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
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.
Say something about yourself!
This is an excellent review of economics and the current financial and political situation. It is a must read before you go to the voting booth in November.
I never appreciated how well a real economist can explain economics in scientific terms. I am so used to hearing it from the POV of "traders" and "talking heads". It gives me hope there is a solution to this "depression". However, don't expect this book to make you feel good. It is rather sobering.
Due to the immensity of the topic, I tried to read it from the library but it would have taken too long to read. The audio version allowed me to get through it easily.
The nature of liquidity and how important it is. Also, it is sobering to think our legislators are so determined to go the austerity route that has failed in every instance.
Top 5 all time
Its common knowledge backed with hard stats
Totally hated the Narrator, since author Paul Krugman would've been the obvious choice, because he naturally has that wise guy type sarcastic humor
No! you will def need to break it off in multiple sessions, i prefer them during my long drives
Awesome well researched masterpiece, luv it
Nobel-Princeton economist Krugman explains a complex situation so clearly, calmly, and factually. As an investor I need accurate and complete facts, not spin and shouting. But too many PhD economists these days emphasize spin and political bias over facts and logic.
Rob Shapiro also narrates "Predator Nation" a 2012 book by the award winning Charles H. Ferguson. I am halfway through it now. Another A+ narration.
The economy could easily have been cured in 2009 by applying basic freshman Economics 101. And it is not too late to do so now.
The logical reasoning to understandable conclusions based on reliable economics
The hope it provides that we can kick start this economy if only we can develop the political will.
no. There were a few funny parts describing the shenanigans of certain politicians.
This will make tea partiers nuts with anger.
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
Krugman brilliantly explains and documents how we will all be better off in the long run and short run by unfreezing the economy by embracing the time honored principles of Keynesian economics. A must read.
Why it works to spend in a Depression -- i.e., why J.M. Keynes was right
a documentary of what we did wrong and what we might still do right....
I have not seen the print version.
Prof Krugman clarifies myths one by one. All the vague rhetoric is defanged.
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