Paul Krugman
Paul Krugman is one of the most prominent and influential economists of our age. Not only is Paul one of the most read op-ed Columnists for The New York Times, but he also holds a Nobel Memorial Prize in Economic Sciences, is a professor at Princeton University, is a Centenary Professor at the London School of Economics, and has penned more books then I can count on my fingers and toes, many of which have become bestsellers. The Washington Monthly has called him “the most important political columnist in America” (Confessore, Nicholas). The Economist said he is “the most celebrated economist of his generation” (Paul Krugman – Biographical). He has written quite a bit on international economics, international trade, economic geography,
and international finance. He even has a standard undergraduate textbook, International Economics: Theory and Policy, co-authored with Maurice Obstfeld, under his belt. In his early life Paul Krugman earned a B.A. in economics from Yale University and moved on to earn his PhD in economics from MIT. He then joined President Ronald Reagan’s staff as a member of his Council of Economic Advisers for a year. Soon after this he rejoined MIT as a professor. During this time he also worked as a research associate at the National Bureau of Economic Research. A little later in life he became a columnist for Slate, and Fortune where he gained the majority of his following. A few years later he became an op-ed columnist for The New York Times where his writing was read was read by many (“Paul Krugman Biography – American Economist.”). Some of Paul Krugman’s main contribution to economics are his contributions to new trade theory and to new economic geography. New trade theory basically expands how we look at countries exports and imports. Countries have different resources, different levels of productivity, and produce in different industries. A country that has a hot climate grows bananas and trades them to a country that can’t grow them for something that the first country doesn’t have the resources to produce, this is the extent of the old trade theory. New trade theory say that yes this happens quite a bit, but it misses the explanation of countries that have similar resources that trade with each other. These countries specialize in a good that the other country wants so they trade. These countries have one manufacturing super-factory in one place, instead of many smaller factories spread out globally. These factories subsidize the cost to produce a good across more of that good by increasing production of this good. This is called economies of scale and gives these countries comparative advantage (Thomas, Mark). His contribution is that he says that these economies of scale are ubiquitous and not limited by a countries resources. He also says that it would be in a country’s best interest to specialize in one of these economies of scale. In fact these economies of scale can even produce the same good as other countries because consumers like variety. His research also shows that these economies of scale would accelerate the population in their areas, and showed population decline in rural areas. This is his contribution to new economic geography (Pettinger, Tejvan). This assignment has helped me understand some of the old and new thought processes that were applied to economics. It helped me understand that a countries trade isn’t limited by its climate or resources, but can be expanded by implementing specialization of a certain good. I’ve never heard of the term economies of scale before this assignment and now have a greater understanding of how they can play a huge part in international economics. I never knew that economies of scale could even help create huge economic hubs before understanding Paul Krugman’s research on new economic geography. Before taking this course I wouldn’t have understood terms like comparative advantage and specialization, which are necessary knowledge to grasp Paul’s concepts.
Richard Kuklinski was a convicted hitman who worked has claimed to have killed at least 200 people over the course of his life. The theory that best describes Kuklinski and his personality is the psychodynamic theory. The psychodynamic theory states that people are affected by their early childhood experiences. Sigmund Freud best described the psychodynamic theory by talking about the 3 parts to a personality; The Id, the ego, and the superego. (Siegel 119). Those combined shape our behavior as humans in a conscious and subconscious way. The Id, is our initial primitive desire for things like food, sex, and love. Those are things we naturally subconsciously and consciously want. Then the ego comes in and takes what we want, then finds a
Nicholas Kristof, a Harvard graduate who continued his education at Oxford University, has lived in and traveled to many parts of the world, allowing him have a deeper understanding and knowledge of the issues that arise as well as the conformities of cultures around the world. He settled as a columnist of the New York Times in 1984, mainly writing about economics and politics. Winning two Pulitzer Prizes, Kristof has continued his writing, but opening it up to more than just politics. He focuses on other issues such as drug problems and climate change and more in between. Although columnist Nicholas Kristof includes convincing, logical arguments through his use of facts from many reliable resources of research, his audience may impugn what he has to say because of his biased, one-sided opinions that deny the other viewpoint.
Renowned economist, Steven D. Levitt, and well-known journalist, Stephen J. Dubner, in their collaboration of the book, Freakonomics: A Rogue Economist Explores the Hidden Side of Everything, write in a mostly inoffensive style about extremely controversial topics. Levitt’s and Dubner’s purpose is to inform readers of frequently disputed topics from a purely economic standpoint. They use second person to directly speak to their readers, an impartial tone to show an unusual perspective, and contrast to provide both sides of an argument.
