The Age of Diminished Expectations, Third Edition: U.S. Economic Policy in the 1990s
Author: Paul Krugman
List Price: $21.00
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ISBN: 0262611341
Publisher: MIT Press (08 August, 1997)
Sales Rank: 20,087
Average Customer Rating: 4 out of 5
Customer Reviews
Rating: 4 out of 5
We must strive for more
Krugman's argument in this book is that the US economy, while not doing badly, isn't doing that well. Surely we can do better if only we expect more from our country. He goes on to provide an amazing economics lesson for the lay reader that discusses major economic topics, recent economic issues that are highly political, large problems with our current system, and what the future might hold. The chapters on international finance are particularly well written.It's not the most recent of books, but it explains quite a lot of stuff, and most importantly, as with many of Krugman's books, you get to have a feel for the way an economist thinks. Economics is a state of mind in the sense that the more you study it, the more difficult it becomes to connect with other people. They just won't understand how your mind is thinking about things. What Krugman does is to make economics quite understandable without dumbing it down to the point where most academics would discard it as popular junk. He has strong political leanings that you are aware of if you read his column in the Times, but he is smart, and the "Age of Diminished Expectations" is definitely a good read.
Rating: 4 out of 5
Understand the economy
It's shocking how few Americans (including the pundits, editors, and financiers who are supposed to know a thing or two) have a good grip on what's really at stake in debates over economic issues. Too often, people focus on a single issue as the cause of all of America's economic troubles, whether globalization, taxes, big business, or what have you. Anything but the fire-breathing liberal dragon that the folks at the National Review make him out to be, Paul Krugman delivers a brief but extremely informative analysis of the big picture of the economy that helps readers become aware of the complexity of the myths and realities surrounding economic life in America. Whatever you think of his political views, Krugman is clearly an outstandingly brilliant economist, and this book will surprise you and inform you in more ways than I can mention in this short review. Most people who remember the irrational exuberance of the late 1990s will find it odd that Krugman would suggest that our age is one of diminished economic expectations (certainly Americans demand amazing - even irrational - economic performance, right?), but Krugman's analysis is indisputable: since the 1970s, real incomes have stagnated and income inequality is on the rise; our national savings is in a pitiable state, and the federal budget is on the road to crisis. And it's not because NAFTA or Japan or taxes or any individual force of evil is holding us back: Americans just don't demand economic performance the way they used to.The great thing about this text is that it's replete with readily accessible economic knowledge, brilliant diagnoses of economic problems, and informative analyses of the way that economic issues are linked together (e.g. the budget/trade deficit, inflation/unemployment, the Fed/growth, etc). This book is extremely easy to read and extremely comprehensive: it'll turn you into an educated voter in a matter of hours.
Want to know the real deal on healthcare, inflation, the deficits, and Japan? Get it from one of the most qualified economists in the world, and get it in the most readable format imaginable. I think you'll really enjoy soaking up the knowledge.
You don't know economics if you don't know the stuff in this book. Unfortunately this book lacks a serious discussion of the East Asian financal crisis and the info-tech revolution (it's a 1997 edition), which is why I give it 4 stars, but it gets the fundamentals right, and it's stuff you have to know. This book will open your eyes to America's economic potential and help you see through the myths and silences that cloud economic thinking.
Read this if you want to understand the fundamental issues facing the American economy.
Rating: 3 out of 5
Useful and Annoying
Krugman obviously knows his economics and this book serves as a concise overview of U.S. Economic policy for those already familiar with basic economics. That said, Krugman is a whiner who cannot seem to leave his opinions at the door. I was annoyed by his very negative analysis of U.S. Economic policy and I cannot tell what the source of his bitterness is.
There is good info mixed with bitterness so I would NOT recommend this to someone that is easily impressionable or new to Economics.
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