Monday, December 8, 2008

Paul Krugman's depression economics

On his way to Stockholm, the Nobel Prize winner and New York Times columnist takes time to explain the "awful" economy that looms ahead of us.
The revised and expanded edition of Paul Krugman's "The Return of Depression Economics," originally published in 1999 but back in bookstores last week, features, in a reasonably large font on the front cover, the mini-bio: "Winner of the Nobel Prize in Economics." The choice of the (re)publication date couldn't be better. Not only are Krugman's predictions of economic doom, first made in the wake of the Asian financial crisis of 1997, even more relevant as 2008 comes to a close, but he is also accepting his award in Stockholm, Sweden, this week. When I reviewed "The Conscience of a Liberal" a year ago, I wrote, "Now is a good time to be Paul Krugman." I spoke too soon. Now is an even better time to be Paul Krugman.

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