In The Return of Depression Economics and the Crisis of 2008, Paul Krugman warns us that America’s gloomy future might parallel those of other countries. Like diseases that are making a stronger, more resistant comeback, the causes of the Great Depression are looming ahead and much more probable now after the great housing bubble in 2002. In his new and revised book, he emphasizes even more on the busts of Japan and the crises in Latin America (i.e: Argentina), and explains how and why several specific events--recessions, inflationary spiraling, currency devaluations--happened in many countries. Although he still does not give us any solid options or specific steps to take to save America other than those proposed by other economists, he thoroughly examines international policies and coherently explains to us average citizens how the world is globalizing--that the world is becoming flatter and countries are now even more dependent on each other.
Andrew Foster was a teacher, missionary, and pioneer, He dedicated his life to helping Deaf people learn ASL, and working to assure that Deaf people in Africa had access to education. He was passionate about helping the less fortunate, and felt compelled to go to Africa to do mission work. He stated in some of his writings that he was, “moved by this vast educational and spiritual void among my people.”
As such, the textbook is more focused on “work” in general. The book by Krugman on the other hand is more encompassing or comprehensive. Basically, the theme of the two books is the same. The economy today has changed the way people live and work. In Krugman’s book, he discussed about the problems that we are facing now, including unemployment and its consequences. Similar with the textbook, he discussed on the changing face of work, workplace and workforce. The lack of demand, as discussed in the textbook is similar in the book in the way it has changed the way workers work, get compensated and how they live.
From the many economy-related books available I read The Return of Depression Economics by Paul Krugman. This book was written during the Asian financial crisis of the late 1990’s. Many say that Krugman wrote this book much too quickly to be fully correct on every issue that he wrote about in this book. Krugman mainly focuses on financial crises of the 1990’s and mostly on the Asian financial crisis. This book was very interesting to read even though I did not fully understand every issue he covered. In this book Krugman laid out the basic fundamentals of global economy and the choices we had to get ourselves out of the Asian financial crisis. With the Asian financial crisis done and over with, many of Krugman’s thoughts and choices are now out-of-date. Even though there were an option at the time but now dated, they were interesting and I agreed on many of his points. Krugman believes that Mexico’s crisis was a three-act play with Mexico as act one, Asia as number two and us finishing off as act three.
Keyen’s is also the author of one of the famous economic books called The General Theory Of Employment, Interest And Money. Milton Friedman, a supporter of the free market, was born in 1912 in New York. 4th child of a Jewish family that had emigrated from Ukraine. Although he was interested in pursuing mathematics after graduation, the horrible stare of the national income motivated him to take economics instead. Friedman attended Rutgers University and earned numerous degrees from the University of Chicago and Columbia University.... ...
Heilbroner, Robert L. The Worldly Philosophers: the Lives, Times, and Ideas of the Great Economic Thinkers. New York: Simon & Schuster, 1999. Print.
One of the first things we have learned about politics this semester is that there is a constant struggle over the true definition, especially in how broad or narrow the definition is. When Thomas Jefferson wrote that “Politics are such torment that I would advise everyone I love not to mix with them.” it is understood that he is referring to the electoral and governmental aspects of politics. If Dr. Michael Rivage-Seul and Leslie Cagan were to read this quote, they would argue that Jefferson has an extremely narrow view of politics and that if one were to desire a more accurate definition, they would have to look further than the restrictive culturally accepted definition. Martin Luther King, Jr. would also disagree with this definition but he I think he would have a bigger problem with the advice that Jefferson is giving. All three of the authors that we have looked at would, in one way or another, be forced to disagree with Jefferson based on the principles that they try to uphold and emphasize in their writings and speeches.
My research in Classical Economics and Keynesian Economics has given me the opportunity to form an opinion on this greatly debated topic in economics. After researching this topic to great lengths, I have determined the Keynesian Economics far exceeds greatness for America compared to that of Classical Economics. I will begin my paper by first addressing my understanding of both economic theories, I will then compare and contrast both theories, and end my paper with my opinions on why I believe Keynesian Economics is what is best for America. Classical Economics is a theory that suggests that by leaving the free market alone without human intervention equilibrium will be obtained. This theory was the first school of thought for economists, and one of the major theorists and founders of Classical Economics was Adam Smith.
The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique for thinking, which helps the possessor to draw correct conclusions. The ideas of economists and politicians, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." (John Maynard Keynes, the General Theory of Employment, Interest and Money p 383)
In the article, Krugman addresses several problems underlying the recent state of the economy. He traces the cause for our recession all the way back to academia. The problem is rather subtle. He argues that faulty thinking about the market is the primary reason that has led to the 2008 and 2009 recession. The crisis has evoked the two schools of macroeconomics thought for long have stayed dormant: the “freshwater” and the “saltwater” economist. Both have their own ideology in resolving the crisis.
Friedman, Milton. An Economist's Protest: Columns in Political Economy. Glen Ridge] N.J.: T. Horton, 1972. 6-7. Print.
There is no such thing as a “born leader”. Human, animals, trees, and all of other living things survive and develop by earning and acquiring information needed. Nothing could receive the current position or status from an automatic mode.