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End This Depression Now!

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Overview

A New York Times best-selling call to arms from Nobel Prize–winning economist 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 ...

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End This Depression Now!

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Overview

A New York Times best-selling call to arms from Nobel Prize–winning economist 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.

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  • End This Depression Now!
    End This Depression Now!  

Editorial Reviews

Dissent
“Paul Krugman is stepping up to play the kind of role that John Maynard Keynes performed in the 1930s.”
Financial Times
“A thoroughly persuasive polemic against premature fiscal austerity in the wake of a deep recession.”
Rolling Stone
““[Krugman] makes an urgent, even passionate case that our economic problems are, at root, fairly simple, and we have the knowledge and the tools to solve them.”
Publishers Weekly
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. He maintains that "We are suffering from a severe overall lack of demand;" as every purchase is also a sale, everyone's income is someone's spending , and few are currently spending. This "paradox of thrift," when everyone cuts back and tries to pay off old debt at the same time, ensures a stagnant economy—when no new debt is issued, the cycle continues, for one man's debt is another man's asset. Krugman suggests, then, that "the government spend where the private sector won't," à la FDR's workers' programs during the Great Depression. The problem, of course, arises when politics enters the equation—some view government intervention as a gateway to socialism, whereas others can't agree on appropriate "shovel-ready" projects to spend money on. 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%. Illus. (Apr.)
Kirkus Reviews
Krugman (Economics/Princeton Univ.; The Return of Depression Economics and the Crisis of 2008, 2008, etc.) delivers an urgent message on ending the economic crisis. Despite apparent financial stabilization and indications of improvement, writes the Nobel laureate, the conditions of peoples' lives have not changed. "You can't have prosperity without a functioning financial system," he writes, "but stabilizing the financial system doesn't necessarily yield prosperity." The country needs strong leadership to build support for stimulus policies--e.g., large-scale job creation, debt relief and the reversal of current austerities--on a more expansive scale, rather than just accepting compromises. The author takes issue with three main objections: that government spending programs don't work, that increasing deficits undermine business confidence and that there aren't enough quality projects in which to invest. Given that the private sector is not investing enough to provide the needed increase in demand, government spending must be a significant part of the solution. Krugman also examines how the economic profession has lost its way over the last 30 years. For him, the current problems were effectively addressed during the 1930s by Keynes and others; the author doesn't have much patience with opponents or critics, considering them as representing political or ideological, not economic, views. He references ongoing research by a new generation of economists into how government intervention worked to end depressions in the past. An important contribution to the current study of economics and a reason for hope that effective solutions will be implemented again.
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Product Details

  • ISBN-13: 9780393345087
  • Publisher: Norton, W. W. & Company, Inc.
  • Publication date: 1/28/2013
  • Pages: 288
  • Sales rank: 259,630
  • Product dimensions: 5.60 (w) x 8.20 (h) x 0.80 (d)

Meet the Author

Paul Krugman

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.

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Table of Contents

Introduction: What Do We Do Now? ix

1 How Bad Things Are 3

2 Depression Economics 21

3 The Minsky Moment 41

4 Bankers Gone Wild 54

5 The Second Gilded Age 71

6 Dark Age Economics 91

7 Anatomy of an Inadequate Response 109

8 But What about the Deficit? 130

9 Inflation: The Phantom Menace 150

10 Eurodämmerung 166

11 Austerians 188

12 What It Will Take 208

13 End This Depression! 223

Postscript: What Do We Really Know about the Effects of Government Spending? 231

Acknowledgments 239

Index 241

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Customer Reviews

Average Rating 4
( 49 )
Rating Distribution

5 Star

(30)

4 Star

(8)

3 Star

(4)

2 Star

(1)

1 Star

(6)

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See All Sort by: Showing 1 – 20 of 49 Customer Reviews
  • Posted May 4, 2012

    Throughout his career, Krugman has been a very good economic his

    Throughout his career, Krugman has been a very good economic historian, diagnostician and prognosticator. He has an excellent command of the facts and is right far more often than middle ground economists who seek who have moved towards the disproven (by their results) "middle ground" economic policies of austerity and away from the proven principles of stimulus which I guess you could call Neo Keynsian Revivalism.

    If you love the economics of the GOP, you'll hate this book. If you love the economics espoused by the leaders of the current Democratic party, you won't be much happier. Tough.

    Highly recommended.

    18 out of 21 people found this review helpful.

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  • Anonymous

    Posted May 17, 2012

    Why does the Nook version cost more than $3 more than the Kindle

    Why does the Nook version cost more than $3 more than the Kindle edition?

