T dilettantes with simplistic and harmful ideas casue when allowed
to influence national policy Yet Krugman never makes any fantastic claims While he is uite rightly frustrated with these hacks influence national policy Yet Krugman never makes any fantastic claims While he is uite rightly frustrated
with these hacksthese hacks indeed admit that their influence while troublesome and somewhat harmful is not by any measure catastrophic It is wonderful to read Krugman because he truly embodies an academic spirit of detachment and prudency he explains important concepts to the reader in an honest and simple manner but without making anything simpler than it should be Sounds compelling but I can t even rate it with my lack of background knowledge I always feel the same way after I finish one of his books Man that makes total sense how could anyone reasonably disagree that ineuality is skyrocketingwe need universal health careChina needs to revalue it s currencythe Republican Party is insanefree trade rules Even his detractors like the Wall Street Journal editorial crew or the legions of bloggers who exist only to find fault with his writing readily admit that he s been immensely successful as a popularizer of economics and as a partisan for his own views I like him not only because he shares my views as a liberal of the New DealGreat Society school of thought but because he has a way of illustrating complex debates in a way that s not only clear but that seems to me as the way I would have looked at it all along if only I could have put it into words and he ives me a solid framework to say whyIt s very cliche to compliment someone as objective because they criticize both sides think of all that fawning praise for South Park back in the day and take a pox on both your houses attitude towards big issues I think that s dumb not only because it assumes that there are only two sides to a debate and that it s always somehow possible to take an average of each position and make sense does it really make much sense to invade half of Ira or cut income taxes for people whose last names are A M but because it rewards an unthinking moderatism where you don t really have to think about what people are saying only that you want to somehow triangulate yourself and avoid doing any critical thinking That s exactly what this book is about criticizing both right wing proponents of supply side and Friedmanist monetary theories as well as left wing proponents of strategic trade theory in a way that illustrates not only why you can t simply say let s split the difference between these theories and call it a compromise but also why it s vital to take the time to think clearly about what people are telling you and whether their numbers add up and why you can t always trust people on your sidePeddling Prosperity is very clearly a book aimed at a popular audience both because most but not all numerical exercises are relegated to the appendix and because it s structured as a narrative of the near mortal wounds that Keynesian economics suffered in the 70s after its triumphs in postwar era the rise of potential conservative alternatives and those alternatives eventual failures and the seeming resurgence in the early 90s It was published in 1994 so it s a bit out of date but it s actually very interesting to see echoes of the then cutting edge worries about Japan and transpose them 15 years to the present day since most of the debates about overnment activism the deficit and international competitiveness haven t aged a day Press releases and popular discussions of issues certainly haven t otten any sophisticated so it s somehow still a breath of fresh air to read explanations of trade or productivity that are aimed at a wide audience without being dumbed down to sound bitesVirtually every section if you read closely follows an A B C sort of script someone is claiming A must be true but here is data B which actually implies C so therefore they re wrong This pattern shows up very freuently in his writing and this book is no exception Harsh but always rigorous discussion of the history and reasoning behind various alternatives to Keynesian economics over the years are backed up by charts raphs and most importantly the models behind these ideas Part of the reason why stupid notions like endless tax cuts for rich people persist in the world aside from the obvious self interested aspect of wealthy donors and lobbyists is because those notions are sold within a seemingly plausible fra Peddling Prosperity Economic Sense and Nonsense in the Age of Diminished Expectations by Paul Krugman 1995 This book and the previous one I reviewed were not read with an e reader and it s a shame because I would have liked to have highlighted passages for easy copying pas. Intense economic debate as rival ideologies contend for policy influence But strange things have happened to economic ideas on their way to power they've been hijacked by policy entrepreneurs economic snake oil salesmen right or left who. .
