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Description edit
In 1999, in The Return of Depression Economics , Paul Krugman surveyed the economic crises that had swept across Asia and Latin America, and pointed out that those crises were a warning for all of us: like diseases that have become resistant to antibiotics, the economic maladies that caused... read more
Ridiculously Simplified Synopsis edit
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Quotes edit
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“"For developing countries, there are no small devaluations."”
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Recessions, in other words, can be fought simply by printing money—and can sometimes (usually) be cured with surprising ease.
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a recession is normally a matter of the public as a whole trying to accumulate cash (or, what is the same thing, trying to save more than it invests) and can normally be cured simply by issuing more coupons.
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If the central bank is overoptimistic about how many jobs can be created, if it puts too much money into circulation, the result is inflation.
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The lesson for the real world is that your vulnerability to the business cycle may have little or nothing to do with your more fundamental economic strengths and weaknesses: bad things can happen to good economies.
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Eventually the term came to refer to any situation in which one person makes the decision about how much risk to take, while someone else bears the cost if things go badly.
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one thing that can get an economy out of a liquidity trap is expected inflation, which discourages people from hoarding money.
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And then something changed. Some combination of factors that we still don’t fully understand—lower tariff barriers, improved telecommunications, the advent of cheap air transport—reduced the disadvantages of producing in developing countries.
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There are three things that macroeconomic managers want for their economies. They want discretion in monetary policy so that they can fight recessions and curb inflation. They want stable exchange rates so that businesses are not faced with too much uncertainty. And they want to leave international business free—in particular, to allow people to exchange money however they like—in order to get out of the private sector’s way.
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It was not an edifying spectacle; but no matter how base the motives of those involved, the result was to move hundreds of millions of people from abject poverty to something that was in some cases still awful but nonetheless significantly better.
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by the mid-1980s many Latin American economists had abandoned the statist views of the fifties and sixties in favor of what came to be called the Washington Consensus: growth could best be achieved via sound budgets, low inflation, deregulated markets, and free trade.
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First Sentence edit
Most economists, to the extent that they think about the subject at all, regard the Great Depression of the 1930s as a gratuitous, unnecessary tragedy.
Table of Contents edit
Introduction
1. "The Central Problem Has Been Solved"
2. Warning Ignored: Latin America's Crises
3. Japan's Trap
4. Asia' Crash
5. Policy Perversity
6. Masters of the Universe
7. Greenspan's Bubbles
8. Banking in the Shadows
9. The Sum of All Fears
10. The Return of Depression Economics
Authors & Contributors edit
- Paul R. Krugman (Author)
First Edition edit
Original Language: English
Publisher: W.W. Norton & Company Inc.
Country: USA
Publication Date: 2009
ISBN: 978-0-393-07101-6
Page Count: 191
Publisher: W.W. Norton & Company Inc.
Country: USA
Publication Date: 2009
ISBN: 978-0-393-07101-6
Page Count: 191
Classification edit
- Library of Congress: HB3716.K77 2009
- Dewey: 330.9
Subjects edit
- Books › Business & Investing › Economics › Economic History
- Books › Business & Investing › Economics › Economic Conditions
- Books › Business & Investing › International › Economic Conditions
- Books › Business & Investing › Economics › Economic Policy & Development
- Books › Nonfiction › Politics
- Books › Business & Investing › Popular Economics
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