    12 out of 18 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted May 11, 2012

    more from this reviewer

    Nobel prize-winning economist Paul Krugman clearly explains why

    Nobel prize-winning economist Paul Krugman clearly explains why normal economic policies do not work in a depression/recession and why government fiscal stimulus is required to get the economy moving again. He challenges the economists who have been wrong every step of the way for the past 30 years and suggests we instead return to the policies that worked so well from the 1930s to the 1970s.

    11 out of 14 people found this review helpful.

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  • Posted May 31, 2012

    Well Written and Thought Out

    This book is a political hot button issue, so I will try to leave politics out of the review. The book is well written, so even someone with little understanding of economics should understand Dr. Krugman's position. The author is a liberal (I am not). Since I went into reading this book with the assumption that government spending should increase during a depression, I did not find his position built on Keynesian economics all that controversial. I tend to prefer nonfiction authors to be a bit detached from their subject, so my only criticism is that Dr. Krugman can get a bit whiney and unkind to his critics.

    8 out of 9 people found this review helpful.

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  • Posted June 25, 2012

    more from this reviewer

    End This Depression Now by Paul Krugman Nobel Laureate in Econom

    End This Depression Now by Paul Krugman Nobel Laureate in Economics

    Paul Krugman presents evidence that to end this fiscal recession--which he calls depression because of lack of jobs and that is going on on four years and an increase in income inequality--we need new fiscal policies. A fiscal stimulus that helps the economy to add jobs--contrary to what some people will say, the first stimulus did not work because it was not strong enough--and that to reduce the deficit lowers growth, especially in the near term.

    The Book specifically discusses two different and opposing points of view: the first, preached by John Maynard Keynes’ 1936 work, General Theory of Employment, Interest and Money
    “The outstanding faults of economic society in which we live are its failure to provide for full employment and its arbitrary an inequitable distribution of wealth and incomes.” John Maynard Keynes’ General Theory of Employment, Interest and Money

    Although income inequality is hard to solve, unemployment is not. Krugman cites the example of the US entry into WWII where a burst of federal spending cause a 7% rise in the total number of jobs in America. The equivalent of adding more than 10 million jobs today. Krugman supports his beliefs in this policy by the Paul Samuelson textbook, Economics first published in 1948 which brought Keynesian economics to American colleges.

    The second opposing theory is championed by Milton Friedman. Friedman's challenges to what he later called "naive Keynesian" (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies. In the late 1960s he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a “natural” rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation (high unemployment with high inflation). Friedman argued that, given the existence of the Federal Reserve, a constant small expansion of the money supply was the only wise policy. This obviously was proven wrong at The Clinton Administration.


    The mess we’re in now--his great depression--was caused by several acts of Congress. Carter aided to the problem in 1980 when he passed the Monetary Control Act, which ended regulations that prevented banks on many kinds of deposits. Reagan gave the another blow with the Garn-St. Germain Act of 1982, which relaxed restrictions on the kinds of loans banks could make. And finally, the dissolution of the Glass-Seagal Act of 1933 which was overturned by Congress in 1999 under President Clinton so that Citibank and Travelers could merge--which was illegal until then, because banks could not use depositors money to invest in the market.

    The result was an increasingly unregulated system in which banks were free to give in fully to the overconfidence that the quiet period had created. Debt soared, risks multiplied, and then, the housing bubble burst and brought the system down.

    Mr Krugman then walks us, in plain and easy language, to the way forward. “Our priority must be to get ourselves back on the path to growth; every day that we lag behind normal production levels only adds to the astronomical economic loss of this depression.” What we need for rapid, powerful recovery is precisely what got us out of The Great Depression--a burst of government spending to jump-start the economy. “...your spending is my income.”

    Arguing both sides of the economic policies: Keynes’ 1936 work, General Theory of Employment, Interest and Money and Milton Friedman’s ideas which are causing European economies to be austere and depressed growth (and we know how bad that is going), Friedman talks about inflation, the deficit, deregulation. Friedman addresses them head-on until he crushes his opponents and delivers the knockout blow.

    I think this is a must read for everyone who wants to make a difference in the 2012 Presidential election.

    6 out of 7 people found this review helpful.

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  • Posted June 12, 2012

    good stuff

    I find that Krugman has destroyed some of my false ideas of the current economy.
    I wish I would have got the book in paper.

    6 out of 7 people found this review helpful.

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  • Anonymous

    Posted October 3, 2012

    Krugman is a Hack

    His assumptions are so easily countered he had to disable online comments for his postings at the NYT, Because people kept offering rational proofs against his pedantic spend more ideas. This book is just more of the same. Print is good for him because no one can comment on the bad ideas in the book.

    5 out of 12 people found this review helpful.

