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End This Depression Now! Hardcover – 11 May 2012

by Paul Krugman (Author)

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The Great Recession is more than four years old―and counting. Yet, as Paul Krugman points out in this powerful volley, "Nations rich in resources, talent, and knowledge―all the ingredients for prosperity and a decent standard of living for all―remain in a state of intense pain."

How bad have things gotten? How did we get stuck in what now can only be called a depression? And above all, how do we free ourselves? Krugman pursues these questions with his characteristic lucidity and insight. He has a powerful message for anyone who has suffered over these past four years―a quick, strong recovery is just one step away, if our leaders can find the "intellectual clarity and political will" to end this depression now.

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Print length

272 pages
Language

English
Publisher

*Norton agency titles
Publication date

11 May 2012
Dimensions

16.51 x 2.54 x 24.38 cm
ISBN-10

9780393088779
ISBN-13

978-0393088779
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Carmen M. Reinhart
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Product description

Review

An important contribution to the current study of economics and a reason for hope that effective solutions will be implemented again. "

Starred review. Krugman (Fuzzy Math), winner of the 2008 Nobel Prize in Economics, takes an edifying and often humorous journalistic approach to the current economic crisis in this accessible and timely study. Rather than provide a mere postmortem on the 2008 collapse (though relevant history lessons are provided), Krugman aims to plot a path out of this depression. Krugman has consistently called for more liberal economic policies, but his wit and bipartisanship ensure that this book will appeal to a broad swath of readers from the Left to the Right, from the 99% to the 1%. "

About the Author

Paul Krugman, recipient of the 2008 Nobel Prize in Economics and best-selling author, has been a columnist at The New York Times for twenty years. A Distinguished Professor at City University of New York, he lives in New York City.

Product details

ASIN ‏ : ‎ 0393088774
Publisher ‏ : ‎ *Norton agency titles; 1st edition (11 May 2012)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 272 pages
ISBN-10 ‏ : ‎ 9780393088779
ISBN-13 ‏ : ‎ 978-0393088779
Dimensions ‏ : ‎ 16.51 x 2.54 x 24.38 cm

Customer Reviews:
411

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Paul Krugman

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Paul Krugman writes a twice-weekly column for the op-ed page of the New York Times. A winner of the John Bates Clark Medal who was also named Columnist of the Year by Editor and Publisher magazine, he teaches economics at Princeton University.

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AMRI

An extended blog

Reviewed in Spain on 16 January 2020

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Opinatic and not very rigorous, conjectural and partisan. It is easy reading, but written by a highly competent professor with the frivolous language of a blogger, not with the sober wording of an academic.

GP

Perfetto

Reviewed in Italy on 3 February 2019

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Ok

Bruno Alcantara

Para os apaixonados por Economia

Reviewed in Brazil on 15 July 2015

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Krugman nos faz ver os movimentos políticos e econômicos de maneira singular. Em particular, neste livro, as decisões tomadas, desde o início da década de 80, pelas coalizações político-econômicas americanas que reverberaram na Crise de 2008.
Fundamental como complemento é assistir Inside Job (Trabalho Interno)!
By the way, Krugman faz parte dos Gênios. Não à toa, Nobel em Economia.

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Steven Riddell

Krugman's best yet.

Reviewed in Canada on 14 September 2013

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Makes a lot of sense, unless you are entrenched in the dated Friedman Chicago School of Economics Theory.
Most of the so called Economist Gurus will poopoo this thesis, as their hero has been debunked and they haven't learned to swim.

2 people found this helpful

Klaus H. Hemsath

A Ground-Breaking Book

Reviewed in the United States on 28 May 2012

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Paul Krugman has written an excellent book that should become required reading for every member of US Congress. It can also be understood by people, who care, are unbiased, and do not accept doctrines a priori and without analysis.

