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Summary
Summary
There is no better guide than Paul Krugman to basic economics, the ideas that animate much of our public policy. Likewise, there is no stronger foe of zombie economics, the misunderstandings that just won't die.
In Arguing with Zombies, Krugman tackles many of these misunderstandings, taking stock of where the United States has come from and where it's headed in a series of concise, digestible chapters. Drawn mainly from his popular New York Times column, they cover a wide range of issues, organized thematically and framed in the context of a wider debate. Explaining the complexities of health care, housing bubbles, tax reform, Social Security, and so much more with unrivaled clarity and precision, Arguing with Zombies is Krugman at the height of his powers.
Arguing with Zombies puts Krugman at the front of the debate in the 2020 election year and is an indispensable guide to two decades' worth of political and economic discourse in the United States and around the globe. With quick, vivid sketches, Krugman turns his readers into intelligent consumers of the daily news and hands them the keys to unlock the concepts behind the greatest economic policy issues of our time. In doing so, he delivers an instant classic that can serve as a reference point for this and future generations.
Reviews (3)
Publisher's Weekly Review
Nobel Prize--winning economist and liberal pundit Krugman (End This Depression Now!) attacks conservatives' policies--and morals--in these smart, tough essays. Selecting from his New York Times column and other writings, Krugman covers 15 years of "zombie ideas" that "keep shambling along, eating people's brains" because they serve the interests of the rich. These include George W. Bush's "snake-oil" scheme to privatize Social Security, Republican claims that Obamacare isn't working, and conservative dogma that cutting taxes on the wealthy helps the economy. Krugman occasionally resorts to charts and wonkery to refute such pretenses, but mainly exercises his great talent for translating economics into plain English: "My spending is your income and your spending is my income," he writes in a critique of recessionary budget cuts. "If we both slash spending, both of our incomes fall." Krugman's biting prose impugns character as well as doctrine--the persistence of climate change denial, he asserts, means "Republicans don't just have bad ideas; at this point, they are, necessarily, bad people"--and sometimes lapses into derangement syndrome, as when he characterizes the GOP as "an authoritarian regime in waiting." Progressive partisans will cheer Krugman's plainspoken, bare-knuckled, and persuasive ripostes to conservative orthodoxy. (Jan.)
Kirkus Review
Penetrating analyses of urgent, controversial problems.Krugman (Economics/City Univ. of New York; End This Depression Now!, 2012, etc.), winner of the Nobel Memorial Prize in Economic Sciences, gathers more than 90 articles, most from his New York Times columns, lucidly explaining often confounding economic issues. Prefacing each of 18 sections with a cogent overview, the author takes on topics that include social security, health care, the 2008 financial crisis and its aftermath (essays that comprise more than a third of the book), the myths of austerity, Europe's economic problems, tax cuts, trade wars, inequality, climate change, and, not least, the damage being inflicted by Donald Trump and his enablers. Many of the pieces are hard-hitting arguments against zombie ideas, "an idea that should have been killed by evidence, but refuses to die." Zombie ideas, Krugman asserts, are put forth by "influential people" who "move in circles in which repeating" such ideas "is a badge of seriousness, an assertion of tribal identity." Alternatively, ideas such as climate change denial, which persist despite prolific evidence, are "better described as cockroach ideasfalse claims you may think you've gotten rid of, but keep coming back." There are plenty of villains in Krugman's crosshairs: the "anti-labor" extremist Brett Kavanaugh, "flimflam man" Paul Ryan, Mitch McConnell, Bernie Madoff, George W. Bush and his "fraudulent march to war," and Ronald Reagan, to name a few. Many essays focus on the current president. "It's not just that Trump has assembled an administration of the worst and dimmest," writes the author. "The truth is that the modern GOP doesn't want to hear from serious economists, whatever their politics. It prefers charlatans and cranks, who are its kind of people." Krugman is a serious economist who detailed his intellectual focus and style in a 1993 essay, "How I Work." He cites four rules that guide his research: listen to intelligent views; question the question; "dare to be silly"; and "simplify, simplify." All serve himand his readersadmirably.Shrewd, witty, informed essays that are much needed in our anti-intellectual age. Copyright Kirkus Reviews, used with permission.
