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. Krugman’s enfilade against the policy entrepreneurs is strictly bipartisan, but most of his fire is directed against the supply-siders with only a few random shots . Peddling Prosperity. Paul Krugman, Author, Krugman Paul, Author, Krugman, Author W. W. Norton & Company $22 (p) ISBN
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As a conscientious academic, he admits what economic science does not know, and points out tradeoffs in economic policy too often ignored by policy entrepreneurs of the right and left. Sep 10, BC rated it really liked it Shelves: Professional economists, who have the background to appreciate Krugman’s accomplishment, will like this work from a likely future Nobel laureate.
Meanwhile, the intellectual pendulum had swung. Except for a few policy entrepreneurs, Peddling Prosperity has been very well received and is used in university courses on macroeconomics. I learned a whole lot about economics from reading this account, and the fact that Krugman writes with incredible clarity is partly responsible.
Krugman 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. This is a fine example of brilliant scholarship available to the layman.
Though critical of some Clinton advisors, Krugman recently assessed administration economic policy as pretty sensible overall. He demonstrates that when economic policy had any effect at all, it was generally not the effect that was claimed by the ascendant political proponents.
What makes Krugman so convincing is that he presents, in a reasonably complete and unbiased manner, the arguments put krugjan by each group of policy entrepreneurs, and proceeds to rebut their claims. Jul 29, marcos sahade rated it it was amazing. He closes the book with the rise of the neo-Keynesians in the 80s and 90s and explores their ideas about the fallibility of markets and quasi-rational behavior.
Harsh, but always rigorous discussion of the history and reasoning behind various alternatives to Keynesian economics over the years are backed up by charts, graphs, and most importantly, the models behind these ideas.
Although erudite at times, I appreciated when Krugman refused to boil down some concepts of economics beyond the point where they still have meaning, instead presenting them in their necessary complexity. On the other, unlike real wars, it is almost impossible for anyone to win, prosperitj the main losers when a country imposes barriers to trade are not foreign exporters but domestic residents.
This book and the previous one I peeddling were not read with an e-reader, and it’s a But strange things have happened to economic ideas on thei This wonderfully received book finds him in top form, observing the years he’s dubbed “the age of diminished expectations.
Economic Sense and Nonsense in the Age of Diminished While his contempt for all ideas not born in academia gets a little old, his writing about difficult concepts is clear and concise — even for people with no background in economics.
Peddling Prosperity | W. W. Norton & Company
Jan 05, Margaux rated it really liked it. Productivity growth in the 80’s was 0. Early Krugman is remarkable for his bi-partisan criticism and attempts to give his opponents Peddling Prosperity: Otherwise, the economy operates under its own observable but dimly understood logic.
Krugman makes the point that how well or badly depending on how you look at it the economy performed in the s and early 90’s had almost nothing to do with the Reagan administration. Jan 24, Regina Harders rated it really liked it.
Democrat Bill Clinton had less success at passing his economic proposals through the Congress, so there is less of a track record to criticize. I know next to nothing about economics, so I grabbed this from my father-in-law’s bookshelf he’s a professional economist because I like Krugman’s NYT columns.
This is an excellent book for the study and discussion of the s changes in politics and rise of the neoliberal movement though not termed so in Krugman’s book.
Much of what Krugman wrote in could have been written in and indeed has been repeated by him ad infinitum. Instead, he presents the history of the easy fixes presented by both the left and right in the US over the past several decades. An Indian-born economist once explained his personal theory of reincarnation to his graduate economics class. Apr 28, Prashant rated it it was amazing.
It would be easy to despair at the gradual lowering of the bar, but even during his discussion of massive failures, like the monetarist experiments in Thatcher-era Britain, the emphasis is on the math and logic behind why those policies failed, which prevents the book from sounding too depressing even if the conclusions behind it are plenty depressing. There was a problem adding your email address. Trivia About Peddling Prosperi Books which usually revolve around three rules: Finally, the ‘s saw a dramatic rise in income inequality between rich and poor, but this is only partly due to government policies.
Although Krugman pointed out the deficiencies of classical economics and real business cycle theory, he emphasized that the greatest issue is “policy entrepreneurs” who claim economist credentials and sell policy recommendations that have no support in academia to politicians looking for easy answers. While he is quite rightly frustrated with these hacks, he does indeed admit that their influence, while troublesome and somewhat harmful, is not by any measure catastrophic.
In his book, he identifies the key player influencing recessions and the current expansion as the Federal Reserve Bank. Krugman takes aim at nonsense from both conservative and liberal policy entrepreneurs.
No eBook available W. Great book by a great economist.