Why economics is scary
In a recent NY Times column, Paul Krugman mentioned a paper that showed some parallels between the current US economic, and five major economic crisis in the past.
At his blog, he links to it (or rather, he links to a blog that links to it.
Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison* (.pdf) by Carmen M. Reinhart and Kenneth S. Rogoff
To sum it up, the current US situation shows many parallels to earlier financial crisis that caused year-long recessions in the countries in which they took place. It might be that the US escape this, but it will probably take hard work from the next US president to do so.
Edit: The Chronicle of Higher Education has more (via The Big Picture).
At his blog, he links to it (or rather, he links to a blog that links to it.
Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison* (.pdf) by Carmen M. Reinhart and Kenneth S. Rogoff
To sum it up, the current US situation shows many parallels to earlier financial crisis that caused year-long recessions in the countries in which they took place. It might be that the US escape this, but it will probably take hard work from the next US president to do so.
Edit: The Chronicle of Higher Education has more (via The Big Picture).
Labels: economics, Paul Krugman
posted by Kristjan Wager at 12:00 PM
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2 Comments:
This is off topic, but there's an interesting blog entry on the state of science in the Muslim world here:
I forgot the link in the previous post:
http://www.kamilpasha.com/2008/02/10/science-in-the-muslim-world/
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