It is well written without too much jargon. Krugman suggests many practical solutions for dealing with the terrible consequences of a worldwide economic slump that an excessively greedy, U.S. financial industry has inflicted upon the world's economies. He avoids dealing with issues that get too deep into partisan politics and he refuses to analyze the unbelievable political power that the financial industry has acquired with financial "rewards" to politicians aligned with the financial industry's demands. The ugly and utterly deplorable repeal of the Glass-Steagall Act and its replacement by the bipartisan Gramm-Leach-Bliley Act is worth a book or an investigative report on its own "merits".

His analysis of the causes of the U.S. economy woes is incisive, inclusive, and very informative. His plan for getting the U.S. economy out of its present stupor lacks "shovel ready" projects and ideas. Some related issues were treated barely or not at all. Nevertheless, Dr. Krugman's book is a singularly important contribution to accelerating the much needed recovery from the damage our banks have heaped onto the USA's standing in the global economy and to the quality of life of the average U.S. citizen.

Some items that are missing from Krugman's otherwise excellent, clarifying, and new-ground-breaking book are:

o He never explored how big the GDP contribution of the financial industry actually is; this industry receives huge support from government and taxpayers while its actual contribution to the national economy remains cloaked in mystery

o We already know that economic losses, resulting from irresponsible behavior of the financial industry run into the tens of trillions; what needs to be done to avoid the next, potentially even larger financial crisis?

o He never mentions the sorry state that the SCIENCE of economy is in; mathematical models are useless when irrational human behavior is part of the modeled process and when common sense is replaced by doctrines at odds with factual data

o He studiously avoids to give his estimate for the amount of stimulus that was actually needed for stabilizing demand at the end of the Bush term; how does 2 trillion sound?

o He did not put the blame of our existing troubles on those, who were partly responsible like Reagan, Clinton, Bush, Rubin, Paulson, etc.

o He never tackled the ugly subject of unavoidable and economically mandatory redistribution of incomes

o He did not address the subject of increasing instability of financial markets

o He blames the slow recovery on the "liquidity trap" without suggesting effective countermeasures

o He suggests that lacking demand is at the foundation of our economic woes

o He does not give a clear solution for solving the imploding demand puzzle

o He never mentions the overpowering role that the lack of disposable income, defined as the dollars left after paying taxes, food, fuel, insurances, and contributing to the education of children, has for the lower ranks of the Middle Class and of the unemployed and how this amount effects the national demand of goods and services

o He never mentions the terrible toll that uncontrolled and unavoidable medical costs have on the disposable income of families with aging breadwinners

o He never addresses the total neglect of reducing unemployment by the Fed (after all it is the second of their two major missions; the first one being the maintenance of a low inflation rate)

o He admits that the Fed's initial focus on inflation and on subsequent flooding the national economy with "printing" money has shown to be ineffective

o He never stumbles over the idiosyncrasy of the Fed's inability to act on its two missions; the Fed admits that it is incapable of stimulating demand to increase modest inflation and it has factually abdicated its mission of reducing unemployment completely

o He does not discuss what national debt levels are safe; however, he states clearly and convincingly that debt issued in US Dollars does not have the same negative impact as debt taken in other countries' currencies

o He does not expand on his observation that the huge unemployment after the Great Depression did not result in an army of unemployables; unemployment was eradicated at the moment the economy was stimulated by defense expenditures and by recruiting after Pearl Harbor had been attacked and after the begin of World War II

o He never explores why the waging of the Afghanistan and Iraq Wars did not have the same effect

o He never addresses the issue of financial stability improvements; drivers of automobiles try to brake when an idiot runs a red light, financial institutions promote financial uncertainty and instability to reap maximum rewards from frightened politicians and taxpayers

o He never discusses the easy give-away of more than $700 billion to banks and the fact that a large part of that money was converted into huge, lowly taxed executive bonuses

Since Professor Krugman is hopefully continuing his writing for the New York Times, one can reasonably expect that he will review some of these omissions in due time. I am looking forward to the wisdom and intellectual clarity dispensed by one of the few economists, who truly deserved the Nobel Prize and the lasting esteem that comes with it.

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