Would it really be that easy? What Klugman is seeking to do here is worthy, noble and clearly urgently needed. Does this not give us some reason to think that the Keynesian prescription is inadequate?
That we choose not to do these things says infinitely more about us than it does about them. Under poor consumption people are unable to spend and markets cannot thrive. Truth is meant to do that, right? The Coalitions great plans to cut spending pushed the economy into an unnecessary double dip recession.
He predicted austerity measures pursued by European countries would lead to lower growth and a bigger contraction. He writes, "As military spending created jobs and family incomes rose, consumer spending also picked up it would eventually be restrained by rationing, but that came later.
It points out that existing historical economic data demonstrate: Also, I like how he has been able to change the narrative and exposing the belief of the American right, that they can cut the deficit when they only thing they propose is tax cuts mainly for the better off.
He assumes that given the economic truth of his arguments these will, eventually and possibly after painful argument, win out in the end. Not for any of the reasons he mentions in his book — but because I think he has quite misread the political situation that is emerging in the world.
As businesses saw their sales growing, they also responded by ramping up spending. And if they have to destroy democracy to keep what they already have, so be it. Failure to stimulate the economy by public or private sectors will just unnecessarily lengthen the current economic depression and make it worse.
And just like that, the Depression was over. And equally, it is doomed to failure. There is, in effect, too much stuff in the world too much supply and effectively not enough demand.
Now, Republican types will go ballistic right about now.
I can now say my mind has been completely changed on this and much more money needs to be printed and pumped into the American economy immediately. Making economic growth a priority and willingness to tolerate a higher inflation rate if necessary.
Krugman states explicitly in the early sections of the book, But the essential point is that what we really need to get out of this current depression is another burst of government spending. Except, that would only work on the assumption that the right of politics actually cares about any of this.
Having been brought up on the kinds of nonsense pedalled under Reagan and Bush and Bush they will believe there is never a time when there is a lack of demand and that what is called for is more money to be taken from government less taxes and for more money to be given to the rich.
The basic argument is that there is a deficiency of aggregate demand in the US economy. Overall Krugman writes in a very direct style. However, you could say the same about Krugman, he seems to have no self-doubt, but great belief in his view.Business and finance books End This Depression Now!
by Paul Krugman – review Austerity is not the answer, and the Nobel laureate has. This entry was posted in Books and tagged book, economics, end this depression now!, krugman, paul krugman, review, summary, synopsis by The Book Reporter.
Bookmark the permalink. 7 thoughts on “ # End This Depression Now! is a non-fiction book by the American economist Paul Krugman.
He also writes a twice-weekly op-ed column for The New York Times and a blog named for his book The Conscience of a Liberal as well as teaches economics at Princeton University. The book is intended for a general audience and was.
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Apr 30, · Reading Paul Krugman's "End This Depression Now!" got me thinking about "The Zax," byDr. Seuss. Written for children ages 4 to 99, the fable unfolds in the prairie of Prax, where a North-Going Zax and a South-Going Zax collide and stop in their tracks, each refusing to step aside.
"Never budge! That's my rule," yells one spiky. Jun 17, · Indeed, Paul Krugman argues in “End This Depression Now!,” without a radical change in economic policy in both the United States and Europe, the likeliest outcome is a prolonged depression, perhaps not as “great” as in the s but with clear similarities, above all in the immense human cost of needlessly high unemployment.Download