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Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations

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Title: Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations
by Paul Krugman
ISBN: 0-393-31292-5
Publisher: W.W. Norton & Company
Pub. Date: April, 1995
Format: Paperback
Volumes: 1
List Price(USD): $15.95
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Average Customer Rating: 4.68 (19 reviews)

Customer Reviews

Rating: 5
Summary: Outstanding look at economics
Comment: I read "Peddling Prosperity" over a vacation, expecting to read a few pages, put it down, and pick up something more entertaining. (I had the latest Grisham waiting in the wings.) How interesting can a book about economics be? Answer- my Grisham never got read. I couldn't put this down.

Typically economic treatises are uniformly dull, the author spending pages re-stating his thesis, over and over and over. As one of my college professors told me, economists have two basic rules-

1) The market can decide best. 2) Anyone who questions rule #1 is a communist.

I would add a third-

3) bore the reader with technical jargon.

Krugman, mercifully, avoids these traps. He distills economics down to its most basic elements in plain English. Krugman is also a more critical thinker than most of his counterparts, carefully making the argument for Keynesian economics and debunking the myths of Reaganomics. Even the most ardent free market enthusiast will find it difficult to explain away Krugman's notes about wealth distribution during the 1980s (the rich got richer, the poor got poorer) and about the disastrous effects of Reagan overseas. Protectionists will have difficulty as well in refuting Krugman's analysis of the disastrous effects of tariff barriers and the insignificance of America's trade deficit.

The author has it all correct- the fallacy of protectionism (the strategic traders), the failure of Reaganomics, the positive role government can play in American economic life. What makes "Peddling Prosperity" such a good book is Krugman's skill in translating his thoughts into passages a reader without a Phd can understand. Good work.

Rating: 5
Summary: A Well-Written and Insightful Book
Comment: In this easy-to-read book, Prof. Krugman proves his worth as one of the most distinguished economists of his generation and a Clark medal recipient (awarded every two years to "the best" US economist under 40). The book's ten chapters are wonderfully clear and fast-moving, easily understood by anyone with just a little economics in their background. Krugman lucidly explains the economic issues and undercurrents that have driven the US economy over the last few decades.

Although the book lacks some of his personal brand of overt diatribes and personal attacks you'd find in his NYTimes column or elsewhere, it still manages to pack a wallop of personality. For example, Krugman is insightful and shamefully entertaining in his condemnation of the extreme conservatism of Robert Bartley & the WSJ editorial page, mainly in Bartley's (ab)use of the page as a pulpit to catapult the supply-siders to relative celebrity in the 80s.

As strong as his views are, Krugman has managed to strike a wondrous balance between technical economic concepts and uncomplicated, intelligible layman's terms. The bottom line?Pick it up to be educated and entertained all in one go.

Rating: 5
Summary: Great Book
Comment: I never read a book on economics before this one because I could never understand them. I don't know why I picked this one to read, but it was wonderful. It is the first time ever that I have actually understood anything at all about economics. Reading this book was a wonderful experience. Actually out of five stars I would give it ten.

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