Richard Green is a professor in the Sol Price School of Public Policy and the Marshall School of Business at the University of Southern California.
This blog will feature commentary on the current state of housing, commercial real estate, mortgage finance, and urban development around the world. It may also at times have ruminations about graduate business education.
Sunday, June 03, 2012
Having just finished Robert Caro's magnificent The Passage to Power, I have two questions:
(1) Absent LBJ, would we have civil rights laws even now?
(2) Absent LBJ's awful personality traits, would we have civil rights laws even now?
End This Depression Now!, Paul Krugman, 2012, 238 pages (New York: W. W. Norton & Company) JREL forthcoming Reviewed by: Charles C. Carter, University of Baltimore, Merrick School of Business Introduction This is a terrific book that everyone must read. I mean it, politics aside. The author knows more about macroeconomics than anyone and the book is specially written to be read by the populace at large. The fact that Krugman has seemingly made it his life’s work to persuade everyone of the merits of Keynesian (or new-Keynesian) theory is beside the point. Enthusiasm is a good thing, ceteris paribus. The author is surely enthusiastic about his book. End This Depression Now! is dedicated “to the unemployed, who deserve better,” and he posts on his blog how many books he’s sold (a lot). Other enthusiastic authors making the same line of argument include Joseph Stiglitz, James Shiller, Tony Downs, Dean Baker, and Gary Gorton, who have also written very good books on the financial crisis. Despite others’ enthusiasm it’s always Krugman who gets singled out for lambasting by conservative pundits. That’s probably because he is the most vocal and widely known academic on the subject, keeping a blistering schedule of television and radio appearances. Unbiased onlookers have noted that Krugman seems to behave in the manner of someone with a chip on his shoulder. Throughout his book Krugman is constantly conducting a Socratic dialogue about issues posed by the financial crisis. He’s making an airtight case for his recommendations, countering all the conservative pundits can come up with. In the end he believes the Obama administration can end the “Great Rescission” if only he and the Democrats muster up the will. The Book (14 Chapters) Chapter 1 is on the economics of unemployment. First define what we’re talking about as involuntary unemployment, not those disabled, retired, or full-time housewives or househusbands. This is what the U.S. Bureau of Labor Statistics (USBLS) captures with its surveys. Also not covered are what the USBLS calls U6: those wanting full-time work but able to only find part-time jobs. This is about 15 percent of the workforce now, about double the number before the crisis. Other statistics are analyzed, like those from the Congressional Budget Office (CBO) on “potential” real gross domestic profit (GDP). Roughly speaking, it’s what GDP would be if it continued its long-run average pace since 2007, before the crisis. The picture Krugman paints in this chapter has to do with the corrosive effect of long-term unemployment.
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End This Depression Now!, Paul Krugman, 2012, 238 pages (New York: W. W. Norton & Company) JREL forthcoming
ReplyDeleteReviewed by: Charles C. Carter, University of Baltimore, Merrick School of Business
Introduction
This is a terrific book that everyone must read. I mean it, politics aside. The author knows more about macroeconomics than anyone and the book is specially written to be read by the populace at large. The fact that Krugman has seemingly made it his life’s work to persuade everyone of the merits of Keynesian (or new-Keynesian) theory is beside the point. Enthusiasm is a good thing, ceteris paribus. The author is surely enthusiastic about his book. End This Depression Now! is dedicated “to the unemployed, who deserve better,” and he posts on his blog how many books he’s sold (a lot).
Other enthusiastic authors making the same line of argument include Joseph Stiglitz, James Shiller, Tony Downs, Dean Baker, and Gary Gorton, who have also written very good books on the financial crisis. Despite others’ enthusiasm it’s always Krugman who gets singled out for lambasting by conservative pundits. That’s probably because he is the most vocal and widely known academic on the subject, keeping a blistering schedule of television and radio appearances. Unbiased onlookers have noted that Krugman seems to behave in the manner of someone with a chip on his shoulder.
Throughout his book Krugman is constantly conducting a Socratic dialogue about issues posed by the financial crisis. He’s making an airtight case for his recommendations, countering all the conservative pundits can come up with. In the end he believes the Obama administration can end the “Great Rescission” if only he and the Democrats muster up the will.
The Book (14 Chapters)
Chapter 1 is on the economics of unemployment. First define what we’re talking about as involuntary unemployment, not those disabled, retired, or full-time housewives or househusbands. This is what the U.S. Bureau of Labor Statistics (USBLS) captures with its surveys. Also not covered are what the USBLS calls U6: those wanting full-time work but able to only find part-time jobs. This is about 15 percent of the workforce now, about double the number before the crisis. Other statistics are analyzed, like those from the Congressional Budget Office (CBO) on “potential” real gross domestic profit (GDP). Roughly speaking, it’s what GDP would be if it continued its long-run average pace since 2007, before the crisis. The picture Krugman paints in this chapter has to do with the corrosive effect of long-term unemployment.
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It can be described more roughly by the number of rooms. A studio apartment has a single bedroom with no living room (possibly a separate kitchen istanbul real estate).
ReplyDeleteA one-bedroom apartment has a living or dining room istanbul property separate from the bedroom. Two bedroom, three bedroom, and larger units are common.
(A bedroom is defined istanbul properties as a room with a closet for clothes storage.)
The size of an apartment or house can be istanbul property described in square feet or meters. In the United States, this istanbul real estate includes the area of "living space",
excluding the garage and other non-living spaces. The "square meters" figure of a house in Europe istanbul properties may report the total area of the walls enclosing the home,
thus including any attached garage and non-living spaces, which makes it important to inquire what kind of surface definition has been used.
In recent years, istanbul real estate many economists have recognized that the lack of
effective real estate laws can be a significant istanbul properties barrier to investment in
many developing countries. In most societies, rich and poor, a significant fraction of the total wealth is in the form of istanbul property land and buildings.
In most advanced economies, the main source of capital istanbul real estate used by
individuals and small companies to purchase and improve land and buildings is mortgage loans (or other instruments). These are loans for which the real property
itself constitutes collateral. Banks are willing to make such loans at favorable rates in large part because,
istanbul property if the borrower does not make payments, the lender can foreclose by
filing a court action which allows them to take back the property and sell it to get their money back. For investors, profitability can be enhanced by using an off
plan or pre-construction strategy to purchase at a lower price which is often the case in the pre-construction istanbul properties phase of development.