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The Timidity Trap

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KRUGMAN
Paul Krugman of Princeton University, winner of the Nobel Prize in Economics for 2008, holds his Nobel lecture at the Aula Magna of the Stockholm University, in Stockholm, Monday Dec. 8, 2008. Logotype of Swedish Academy of Sciences is in the background. (AP Photo/Fredrik Persson, Scanpix Sweden) ** SWEDEN OUT ** | ASSOCIATED PRESS
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There don’t seem to be any major economic crises underway right this moment, and policy makers in many places are patting themselves on the back. In Europe, for example, they’re crowing about Spain’s recovery: the country seems set to grow at least twice as fast this year as previously forecast.

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