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1、AlsobyPaulKrugmanTheReturnofDepressionEconomicsandtheCrisisof2008TheConscienceofaLiberalFuzzyMathTheAccidentalTheoristPopInternationalismPeddlingProsperityTheAgeofDiminishedExpectationsPAULKRUGMANW.W.NORTON&COMPANYNEWYORKLONDONTotheunemployed,whodeservebetter.CONTENTSIntroductionWhatDoWeDoNow?OneHow
2、BadThingsAreTwoDepressionEconomicsThreeTheMinskyMomentFourBankersGoneWildFiveTheSecondGildedAgeSixDarkAgeEconomicsSevenAnatomyofanInadequateResponseEightButWhatabouttheDeficit?NineInflation:ThePhantomMenaceTenEurod?mmerungElevenAusteriansTwelveWhatItWillTakeThirteenEndThisDepression!PostscriptWhatDo
3、WeReallyKnowabouttheEffectsofGovernmentSpending?AcknowledgmentsIndexINTRODUCTIONWHATDOWEDONOW?THISISABOOKabouttheeconomicslumpnowafflictingtheUnitedStatesandmanyothercountries—aslumpthathasnowentereditsfifthyearandthatshowsnosignsofendinganytimesoon.Needlesstosay,manybooksaboutthefinancialcrisisof20
4、08,whichmarkedthebeginningoftheslump,havealreadybeenpublished,andmanymorearenodoubtinthepipeline.Butthisbookis,Ibelieve,differentfrommostofthoseotherbooks,becauseittriestoansweradifferentquestion.Forthemostpart,themushroomingliteratureonoureconomicdisasterasks,“Howdidthishappen?”Myquestion,instead,i
5、s“Whatdowedonow?”O(jiān)bviouslythesearesomewhatrelatedquestions,buttheyarebynomeansidentical.Knowingwhatcausesheartattacksisnotatallthesamethingasknowinghowtotreatthem;thesameistrueofeconomiccrises.Andrightnowthequestionoftreatmentshouldbewhatconcernsusmost.EverytimeIreadsomeacademicoropinionarticlediscu
6、ssingwhatweshouldbedoingtopreventfuturefinancialcrises—andIreadmanysucharticles—Igetabitimpatient.Yes,it’saworthyquestion,butsincewehaveyettorecoverfromthelastcrisis,shouldn’tachievingrecoverybeourfirstpriority?ForwearestillverymuchlivingintheshadowoftheeconomiccatastrophethatstruckbothEuropeandtheU
7、nitedStatesfouryearsago.Grossdomesticproduct,whichnormallygrowsacoupleofpercentayear,isbarelyaboveitsprecrisispeakevenincountriesthathaveseenarelativelystrongrecovery,anditisdownbydoubledigitsinsevera
