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Wednesday, December 24, 2008

Paul Krugman interview from "Big Think" (video)

I've started following The Big Picture (Barry Ritholtz's blog), which posted this on Monday--the 1st of 10 short video segments of Paul Krugman speaking about the financial crisis and "the return of depression economics" (which is the title of a recently updated book of his:


Most of this 3min segment is about Japan in the 1990s--what Krugman says is the closest parallel to the United States today.

But at the end of the segment, as part of his response to "Why do you hope people read this book?", Krugman says:
I think it's a fascinating story, just aside from everything else. I'm horrified, I'm scared, but I'm also just professionally awed and fascinated by what's going on. Every macroeconomist, which is what I am--well, half of me is a macroeconomist--every macroeconomist sort of has a lingering desire to live through the early stages of the Great Depression, to know what it was like..and here we are."

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