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Paul Krugman
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Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations (Norton Paperback) Paperback – April 17, 1995

by Paul Krugman (Author)
4.3 4.3 out of 5 stars 55 ratings
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Newsweek hailed Paul Krugman as "a superstar among economists" and went on to praise Peddling Prosperity as "the best primer around on recent U.S. economic history." Others joined the chorus.

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 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 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 administration.
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  1. Print length
    320 pages
  2. Language
    English
  3. Publisher
    W. W. Norton & Company
  4. Publication date
    April 17, 1995
  5. Dimensions
    5.5 x 0.9 x 8.3 inches
  6. ISBN-10
    9780393312928
  7. ISBN-13
    978-0393312928
  8. See all details
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Editorial Reviews

Review

In ten lively chapters, Krugman traces how loose economic thinking has repeatedly led to wrongheaded government policies. In the process, he offers the best primer around on recent US economic history. -- Newsweek

About the Author

Paul Krugman, recipient of the 2008 Nobel Prize in Economics and best-selling author, has been a columnist at The New York Times for twenty years. A Distinguished Professor at City University of New York, he lives in New York City.

Product details

  • ASIN ‏ : ‎ 0393312925
  • Publisher ‏ : ‎ W. W. Norton & Company; 59090th edition (April 17, 1995)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 320 pages
  • ISBN-10 ‏ : ‎ 9780393312928
  • ISBN-13 ‏ : ‎ 978-0393312928
  • Item Weight ‏ : ‎ 10.2 ounces
  • Dimensions ‏ : ‎ 5.5 x 0.9 x 8.3 inches
  • Customer Reviews:
    4.3 4.3 out of 5 stars 55 ratings

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Paul Krugman

Paul Krugman

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Paul Krugman writes a twice-weekly column for the op-ed page of the New York Times. A winner of the John Bates Clark Medal who was also named Columnist of the Year by Editor and Publisher magazine, he teaches economics at Princeton University.

Customer reviews

4.3 out of 5 stars
4.3 out of 5
55 global ratings

Top reviews from the United States

Peter Puglia
5.0 out of 5 stars A Complete Primer in Macroeconomics and Rubric to Evaluate Economic Policy.
Reviewed in the United States on February 19, 2015
Verified Purchase
I am finishing a master's degree in economics at California State University, Sacramento, but figured that Krugman would teach me some valuable stuff in this layman's book, anyway. In his New York Times commentaries, and as lead co-author of the textbook used in my international trade class, Krugman had demonstrated that his thinking is constrained by the economic models, and he knows them well enough to usually pick the winners; i.e., those that best explain economic phenomena through the years. Consequently, he has stuck with the old IS-LM model instead of running off with sexy DSGE models, and the Great Recession and its aftermath have proven his choice was superior. Similarly, "Peddling Prosperity" tests the sexy models of supply-side theory against long-run GDP and employment growth, and shows that they never delivered on their promises. An able and relatively unbiased economic historian, Krugman explains and defends the work of recognized giants like Milton Friedman and Robert Lucas, yet sustains his respect for them in limiting his criticism strictly to the tests of their theories against subsequent history. Krugman points out that trained economists who are similarly constrained by theory and econometric research refused to endorse either supply-side quackery or strategic trade theory. He notes that Friedman's work supported much of Keynesian theory, and notes that Lucas rejected charlatans like Art Laffer. He takes an early and important aside to point out to readers the difference between long- and short-run growth, and the factors that drive them. This is probably the most important part of his book, because it opens the readers eyes to Krugman's point, which is that politicians will always try to trick voters into supporting their economic policies by pointing to concomitant high short-term growth rates. The data never do speak for themselves, as he points out. My years with the regression models have compelled me to abandon intuitive-sounding, yet specious arguments like, "letting people keep more of their hard-earned tax dollars will always improve everyone's lot," or, "free health care for everyone will make everyone better off." Economics, unfortunately, is still an embryonic social science, and the theories that best explain nations, markets and firms often appear counter-intuitive to anyone who has not been trained by rigorous regression or other modeling analysis. Only when we understand how the variables interact, and how the data turn out as they do, will we be able to retrain our economic intuitions to see which policies improve the lot of the middle class and which only pretend to do so. Krugman contributes to the nation's general welfare in this pursuit.
6 people found this helpful
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Alex
5.0 out of 5 stars Great book.
Reviewed in the United States on October 24, 2012
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This book is obviously intended for non-economists. Very easy read, non-technical. An introductory level knowledge of the basic concepts of economics (e.g., comparative advantage, Phillip's curve, supply & demand) is useful to bring clarity to some subjects.

