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End This Depression Now! [Hardcover]

Paul Krugman
3.2 out of 5 stars  See all reviews (5 customer reviews)
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Book Description

May 1 2012
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." With characteristic lucidity and insight, Krugman pursues the questions of how bad the situation really is, how we got stuck in what can now be called a depression and above all, how we free ourselves. 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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Review

"...a thoroughly persuasive polemic against premature fiscal austerity in the wake of a deep recession." Robert Harding, Financial Times "...Krugman divides opinion like no other. To his followers, he's a saint; to his detractors, he's a false prophet with satanic intent." Jeremy Warner, The Daily Telegraph "Krugman...most hated and most admired columnist in the US..." Martin Wolf, Financial Times "It's the sort of book you wish were compulsory reading, and want to quote to anyone who'll listen, because End This Depression Now! provides a comprehensive narrative of how we have ended up doing the opposite of what logic and history tell us we must do to get out of this crisis." Decca Aitkenhead, The Guardian "Loathe him or love him - and Krugman's take-no-prisoners writing style has as many enemies as admirers - it is impossible to ignore him." Ben Chu, The Independent "I hope without much confidence that the book's wide readership includes the UK prime minister and chancellor." Samuel Brittan, Financial Times "Anyone persuaded by Osborne's eulogy of reduced deficits at the Mansion House last week should read Krugman's End This Depression Now! His plea for immediate, universal demand expansion is unanswerable." Simon Jenkins, The Guardian "[Paul Krugman] is one of a golden generation of economic thinkers...that have emerged to dominate the debate about the causes and consequences of slump." The Jewish Chronicle

About the Author

Paul Krugman, the recipient of the 2008 Nobel Prize in Economics, is a best-selling author, columnist and blogger for The New York Times. A professor of economics and international affairs at Princeton University, The Economist called him "the most celebrated economist of his generation".

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Customer Reviews

3.2 out of 5 stars
3.2 out of 5 stars
Most helpful customer reviews
7 of 7 people found the following review helpful
5.0 out of 5 stars Dr. Krugman's Prescription Worth Considering May 11 2012
By Ian Robertson TOP 100 REVIEWER
Format:Hardcover
Nobel Laureate and frequent New York Times columnist Paul Krugman can come across as a Keynesian crusader. He acknowledges as much in this book, and although he includes the occasional political and professional jibe (taking more shots at the latter than the former), this excellent work should not be seen as a political text at all. End This Depression Now! delivers a timely, well reasoned and well written refutation of the call for austerity and instead an advocation of Keynesian spending as the only way to emerge from the current economic stagnation. It is a policy document based on Krugman's economic view of the world, and not a political statement. Unfortunately, it will be difficult to disaggregate the book's message from readers' own views and from the prevailing political rhetoric, and it will inevitably come across as a political document.

For what are very complex and difficult issues, even for professionals, Krugman keeps his prose chatty (he uses colloquialisms such as "stuff" and popular movie references such as "Treasure of the Sierra Madre" and "Being There") and free of buzzwords, jargon or polysyllabic economics terms. There are no formulas, except his own for success: spend to produce growth, cutback later, or risk curtailing production and employment further and for many years to come.

Written for an American audience, Krugman uses examples from Europe, the UK, and Japan, and of course the US, and draws clear links between the examples and the suggested policy actions.
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5 of 5 people found the following review helpful
4.0 out of 5 stars A Brief Summary and Review June 25 2012
By A. D. Thibeault TOP 100 REVIEWER
Format:Hardcover
*A full executive-style summary of this book is now available at newbooksinbrief dot wordpress dot com

Since the housing and financial crash of 2008, America's economy has been stuck deep in the doldrums. Indeed, GDP has remained well beneath pre-2008 levels, and employment levels have failed to recover. In an effort to resuscitate the economy, the American government tried first to jump-start it through stimulus spending, and has now replaced this approach with greater austerity. Nothing seems to be working. For Nobel Prize winning economist Paul Krugman, though, the answer is clear: the problem is that the original stimulus effort was too small, and, since that time, the government is moving squarely in the wrong direction. Indeed, Krugman argues that America's current situation bares a striking resemblance to the stagnation of the Great Depression, and that history has taught us what to do in such situations: the government must take an aggressive approach to stimulate the economy into recovery. This is the argument that Krugman makes in his new book `End This Depression Now!'.

Now, Krugman is not a proponent of big government spending under normal conditions. Indeed, even in a recession, Krugman's preferred approach is to drop interest rates in order to spur consumer spending. The problem now is that interest rates are already at zero, and this has not been enough to get consumer spending off the ground, thus leaving the economy in what is called a `liquidity trap'. For Krugman, the liquidity trap is actually quite common in economic downturns that follow financial crashes (as is the case with the current one, and as was the case with the Great Depression), and is why such slumps tend to be deep and prolonged.
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2 of 2 people found the following review helpful
5.0 out of 5 stars Krugman's best yet. Sept. 14 2013
Format:Hardcover|Verified Purchase
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.
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0 of 7 people found the following review helpful
1.0 out of 5 stars Keynesian nonsense Sept. 9 2013
By Daniel
Format:Hardcover|Verified Purchase
This Keynesian nonsense is just pure garbage. This just goes to show what getting a Nobel prize requires - following a heard of lunatics. Krugman is so far gone.
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2 of 21 people found the following review helpful
Format:Hardcover
Faux-Keynesian propaganda from a state-sponsored hack.

Krugman has been consistently wrong and advocated a "alien invasion" to solve the current output gap we are now facing (due to terrible policies over decades by Central Banks and Gosverments).

Not worth your time.
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