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Paul Krugman Reveals What Makes The 21st Century So Different

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Nobel Prize-winning Economist Paul Krugman, professor of international trade and economics at Princeton University, pauses during a Bloomberg Television interview in New York, U.S., on Monday, Jan. 28, 2013. Krugman discussed the performance of bonds, Fed monetary policy, and the U.S. economy compared with that of Japan. Photographer: Scott Eells/Bloomberg via Getty Images | Getty Images

One lesson from recent economic troubles has been the usefulness of history. Just as the crisis was unfolding, the Harvard economists Carmen Reinhart and Kenneth Rogoff -- who unfortunately became famous for their worst work -- published a brilliant book with the sarcastic title "This Time Is Different."

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