveraged positions that caused the 1929 stock market crash. Paul Krugman, one of the world's top economists, recounts these events and more: He points out that they raise significant questions for which policy makers may not have answers. This paperback edition features a brand-new preface by Krugman on the financial realities of the past year.

Synopsis

Our newest Nobel Prize-winning economist shows how today"s crisis parallels the events that caused the Great Depression'"and explains what it will take to avoid catastrophe.

Synopsis

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 Economicshas become an instant classic. A hard-hitting new foreword takes the paperback edition right up to the present moment.

Synopsis

Surely the Great Depression could never happen again.

Synopsis

Today, the tragedy of the Great Depression looks gratuitous and unnecessary: Our economists and policy makers simply have gained too much experience since then. It could never happen again. Or could it? Over the course of the last two years, six Asian economies have experienced an economic slump that bears an eerie resemblance to the Great Depression. Russia defaulted on its debt in 1998'"an event that, halfway around the world, drove Brazilian interest rates through the roof and terrified the U.S. bond market. Some of the brightest financiers in the world, working for the Long-Term Capital Corporation, thought they had the market licked only to find themselves in a jam that had all the makings of the overleveraged positions that caused the 1929 stock market crash. Paul Krugman, one of the world's top economists, recounts these events and more: He points out that they raise significant questions for which policy makers may not have answers. This paperback edition features a brand-new preface by Krugman on the financial realities of the past year.

Synopsis

The New York Timesbestseller: 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.

Synopsis

Winner of the Nobel Prize in Economics

Synopsis

Our newest Nobel Prize-winning economist shows how today's crisis parallels the events that caused the Great Depression--and explains what it will take to avoid catastrophe.

About the Author

Paul Krugmanis the recipient of the 2008 Nobel Prize in Economics. He writes a twice-weekly op-ed column for the New York Timesand a blog named for his 2007 book, The Conscience of Liberal. He teaches economics at Princeton University.

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`
OneMansView , February 19, 2009 (view all comments by OneMansView)
Rambling and obscure (2.5*s) Basically, this book is an old book written ten years ago, concerned then with the financial troubles of Latin America, Japan, and Asia and now has been given a fresh coat of paint. The Greenspan bubble years, hedge funds, the housing crisis, and the like have been sprinkled in. Overall, the subjects of depressions and the 2008 crisis get short shrift. The author, a PhD economist, promises to not employ complex mathematics to make his points, meaning clarity of exposition is his top priority. Perhaps, in his mind, he tried. Explaining the workings of money, banks, and other economic entities from a variety of levels (macro, micro) is complicated, but doable. However, the reality is that this book is whimsical, chatty, rambling, unfocused, unorganized, insufficient, and obscure. It demands much of the reader to attempt to follow the argument(s) in its various twists and shifts. It’s just not clear what the author was attempting to achieve with this book. It is undoubtedly possible to describe the workings of the economy, including its disturbances, with sufficient detail to be useful in a reasonably short book without adding in every worldwide financial crisis of the last twenty years. This is not that book. Of course, the author would have to leave out pages and pages of flippancy, irony, and the I-could-have-told-you-so attitude. Good luck in your reading.

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Product Details

ISBN:
9780393071016
Binding:
Hardcover
Publication date:
12/01/2008
Publisher:
W W NORTON & CO
Edition:
2008
Pages:
191
Height:
.85IN
Width:
6.50IN
Thickness:
.75
Number of Units:
1
Copyright Year:
2008
UPC Code:
2800393071018
Author:
Paul Krugman
Author:
Paul Krugman
Subject:
Depressions -- 1929.
Subject:
Recessions - History - 21st century
Subject:
History
Subject:
Depressions

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