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MUST READ! End This Depression Now! by Paul Krugman

 
 
Reply Sun 29 Apr, 2012 10:33 am
End This Depression Now!
by Paul Krugman

Book Description
Publication Date: April 30, 2012

A call-to-arms from Nobel Prize–winning economist and best-selling author Paul Krugman.

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.

Editorial Reviews

“An important contribution to the current study of economics and a reason for hope that effective solutions will be implemented again.” (Kirkus Reviews)

“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%.” (Publishers Weekly )

This book will be released 4/30/2012 and is not eligible to be reviewed yet.

About the Author

Paul Krugman is the recipient of the 2008 Nobel Prize in Economics. He is a best-selling author, columnist, and blogger for the New York Times, and is a professor of economics and international affairs at Princeton University.

Biography

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 a Liberal." He teaches economics at Princeton University. His books include "The Accidental Theorist," "The Conscience of a Liberal," "Fuzzy Math," "The Great Unraveling," "Peddling Prosperity," and two editions of "The Return of Depression Economics," both national bestsellers.

READ CONTENTS AND PAGES:


http://www.amazon.com/End-This-Depression-Paul-Krugman/dp/0393088774/ref=sr_1_1?s=books&ie=UTF8&qid=1335716718&sr=1-1#reader_0393088774
 
Thomas
 
  3  
Reply Sun 29 Apr, 2012 10:54 am
@BumbleBeeBoogie,
On what basis did you decide it's a "must read", given that it won't be hitting the bookstores until tomorrow? I'm a big admirer of Paul Krugman, that's not the issue, but I prefer it when people read books before they recommend them.
BumbleBeeBoogie
 
  1  
Reply Sun 29 Apr, 2012 10:58 am
@Thomas,
I would have waited until we had the reviews, but I will be in the hospital on May 7th and won't be able to read the reviews for at least a month.

So do you forgive me?

BBB
Thomas
 
  1  
Reply Sun 29 Apr, 2012 10:59 am
@BumbleBeeBoogie,
I do. Good luck with whatever you'll be in the hospital for. Hope you can read the book there. Smile
BumbleBeeBoogie
 
  1  
Reply Sun 29 Apr, 2012 11:02 am
@Thomas,
I probably won't be able to read in the hospital. Getting a new right hip and it hurts.

BBB
BumbleBeeBoogie
 
  1  
Reply Sun 29 Apr, 2012 11:08 am
@BumbleBeeBoogie,
Paul Krugman's Prescription For A 'Depression'
by NPR Staff - All Things Considered
End This Depression Now!
April 27, 2012

In his new book, End This Depression Now! Paul Krugman states that the U.S. is in the throes of a depression — not merely an economic crisis. The New York Times columnist and Nobel laureate argues that Keynesian economics got us out of a much worse depression in the 1930s, so if we were to follow Keynesian prescriptions now, we could get out of this one too.

Krugman says he uses the term depression to describe today's economy because "it's qualitatively similar to the Great Depression." He tells NPR's Robert Siegel, "It is a sustained period of really lousy economic performance and an enormous amount of suffering."

Krugman worries that we're becoming accustomed to this reality. "We've kind of settled into the notion that this is the new normal," he says. "But it shouldn't be. And it's not something we should accept."

In End This Depression Now! Krugman excuses 1930s policymakers for fumbling their way out of the Great Depression. There simply was no track record of successful policies for pulling out of such an entrenched depression.

But now we know what works, says Krugman. Which is why he became so frustrated when Democrats pushed through a stimulus package he believed was far too small. "I, among other people, was screaming at the time, tearing my hair out very publicly in the Times," he says. "We had an epochal financial shock ... and we responded to it with a policy that was really quite modest — that was not nearly enough to offset that shock."

Krugman says that if he could make economic policy by fiat, he would start by rehiring all the public sector employees who were laid off in the past four years. "Normally state and local employment grows with population," he notes. "Instead it has shrunk by 600,000 over this period. So if we were to simply rehire those fired schoolteachers — go back to the kind of employment that we should've had on a normal track at the state and local level — right there we could add well over a million jobs. And before you know it, we'd be back to something that felt a lot more like prosperity."
Paul Krugman is a columnist for The New York Times. His previous books include The Great Unraveling and The Conscience Of A Liberal.
Fred R. Conrad/The New York Times

Paul Krugman is a columnist for The New York Times. His previous books include The Great Unraveling and The Conscience Of A Liberal.

However, Krugman's critics are troubled by how such policies would affect the growing deficit. Krugman says that borrowing now is good economic policy because interest rates are so low, but conservatives wonder when exactly Keynesians like Krugman plan to address the federal government's mounting debt.

He responds by pointing out that he was vocally concerned about measures that increased the deficit back when the economy was in better shape. "When Bush was pushing through his tax cuts and his unfunded wars, we were the people saying don't do that," Krugman says. "The same people who were blithely unworried about deficits back when deficits really were a bad thing are now the ones who are crusading against deficits now, except not if it means increasing taxes on rich people."

