Economic Depression

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Bibliography

  • Waldman, Steve Randy. Depression is a choice. Interfluidity. 2012 Apr 17.

Available from: http://www.interfluidity.com/v2/3212.html. Accessed 2012 Apr 22. Archived by WebCite at http://www.webcitation.org/676p0tvIc.

Waldman traces the cause of present-day economic depressions to an overriding preference on the part of governments to protect the purchasing power of creditors against losses. This preference is asymmetric: opportunities for gain are sacrificed to maximize safety against loss, so that policymakers sabotage every form of economic stimulus at the first sign of any risk of inflation.

  • Krugman, Paul. The return of depression economics. 1st ed. New York: W.W. Norton; 1999.

Krugman explains the basics of the liquidity traps and deflationary spirals that characterize economic depressions. He warns that mismanagement of the world economy has made deflation a serious risk once more, and that “austerity” approaches will only make the problem worse.