The Return of Depression Economics: And the Crisis of 2008

A New Era of Economic Uncertainty

In his latest book, Nobel Prize-winning economist Paul Krugman argues that the global economy is entering a new era of uncertainty, characterized by high levels of debt, slow growth, and financial instability. Krugman draws on his decades of experience as an economist and columnist to provide a clear and accessible analysis of the current economic crisis and its implications for the future.

The Roots of the Crisis

Krugman begins by tracing the roots of the crisis to the deregulation of the financial industry in the 1990s. This deregulation allowed banks to take on excessive risk, which ultimately led to the collapse of the housing market and the financial crisis of 2008. Krugman argues that the crisis was not simply a cyclical downturn, but rather a structural crisis that has exposed deep flaws in the global economy.

The Failure of Austerity

In the aftermath of the crisis, many governments adopted austerity measures in an attempt to reduce their budget deficits. Krugman argues that these measures have been counterproductive, as they have slowed economic growth and increased unemployment. He argues instead for a more expansionary fiscal policy, which would stimulate economic growth and help to reduce the burden of debt.

The Future of the Global Economy

Krugman concludes by arguing that the global economy is facing a number of challenges, including rising inequality, climate change, and the threat of financial instability. He argues that we need to take bold action to address these challenges and create a more sustainable and equitable global economy.

Why You Should Read This Book

The Return of Depression Economics is a must-read for anyone who wants to understand the current economic crisis and its implications for the future. Krugman's clear and accessible writing style makes this book accessible to readers of all levels, while his deep knowledge of economics provides a valuable perspective on the challenges facing the global economy.

Praise for The Return of Depression Economics

"Paul Krugman is one of the most important economists of our time. His latest book is a must-read for anyone who wants to understand the current economic crisis and its implications for the future." - Joseph Stiglitz, Nobel Prize-winning economist

"Krugman's analysis is clear, concise, and persuasive. This book is essential reading for anyone who wants to understand the global economy." - The New York Times

"The Return of Depression Economics is a tour de force. Krugman has written a book that is both timely and timeless, and that will be read and debated for years to come." - The Washington Post