The Return of Depression Economics by Paul Krugman

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Surely the Great Depression could never happen again. Or could it? One of the world's top economists gives us a sobering tour of the global economic crises of the last two years. Today, the terrible tragedy of the Great Depression looks gratuitous and unnecessary: Our economists and policy makers simply have gained too many tools, 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, once a military superpower but today an economic midget, defaulted on its debt in 1998, an event that, halfway around the world, drove Brazilian interest rates through the roof and terrified the US bond market. Some of the brightest financiers in the world, working for Long-Term Capital Corporation, thought they had the market licked only to find themselves in a jam that had all the makings of the over-leveraged positions that caused the 1929 stock market crash. Then, in January of 1999, it was Brazil's turn, with a financial crisis and currency devaluation that is still playing itself out. Paul Krugman, who "writes better than any economist since John Maynard Keynes" according to Fortune magazine, recounts these events and more: he points out that they raise significant questions for which economists may not have answers.

About Paul Krugman

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Paul Krugman was born on February 28, 1953. He received a B.S. in economics from Yale University in 1974 and a Ph.D from MIT in 1977. From 1982 to 1983, he worked at the Reagan White House as a member of the Council of Economic Advisers. He taught at numerous universities including Yale University, MIT, UC Berkeley, the London School of Economics, and Stanford University before becoming a professor of economics and international affairs at Princeton University in 2000. He has written over 200 scholarly papers and 20 books including Peddling Prosperity; International Economics: Theory and Policy; The Great Unraveling; and The Conscience of a Liberal. Since 2000, he has written a twice-weekly column for The New York Times. He received the 1991 John Bates Clark Medal and the 2008 Nobel Memorial Prize in Economic Sciences.
Published January 1, 1999 by The Penguin Books. 190 pages
Genres: Business & Economics, History, Political & Social Sciences. Non-fiction

Unrated Critic Reviews for The Return of Depression Economics

The Guardian

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The stock market — and confidence in the economy as a whole — plunged.

Dec 27 2008 | Read Full Review of The Return of Depression Econ...

Publishers Weekly

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As an economist in good standing, writes MIT economist Krugman, I am quite capable of writing things that nobody can read.

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The Independent

Paul Krugman may think as hard as Keynes and write as well as Galbraith, but it's not his Nobel Prize in economics that gives this brisk analysis of the sources of our current plight its weight.

Jan 30 2009 | Read Full Review of The Return of Depression Econ...


A bank, Krugman alerts his readers in the later phases of The Return of Depression Economics, is not just a building with the letters FDIC on the outside.

Dec 03 2009 | Read Full Review of The Return of Depression Econ...

Daily Kos

Without the assurance that the playing field is level for insider and outsider--or that the traded instruments are even understood enough to properly regulate--the world is going to face crisis after crisis, with no economic lessons and learned and millions suffering from the whims of mass financ...

Dec 28 2008 | Read Full Review of The Return of Depression Econ...

Seeking Alpha

The book “The Return of Depression Economics and the Crisis of 2008” by Paul Krugman is a second edition work.

Dec 09 2008 | Read Full Review of The Return of Depression Econ...

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