Krugman has great humor and style here. The book is basically told as a story that is organized chronologically. He talks of the Keynesian revolution in economics, then the attack on Keynes by monetarists, then the emergence of supply side economics, then the revival of Keynesian economics, then the emergence of strategic trade policy.

For those who have a good knowledge of economics, the humorous and stylistic presentation here makes it more entertaining than the usual dry economics. This book can be read in a day.
2 people found this helpful
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Caraculiambro
4.0 out of 5 stars really good, but seriously outdated
Reviewed in the United States on November 11, 2008
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Fiscally I'm very conservative, so I don't relish hearing my ideas bashed and those of Keynes extolled.

Such that I never paid Krugman much attention until he won that Nobel prize. Sure, I had read a couple of his NYT articles, but I didn't realize how well-respected he was academically until then. After Stockholm made its announcement, I decided to read a few of his books carefully -- to see what I was missing.

"Peddling Prosperity" is the second Krugman book I've read so far. It's very good. Krugman has a gift for explaining complicated ideas in a homely and memorable way. But I guess that's why he makes so much money.

Though this book can be characterized as an overall primer on macroeconomics, its major thrust is exploring what went wrong with productivity growth after 1973. It's an analysis of the problem paced in a leisurely enough way that you end up getting a lot of very useful background on the subject, although the book really goes nowhere and essentially concludes with Krugman admitting "we still don't know." But listening to his musings will improve you despite that admission.

The real problem with this book is that it sorely needs a second edition. It came out in 1994, before the productivity gains of the internet hit, before the Clinton surpluses, before the Bushian twin deficits, and, well, a lot else.

It's still very readable, and its merits far outweigh this shortcoming, but I wish Krugman would update it. About 20% or so of the text is totally useless by this point.

I think he's on to other things by this point, though.
5 people found this helpful
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paul
5.0 out of 5 stars Classic Krugman
Reviewed in the United States on August 6, 2013
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What is the path of the United States? What is the best way forward for the American people? If these are questions of interest to the reader, than this book is a critical component for acquiring a deeper understanding of the policies, ideas, and politics behind divergent economic agendas. Although slightly dated, the general thesis of this work is as true today as when Krugman first published it nearly twenty years ago.
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Mary Ann
5.0 out of 5 stars I'd recommend anything written by P. Krugman.
Reviewed in the United States on April 9, 2014
Verified Purchase
I'm a bit of a political and news junkie, and I believe that Krugman is one of the most heads up and important voices of our time. His arguments are well stated, logical, and based on facts (as much as is possible for anyone to do). He's even witty and fun to read!
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Marty McFly
5.0 out of 5 stars Krugman strikes back!
Reviewed in the United States on December 8, 2001
Verified Purchase
I frequently get into arguments with supply-siders and monetarists who refuse to accept that their beliefs are as flawed as, say, pre-Einsteinian physics (or, perhaps, pre-Newtonian physics). (I do not mean to imply that I or anyone else has a lock on economic "truth"; as Marshall states -- and Krugman quotes -- economics is an engine of discovery, not a body of facts). Krugman's intellectual history of and sociological investigation into modern economic pop doctrines is a brilliant refutation of heterodox beliefs including, of course, supply-siders and monetarists. A wonderful book -- especially for non-economists.
8 people found this helpful
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Top reviews from other countries

William Geary
5.0 out of 5 stars Amazon Tax Avoidance
Reviewed in the United Kingdom on December 3, 2012
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Amazon's tax avoidance has been making news headlines recently. It's depressing that multinational companies seek to cheat ordinary people, from Amazon to the mining conglomerates ripping off Africa. “The prevalence of widespread corruption is rightly regarded as a major stumbling block to successful economic progress.” No laws are being broken, nevertheless it leaves me feeling ashamed.

Amazon provide a decent service and I have no complaints except for the above.

About halfway through the book. It's more balanced, less angry, than I had expected. Well written.
One person found this helpful
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