Peddling Prosperity
Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations
In "Peddling Prosperity," Nobel laureate Paul Krugman embarks on a riveting journey through the tumultuous landscape of recent American economic history, a period he poignantly dubs "the age of diminished expectations." With the finesse of a seasoned economist and the narrative flair of a master storyteller, Krugman dissects two decades marked by unparalleled economic debate and disenchantment. This era, fraught with the promises and pitfalls of competing ideologies, serves as the backdrop for Krugman's incisive critique of the economic philosophies that have risen to power, only to falter, leaving in their wake a legacy of unfulfilled promises and fiscal disarray. Krugman's analysis extends beyond mere critique, delving into the realm of economic "snake-oil salesmen" – those policy entrepreneurs from both ends of the ideological spectrum who peddle simplistic solutions to complex economic challenges. From the rise and fall of supply-side economics under Reagan, which culminated in a staggering $3 trillion debt, to the policy misadventures that characterized the Clinton administration, Krugman lays bare the consequences of allowing such seductive but flawed ideas to guide public policy. "Peddling Prosperity" stands not only as a testament to Krugman's intellectual prowess but also as a clarion call for a more nuanced understanding of the economic forces that shape our lives.
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