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1、AlsobyPaulKrugmanTheReturnofDepressionEconomicsandtheCrisisof2008TheConscienceofaLiberalFuzzyMathTheAccidentalTheoristPopInternationalismPeddlingProsperityTheAgeofDiminishedExpectationsPAULKRUGMANW.W.NORTON&COMPANYNEWYORKLONDONTotheunemployed,whodeservebetter.CONTENTSIntroductionWhatDoWe
2、DoNow?OneHowBadThingsAreOneHowBadThingsAreTwoDepressionEconomicsThreeTheMinskyMomentFourBankersGoneWildFiveTheSecondGildedAgeSixDarkAgeEconomicsSevenAnatomyofanInadequateResponseEightButWhatabouttheDeficit?NineInflation:ThePhantomMenaceTenEurodämmerungElevenAusteriansTwelveWhatItWillTake
3、ThirteenEndThisDepression!WhatDoWeReallyKnowabouttheEffectsofPostscriptGovernmentSpending?AcknowledgmentsIndexINTRODUCTIONWHATDOWEDONOW?THISISABOOKabouttheeconomicslumpnowafflictingtheUnitedStatesandmanyothercountries—aslumpthathasnowentereditsfifthyearandthatshowsnosignsofendinganytimes
4、oon.Needlesstosay,manybooksaboutthefinancialcrisisof2008,whichmarkedthebeginningoftheslump,havealreadybeenpublished,andmanymorearenodoubtinthepipeline.Butthisbookis,Ibelieve,differentfrommostofthoseotherbooks,becauseittriestoansweradifferentquestion.Forthemostpart,themushroomingliteratur
5、eonoureconomicdisasterasks,“Howdidthishappen?”Myquestion,instead,is“Whatdowedonow?”Obviouslythesearesomewhatrelatedquestions,buttheyarebynomeansidentical.Knowingwhatcausesheartattacksisnotatallthesamethingasknowinghowtotreatthem;thesameistrueofeconomiccrises.Andrightnowthequestionoftreat
6、mentshouldbewhatconcernsusmost.EverytimeIreadsomeshouldbewhatconcernsusmost.EverytimeIreadsomeacademicoropinionarticlediscussingwhatweshouldbedoingtopreventfuturefinancialcrises—andIreadmanysucharticles—Igetabitimpatient.Yes,it’saworthyquestion,butsincewehaveyettorecoverfromthelastcrisis
7、,shouldn’tachievingrecoverybeourfirstpriority?ForwearestillverymuchlivingintheshadowoftheeconomiccatastrophethatstruckbothEuropeandtheUnitedStatesfouryearsago.Grossdomesticproduct,whichnormallygrowsacoupleofpercentayear,isbarelyaboveitsprecrisispeakevenincountriesthathave