Though Krugman thinks the solution to our current depression is simple economics, he concedes that politics is never simple.

"It would be nice if we had a political system in which important figures from both parties understood textbook macroeconomics, because that's all we're talking about here," he says. "The odd thing is I'm not a radical. I'm actually calling for believing your Econ 101 textbooks and acting on what they say."

Mustering the political will to extract the U.S. from its worst economic downturn since the Great Depression won't be easy. But, Krugman says, "that's not a reason to stop trying to get the truth out there."

Interview Highlights

On austerity at the state and local levels

"Particularly since the stimulus such as it was has expired, what we've actually had is a lot of fiscal austerity. If you include the state and local governments — which you should — then what we've actually had is a record-breaking decline in government payrolls, a really major drag from governments cutting back rather than expanding. So, people have said about the 1930s that Keynesian policies didn't really work because they weren't really tried, and that applies with extra force to this depression."

On when the federal government should address its deficit

"If you get to the point where the economy is strong enough that the Federal Reserve is starting to raise interest rates so as to avoid an inflationary overheating, that's a time when you can in fact start to do some fiscal austerity and it won't cause higher unemployment, because the fed can simply put off those interest rate hikes. But we're not in that situation now."

On why cutting into the deficit now makes for bad economic policy

"We're in a situation now where the interest rate is zero, which means any austerity policies — any cutbacks in spending — just lead to unemployment. They actually do very little to reduce the budget deficit. They probably make the long-run fiscal position worse. Once the economy is recovered enough, then you'll find me turn into a fiscal hawk, but not now."
BumbleBeeBoogie
 
  1  
Reply Sun 29 Apr, 2012 11:10 am
@BumbleBeeBoogie,
Business Books: Krugman pleads to 'End Depression Now'
04/29/2012
By James Pressley - Bloomberg News
Book cover, "End This Depression Now" by Paul Krugman.

Reading Paul Krugman's "End This Depression Now!" got me thinking about "The Zax" by Dr. Seuss.

Written for children ages 4 to 99, the fable unfolds in the prairie of Prax, where a North-Going Zax and a South-Going Zax collide and stop in their tracks, each refusing to step aside.

The Zax game of chicken resembles today's stalemate over how to speed recovery in the U.S. and Europe. On one side stand the Austerians, as Krugman calls them. On the other loom what we might call the Stimulators. Krugman's own stance is clear. Our economic engine remains strong; it's just the alternator that's kaput. Stimulus can provide the sparks to get the car cruising again.

What sets this book apart is Krugman's readiness to address the anxieties of the Right-Going Zax. Yes, says the Left-Going Zax (taking a step to one side), we shouldn't minimize what a burden heavy government borrowing can be. Consider Ireland. Krugman even takes up the trepidation of people scarred by the memory of 1970s stagflation. Now, however, is the wrong moment to worry about all that, he says. The U.S. and many other nations are, after all, mired in a slump that has entered its fifth year. James Pressley, Bloomberg News

0 Replies
 
BumbleBeeBoogie
 
  1  
Reply Sun 29 Apr, 2012 11:12 am
@BumbleBeeBoogie,
End This Depression Now!
Paul Krugman (Author, Princeton University)
Overview | Inside the Book

A call-to-arms from Nobel Prize–winning economist and best-selling author Paul Krugman.

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.

Endorsements & Reviews

“An important contribution to the current study of economics and a reason for hope that effective solutions will be implemented again.” — Kirkus Reviews

“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%.” — Publishers Weekly
0 Replies
 
BumbleBeeBoogie
 
  1  
Reply Sun 29 Apr, 2012 11:15 am
@BumbleBeeBoogie,
Upcoming Event
Paul Krugman: End This Depression Now
Tue, May 22 2012 - 6:00pm

Paul Krugman: End This Depression Now

Paul Krugman, Columnist, The New York Times; Professor of Economics and International Affairs, Princeton University; Author, End This Depression Now!

Nobel Laureate economist Krugman believes that the U.S. and world economies are not getting better. He says we are still in the midst of a depression rather than a recession, and that “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.” Yet he also believes that a quick, strong recovery is but one step away. Come hear his thoughts on what political leaders can and must do.

Location: Hotel Nikko-Ballroom; 222 Mason St. San Francisco
Time: 5:15 p.m. check-in, 6 p.m. program, 7 p.m. book signing
Cost: $35 standard, $20 members, $10 students (with valid ID); Premium: $70 standard, $50 members (includes book and priority seating in the front)
Also know: Photo Credit: Fred R. Conrad/The New York Times
BumbleBeeBoogie
 
  1  
Reply Sun 29 Apr, 2012 11:37 am
@BumbleBeeBoogie,
End This Depression Now!
by Paul Krugman (Goodreads Author)

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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