The Great Recession that began in 2007 is now more than four years old - and counting. Some 24 million Americans are unemployed or underemployed, and at recent rates of job creation we won’t be back to normal levels of employment until late this decade. This is a tragedy. Do we have to accept it?
"No!" is the resounding answer given by Nobel Prize-winning economist Paul Krugman in this call to arms. We have seen this situation before and we know how to fix it; all we lack is the political will to take action. Krugman walks us through the financial crisis that triggered the greatest downturn since the Great Depression and outlines the efforts that have been made thus far.
The way forward is clear: 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 a rapid, powerful recovery is precisely what we've needed in crises past - a burst of government spending to jump-start the economy. We owe it not only to the unemployed, but to everyone affected by this tragedy to end this depression now.
©2012 Paul Krugman (P)2012 Random House Audio
Highly recommended - Great survey of how we got here - what are the issues facing us and what we need to do - Backed up with facts, figures, history and a workable model of the economy. I can see what he got his Nobel Prize.
If I could
The premise of this book is that government spending on an astronomical scale is the only thing that'll be able to repair our economy and that national foreign debt doesn't matter as long as we inflate our currency at a higher rate than the interest on the debt. Seems destructive and shortsighted to me.
That said, the book is well written, I just happen to disagree with it. His commentary on the Euro was actually pretty interesting, but ultimately I don't agree with his hypothesis.
I won't. Very liberal thinker. Nothing wrong with that, but doesn't seem open to new ideas. Overly self-confident.
Krugman starts off making the argument that the current "depression" is a function of lack of demand. OK, maybe. But he never comes back around to defend that. Instead, he spends about half the book attempting to debunk austerity and the other half making the case for growth (fueled primarily by govt spending) to get us out of the depression. That's interesting because he never comes back to the demand problem. The US's, and much of the developed world's, problem of demand is largely rooted in demographics, a subject he almost totally ignores. I don't disagree that growth could drive the economy. But perpetual growth would require perpetual increases in demand and that simply isn't possible with our demographics. Krugman's no doubt a smart guy. I'm and MBA and I've read a lot of economics; I'm sure Krugman has forgotten more than I'll ever know, but I also read Harry Dent and he makes the case, in a non-partisan manner, that we can't fight demographics and that we should help the economy de-leverage and start again from a position of much less debt vice Krugman's idea of doubling down and taking on more debt.
Shapiro read's really slow, like he's talking to a child or someone who he believes might not understand a big word. It almost feels patronizing.
It's a different perspective, but not a complete one.
Read Harry Dent's the Great Depression Ahead. Its not as ominous as it sounds because he also goes through ways to protect yourself.
I have not seen the print version.
Prof Krugman clarifies myths one by one. All the vague rhetoric is defanged.
A very good book with common sense solutions to the nation's economic problems -- solutions that, no doubt, will continue to be ignored by the politicians in Washington.
This book, especially towards the end, put together a well reasoned practical way to end this depression. I in general lean toward smaller governments with less spending in normal times and appreciate how the author (when not making personal attacks on Republicans) lays out the reasoning and historical examples for his policy. It's best quality is that it does not assume that there is a simple solution to a simple problem for many of our current calamities and explains the problems in depth along with a reasonable sounding solution.
My problem with this book is that in the beginning it seems to just be a I hate republicans lets bash them book. An example is that he continues the myth that rich people and corporation give all their money to Republicans, sites like opensecrets tend to show that Politian in power get the lion's share of the money.
This is a shame, because the book is really good (so if you are an open-minded Right leaner like me keep listening). This book has the best detailed explanations of the 2007/8 mortgage crisis, European debt problems, unemployment and why the Bush/Obama economic stimulus package failed out there.
Krugman clearly spells out why government intervention during recessions is necessary and conservative calls for less government are just wrong and mean spirited and threatening to our democracy.
Well done but fairly dry. A disadvantage to go online to view the charts, but easy enough to do. He has many good points but doesn't give quite enough thought to the gridlock in the Beltway and the difficulty of pushing through all the childishness...maggie
I understand more about the financial crisis and the prescription for ending it NOW. Very clear argument and very understandable even in an audio format. Even without charts and graphs the message is so clear. Dr. Krugman's writing is always very clear and direct. I have a little background in Economics so I so appreciate his clear language and argument. Unfortunately, I was left a little depressed as I don't think we have the political will to implement his prescription.
Hi. My name is Mann & I am an Enterprise Communications expert by profession. I have always loved reading books and primarily enjoy books on Finance, Science & Technology and History. I do hear an occasional Fictional book though I prefer to read them instead.
The book is an extremely well researched and clear explanation of Keynesian solutions to current financial crisis. Indeed after listening to this book, I had to pursue with a deeper appreciation of Free Market Economics vs Keynesian Economics. Paul Krugman is himself an extremely respected economist and makes compelling arguments in the book on different policy actions taken in last 5 years, & how he would have done them differently and why.
If you like to keep a tab on the economics and global financial markets, this book will be fascinating read for you. It will answer some of you questions and kindle a few more.
I highly recommend it to all those who like reading economics.
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