Paul Krugman's New Book, 'End This Depression Now!', Due For Release On April 30
Nobel Prize-winning economist and New York Times columnist Paul Krugman will highlight policies that he believes could bring the economy back to full health in his upcoming book, "End This Depression Now!"
"Nations rich in resources, talent, and knowledge—all the ingredients for prosperity and a decent standard of living for all—remain in a state of intense pain," Krugman writes in the book, which will be released on April 30. He adds that a robust economic recovery is possible if political leaders find the "intellectual clarity and political will" to take action now.
Krugman is likely to advocate for a large fiscal stimulus in his book, a position he has frequently advanced in recent years. Last August, he said that a government response to a fake alien invasion would end the economic crisis in 18 months, since the government would feel compelled to spend a large enough amount of money to put people back to work.
He similarly said in late September that the U.S. government needs "the financial equivalent of war" to spend enough to lift the economy out of the ditch.
Krugman believes that high unemployment in itself is a stark enough crisis to justify large amounts of spending. "We should never forget that the persistence of high unemployment inflicts enormous, continuing damage on our economy and our society," he wrote in the Times in February.