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  • Posted June 9, 2012

    more from this reviewer

    Recommended - Learn why we are in a depression, not just a recession

    Krugman present a clear explanation why the current financial crisis is a depression, not a typical business cycle recession and how monetary policy alone is insufficient to support a full economic recovery. His arguments including economic data, but aren't overly technically. Regular readers of Krugman's columns and/or blogs will be familar with the concepts and arguments presented (Zero-bounded interest rates, the confidence fairy, the myth of expansionive austerity). However, the book provides a cogent and ordered summary of how the US and European economies got into this depression, what it will take to revive our economy, and the high human and economic cost of continued inaction.

    3 out of 3 people found this review helpful.

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  • Posted February 10, 2013

    more from this reviewer

    Simplified Economics

    Paul Krugman's book "End This Depression Now!" clearly explains the economic disparity the United States is currently undergoing and what how it has effected other countries in particular Europe.

    He explains in a very simplified manner the functions of the federal reserve, and its significance, in helping to alleviate the situation along with what the federal government should do as well as what it should not have done.

    I have taken away a small amount of economic terms that are defined throughout. This means, for other interested readers, that you do not have to have a background in economics to understand the reading. But for those that do have a background, you will be rewarded with a goldmine of information.

    What I appreciate about the author is his ability to talk to the "99%" in layman's terms.

    Paul Krugman is now one of my favorite book authors.

    2 out of 3 people found this review helpful.

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  • Posted December 1, 2012

    Wow!

    This guy knows what he is writing about. I agree with him philosophically but learned so much more.

    2 out of 3 people found this review helpful.

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  • Anonymous

    Posted October 10, 2012

    Good insight on a modern economic crisis

    This nobel prize winning economist provides an in-depth, but somewhat biased view of americas current economic and political situation; starting from housing bubbles in real estate and eventually to collapsing interest rates, shadow market politics, and the governments play in all this, all eloquently laid out in a riveting (yet somewhat technical) piece of literature. Overall this is a must read book for anyone who who wants to get informed on why the recession is still around and, if accepting to krugmans wisdom, learn about a possible solution.

    2 out of 3 people found this review helpful.

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  • Anonymous

    Posted June 16, 2012

    Great book

    This is a great book, but I would like to use this forum to complain about the terrible customer service that Barnes & Noble offers. I've had two interactions with phone reps on the 800 line, and the first one I was put on hold three times, only to have the rep hang up on me before she got back after the third time. My second rep was more attentive, but it still took me and hour and a half to fix the problem that I couldn't get my Nook to start.

    2 out of 15 people found this review helpful.

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  • Anonymous

    Posted July 20, 2014

    A

    The "throw more money" at it solution that Krugman supports has not been working and will not work.
    Enough with the bailouts for billionaires and the wasting of our tax money on Solyndra and others.
    Reduce the size and scope of government, and let the free market system work.

    1 out of 1 people found this review helpful.

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  • Posted July 23, 2012

    Krugman has made complex macroeconomic theory and policy easy to

    Krugman has made complex macroeconomic theory and policy easy to understand - even a member of Congress could understand these principles.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted June 13, 2012

    Excellent narrative and defense

    Need to have more on the topic of what works rather than what pundits and politicians say!

    1 out of 2 people found this review helpful.

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  • Anonymous

    Posted May 22, 2012

    Interesting

    Just read

    1 out of 3 people found this review helpful.

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  • Posted November 7, 2013

    Right off the bat, I have to admit my knowledge of economics is

    Right off the bat, I have to admit my knowledge of economics is pretty much zilch and I’m a loyal fan of Krugman’s biweekly column in the NY Times. If you enjoy his style, this book is for you. As usual, Krugman manages to break apart complex theories into palatable pieces, presenting a convincing case for ending austerity measures along with a Keynesian expansion of government spending. Likewise, he demonstrates how this will never happen in our current political environment. Usually, I despise punditry books, but Krugman has won me over with his ability to dissemble complex ideas into simple examples, such as his illustration of the flaws with the Washington babysitting cooperative. A quick read (and a bit dated at the time of this review) I highly recommend this book to any economic novice who is seeking an understanding into the current fiscal mess and achievable means for setting the economy back on track (hint: it doesn’t include shutting down the government).  

    0 out of 1 people found this review helpful.

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  • Posted September 16, 2013

    A quick and easy to read book that lays out the very basics of t

    A quick and easy to read book that lays out the very basics of the housing crisis and both fiscal and monetary responses that should have happened. 

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted September 2, 2013

    Superb overview!

    Superb overview!

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted March 17, 2013

    Winterstar

    You abandoned me!

    0 out of 1 people found this review helpful.

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