The Return of Depression Economics

Paul Krugman, winner of the 2008 Nobel Prize in economics, shows how today’s crisis parallels the events that caused the Great Depression - and explains what it will take to avoid catastrophe.

In 1999, in The Return of Depression Economics, Paul Krugman surveyed the economic crises that had swept across Asia and Latin America, and warned that those crises were a warning for all of us—like diseases that have become resistant to antibiotics, the economic maladies that caused th…