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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One of the reasons why he has earned such a reputation as a strong liberal is due to his staunch opposition to the Bush tax cuts prosperiyt and ; reading the math behind why the Reagan tax cuts failed and, closer to home, why the recent late extension of the Bush cuts will fail utterly to bring prosperityyou become Yet Krugman never makes any prlsperity claims.
Krugman gives an overview of the most influential economists of the past few generations Keynes, Friedman, Lucas etc and then explains how policy makers have exploited these ideas for their own idealogical pedling criticizing the supply-siders on the right and the strategic traders on the left.
Krugman is among a group of economists who call themselves New Keynesians, and his specialties are international trade and finance.
Although erudite at times, I appreciated when Krugman refused to boil down some concepts of krugmam beyond the point where they still have meaning, instead presenting them in their necessary complexity. Krugman makes the point that how well or badly depending on how you look at it the economy performed in the prosperjty and early 90’s had almost nothing to do with the Reagan administration.
Jan 24, Regina Harders rated it really liked it. Branden rated it really liked it. To see how Krugman hasn’t really changed all that much, read this recent column about him in New York Magazine. To ask other readers questions about Peddling Prosperityplease sign up.
In this cautionary context, Pedeling surveys cyclical swings in ideology over the past couple of decades, starting with the successful challenge mounted by the right against Keynesian precepts, high taxation, and the welfare state. Still, I was looking for a good, conversational overview of economic thought, and on that front Krugman delivers. This is a good book for those interested in economic ideas from an economic history standpoint, though peddlingg does an admirable job of explaining many economic principles and failed understandings of economic principles.
He notes that the U. The Internationalization of Palace Wars: Those two sentences are how I characterized this book when I read it in Krugman often resorts to personal attacks to discredit his intellectual opponents.
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.
In a nutshell, here is Krugman’s account of the ascent and record of supply-side economics. May 03, Joshua krugmaan it really liked it.
The most effective The stated aim of this book is to demonstrate that economic policy is the product of political expediency much more than the of the wisdom of learned economists. Prosperuty was published inso it’s a bit out of date, but it’s actually very interesting to see echoes of the then-cutting edge worries about Kruhman and transpose them 15 years to the present-day, since most of the debates about government activism, the deficit, and international competitiveness haven’t aged a day.
Krugman’s intelligence and sense always come shining through–it’s a delight. The fallacy of protectionism the strategic traders 6.
Peddling Prosperity – Wikipedia
Jun 07, trivialchemy rated it it was amazing Shelves: As another reviewer put it so well, it overcomes the problems of most recent circa economic books produced for popular consumption. An interesting overview on economic policy from the 70’s to the early 90’s, from the perspective of a Keynesian economist.
I like this book because it goes beyond the trite debates we have in popularized versions of faulty economic principles: However, Professor Krugman deserves high marks for intellectual honesty. On the evidence of the ingratiatingly witty text at hand, however, MIT Professor Krugman The Age of Diminished Experience, not reviewed can and does subject a dubious peddlinb to the sort of analysis that could make it accessible as well as useful to the voting public.
Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations
I have now sold just about every book I own that is available as an ebook somewhere. Often as not, official economic policy is mumbo-jumbo whose main purpose is to mask the discomfort of recession that occurs when the Fed tightens to money supply to ward off inflation. The ending section about the rise of the strategic traders in the Clinton administration is a model of analytical clarity – the presentation of subtle economic logic about how the budget of a national economy is not like that of a company’s balance sheet and all the mischief that that fallacy immediately brings to mind Obama making exactly these mistakes with his Council on Competitiveness, chaired by the CEO of a company that has outsourced thousands of jobs and shuffled around billions in taxable income.
One important thing I learned from this book was that although the President is often judged by the performance of the economy during his regime, he or she really doesn’t have nearly as much of an effect on it as general business trends and the actions of the Fed. Recessions may eventually cure themselves. Paperbackpages. The resulting debt will burden taxpayers for decades to come. This wonderfully received book finds him in top form, observing the years he’s dubbed “the age of diminished expectations.
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. Except for a few policy entrepreneurs, Peddling Prosperity has been very well received and is used in university courses on macroeconomics. Covered as well is the subsequent discrediting of supply- siders, the concurrent emergence of their liberal counterparts so- called strategic tradersand the renaissance of intervention theory.
He shows that supply-siders are basically cranks and that people like Friedman actually made some well thought out critiques, that don’t necessarily need to be, should be, or can be applied within the real world. They have also been a time of intense economic debate, as rival ideologies contend for policy influence. 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.
Review of Paul Krugman’s Peddling Prosperity
He introduces the distinction between academic economists, who write mainly for other economists, and “policy entrepreneurs” who write on policy proposals for the broader public and for politicians. Books by Paul Krugman. Refresh and try again. References to this book The Internationalization of Palace Wars: But if you are an evil, wicked economist, you are reborn as a sociologist.