This is a ood book for those interested in economic ideas from an economic history standpoint though it does an admirable job of explaining many economic principles and failed understandings of economic principles I like this book because it Identity goes beyond the trite debates we have in popularized versions of faulty economic principles We re either Keynesian or pro free markets that s rubbish and one of the many politicized false dichotomies of our time The way risks to economies and societies are managed reuires a bit a bothovernment intervention Krugman has become partisan since but this book is balanced and reasonable I Learned A Whole Lot About Economics From Reading This Account a Whole Lot About Economics From lot about economics from this account the fact that Krugman writes with incredible clarity is partly responsible This book has inspired me to learn about the subject and that is the best compliment one can Whom The Gods Destroy give to such a work Brief history of modern Economics Why our economy is stagnate Those two sentences are how I characterized this book when I read it in 1994 I now read Krugman s essays in The New York Times on a regular basis He is a brilliant liberal Krugman s Peddling Prosperity is a lucid deconstruction of supply side economics a strident and sensible as far as I can tell defense of Keynesian theory after its purported demolition by Milton Friedman in the 1970s an acknowledgment of what conservative economistsot right in the 1960s and 1970s a case against the assertion that Ronald Reagan s economic policies were catastrophic as opposed to merely harmful a plea for economic policy to be better informed by actual economists as opposed to pop econ policy entrepreneurs such as Robert Bartley Arthur Laffer and George Gilder on the Right and Robert Reich and Ira Magaziner on the LeftLong standing animosity between Reich and Krugman see p 254ff probably explains why as Reich s star rose in the Clinton administration and now again in Obama s Krugman is not allowed at the Four Faces Of A Leader grown ups table That Krugman s credentials have lately been burnished with a Nobel Prize and his economic prognostications once mocked with knee slapping derision by the Bush fellating Right have proven prescient makes me wonder just how far President Obama s conciliatory team of rivals approach really extendsFavorite uotesAn Indian born economist once explained his personal theory of reincarnation to hisraduate economics class If you are a Hawthorne good economist a virtuous economist he said you are reborn as a physicist But if you are an evil wicked economist you are reborn as a sociologist p xiWhen Keynes published his theory of the business cycle some conservative economists argued there was no need forovernment policy to combat recessions because recessions would be self correcting Their argument went as follows In the face of high unemployment wages and prices will tend to fall This fall in wages and prices will increase the real supply of money that is the iven stock of money in circulation will have steadily rising purchasing power And this expansion in the real supply of money will in turn lead to an economic expansionKeynes did not deny the logic of this so called classical argument he was willing to concede that in the long run economic slumps would be self correcting But he regarded this self correcting process as very slow and as he pointed out in a widely uoted but rarely understood remark In the long run we are all dead What he meant was Recessions may eventually cure themselves But that s no reason to ignore policies that can end them uickly than the fact of eventual mortality is a reason to ive up on living p 47A trade war in which countries restrict each other s exports in pursuit of some illusory advantage is not much like a real war On one hand nobody How To Cure Backache Caused By Disc Problems gets killed On the other unlike real wars it is almost impossible for anyone to win since the main losers when a country imposes barriers to trade are not foreign exporters but domestic residents In effect a trade war is a conflict in which each country uses most of its ammunition to shoot itself in the foot p 287 What makes this book soreat is its honesty Krugman despite being an outspoken liberal is entirely detached in his examination of policy and concedes a vast number of points that serious conservative economists make while attacking the snake oil of both the right and left with the latter condemnation probably being even severe probably due to it being relevant at the time that the book was written Parts of it are no longer all that relevant especially for European readers like myself but it still makes for a reat read and it brilliantly illustrates the kind of trouble that policy entrepeneurs that is self confiden. This wonderfully received book finds him in top form observing the years he's dubbed the age of diminished expectations The past twenty years have been an era of economic disappointment in the United States They have also been a time of.
Read & download ↠ PDF, DOC, TXT, eBook or Kindle ePUB free Þ Paul KrugmanTing here as I can with a Kindle book I have now sold just about every book I own that is available as an ebook somewhereEarly Krugman is remarkable for his bi partisan criticism and
to ive his opponents some benefit of the doubt Krugman is basically dealing with three issues this book1 The Great Stagnation of productivity since 1973 see posts below2 Republican economic snake oil in the 70 s and 80 s3 The experiences of conservatives in power in the US and the UK in the 1980s and the beginning of the European common currency4 New economic thinking in the realm of trade and development in the 1980s5 Democrat economic snake oil in the late 80 s and early 90 sKrugman makesattempts to ive his opponents some benefit of the doubt Krugman is basically dealing with three issues
THE POINT THAT HOW WELL ORpoint that how well or depending on how you look at it the economy performed in the 1980s and early 90 s had almost nothing to do with the Reagan administration Presidents and congresses don t determine the resources capital and technical knowledge a society possesses and the Fed had to do with the fluctuations in the 80 sKrugman is concerned policy entrepreneurs took sound conservative theories from Milton Friedman Martin Feldstein and Robert Lucas and warped them into politically potent snake oil of supply side economics Much of what Krugman wrote in 1994 could have been written in 2011 and indeed has been supply side economics Much of what Krugman wrote in 1994 could have been written in 2011 and indeed has been by him ad infinitum He is upset at Republicans for not better policing themselves in this regardKrugman also blasts Robert Reich and other Democrats that he calls the strategic traders who advocate a sort of industrial policy toward US manufacturing He criticizes Clinton too for Clinton was a policy wonk that was deep in the weeds on this stuff These policy entrepreneurs took the ideas of Krugman and other trade theorists of the early 80 s and warped it into some mishmash about lobalization and competitiveness Great uote If you hear someone say something along the lines of America needs higher productivity so it can compete in today s The Hermetic Garden Of Daniel Stolcius global economy never mind who he is or how plausible he sounds He might as well be wearing a flashing neon sign that reads I DON T KNOW WHAT I M TALKING ABOUT Krugman s data driven analysis isreat it makes me want to re read some of his columns to see if he s not majorly contradicting himself these daysKrugman s remarks on the Thatcher experience are rather crass IMO He notes that the UK had a productivity jump that the US didn t have but doesn t think it was necessarily because of the privatization and de regulation pushed by Thatcher He s critical of how that process was handled This is a The Stolen Heart good book to read parallel with Commanding Heights because Krugman has a different take on the ReaganThatcher revolutionHe also bemoans the European experiment to create a common currency Only Krugman would claim that Finance Ministers and economists from Europe couldet together and agree on a course of action when none of them know what they re talking about This is a common Krugman remarkBasically Krugman states that the Reagan Administration was responsible for three things1 Cutting marginal tax rates particularly for the top income earners2 Increasing overnment spending and the debtGDP ratio3 Maybe the huge increase in income ineuality between top and bottom but this was seen all over the worldKrugman notes that the top marginal rates were probably too high but still criticizes the cut as a politician would the tax cut benefited the rich than the poor But when you have a 70% MTR that needs to be cut it s politically impossible because you can t cut the MTR for the lower income earners by the same amount and Krugman ignores that in his critiueKrugman also points out that the deficitsdebt that the Reagan years acuired weren t a drag on the US economy probably shaving only 3% off of what GDP would have been from 1980 1990 But the way the Administration cut investment spending in response to the deficits may have had other long term effectsIt s hard to look at the data Krugman presents and say Reagonomics is horrible and Krugman never makes that claim he s simply blasting the supply siders who claim that Reagonomics solves all of our problems and creates magic increases in productivity without any evidence to back it upI recommend this book highly and would use it in certain classes without hesitation 4 stars out of 5 More international perspectivecontext would have been better To see how Krugman hasn t really changed all that much read this recent column about him in New York Magazine What pain it was to read Krugman blow Galbraith into smithereens Though dated cause it was written some years ago is still an interesting explaination of trends in lying to the public about economics. Offer easy answers to hard problems Supply siders rose to power with Ronald Reagan and not only cured nothing but left behind a 3 trillion debt Krugman finds an unhappy parallel in those who shape policy within the Clinton administratio.