Library Journal Review
In this collection, Nobel Prize-winning economist Krugman presents short essays, mostly written since 2003 as columns for The New York Times, as well as several longer pieces. He groups the writings in topical sections covering Social Security, tax reform, health care, trade, inequality, politics, the 2008 financial crisis, and other pertinent subjects. Krugman does not shy away from controversy, and considers zombies to be people who cannot accept that their ideas are factually wrong. In one essay on Social Security, he calls out the Bush Administration for lying about the benefits of privatization. He describes Representative Paul Ryan as the flimflam man, the Trump tax cut as a scam, and Fox News as a Republican propaganda outlet. Though the older essays come across as somewhat dated, they recount the debates of the time, and Krugman updates them with more recent ones along with unifying introductions to each section. His essays before 2004 are included in the 2003 collection The Great Unraveling. VERDICT While Krugman's rousing, jargon-free writings will please progressive readers, they will be disconcerting to many conservative ones. An informative and controversial study combining business and political science.--Lawrence Maxted, Gannon Univ. Lib., Erie, PA
Table of Contents
Acknowledgments | p. xv |
Introduction: The Good Fight | p. 1 |
1 Saving Social Security | |
Essay: After the Khaki Election | p. 13 |
Social Security Scares | p. 16 |
Inventing a Crisis | p. 19 |
Buying into Failure | p. 22 |
Social Security Lessons | p. 25 |
Privatization Memories | p. 28 |
Where Government Excels | p. 30 |
2 The Road To Obamacare | |
Essay: Developing a Positive Agenda | p. 35 |
Ailing Health Care | p. 38 |
Health Care Confidential | p. 41 |
Health Care Terror | p. 44 |
The Waiting Game | p. 47 |
Health Care Hopes | p. 50 |
Fear Strikes Out | p. 53 |
Obamacare Fails to Fail | p. 56 |
Imaginary Health Care Horrors | p. 59 |
3 The Attack On Obamacare | |
Essay: The Cruelty Caucus | p. 65 |
Three Legs Good, No Legs Bad | p. 67 |
Obamacare's Very Stable Genius | p. 70 |
Get Sick, Go Bankrupt, and Die | p. 73 |
How Democrats Can Deliver on Health Care | p. 76 |
4 Bubble And Bust | |
Essay: The Sum of All Fears | p. 81 |
Running Out of Bubbles | p. 83 |
That Hissing Sound | p. 86 |
Innovating Our Way to Financial Crisis | p. 89 |
The Madoff Economy | p. 92 |
The Ignoramus Strategy | p. 95 |
Nobody Understands Debt | p. 97 |
5 Crisis Management | |
Essay: The Triumph of Macroeconomics | p. 103 |
Depression Economics Returns | p. 106 |
IS-LMentary | p. 109 |
Stimulus Arithmetic (Wonkish but Important) | p. 113 |
The Obama Gap | p. 115 |
The Stimulus Tragedy | p. 118 |
6 The Crisis In Economics | |
Essay: The Cost of Bad Ideas | p. 123 |
The Mythical Seventies | p. 126 |
That Eighties Show | p. 128 |
How Did Economists Get It So Wrong? | p. 130 |
Bad Faith, Pathos, and G.O.P. Economics | p. 149 |
What's Wrong with Functional Finance? (Wonkish) | p. 152 |
7 Austerity | |
Essay: Very Serious People | p. 157 |
Myths of Austerity | p. 160 |
The Excel Depression | p. 163 |
Jobs and Skills and Zombies | p. 166 |
Structural Humbug | p. 169 |
8 The Euro | |
Essay: A Bridge Too Far | p. 175 |
The Spanish Prisoner | p. 178 |
Crash of the Bumblebee | p. 181 |
Europe's Impossible Dream | p. 184 |
What's the Matter with Europe? | p. 187 |
9 Fiscal Phonies | |
Essay: The Gullibility of the Deficit Scolds | p. 193 |
The Flimflam Mon | p. 195 |
The Hijacked Commission | p. 198 |
What's in the Ryan Plan? | p. 201 |
Melting Snowballs and the Winter of Debt | p. 203 |
Democrats, Debt, and Double Standards | p. 207 |
On Paying for a Progressive Agenda | p. 210 |
10 Tax Cuts | |
Essay: The Ultimate Zombie | p. 215 |
The Twinkie Manifesto | p. 218 |
The Biggest Tax Scam in History | p. 221 |
The Trump Tax Scam, Phase 2 | p. 224 |
Why Was Trump's Tax Cut a Fizzle? | p. 227 |
The Trump Tax Cut: Even Worse Than You've Heard | p. 230 |
The Economics of Soaking the Rich | p. 234 |
Elizabeth Warren Does Teddy Roosevelt | p. 238 |
11 Trade Wars | |
Essay: Globaloney and the Backlash | p. 243 |
Oh, What a Trumpy Trade War! | p. 246 |
A Trade War Primer | p. 249 |
Making Tariffs Corrupt Again | p. 254 |
12 Inequality | |
Essay: The Skewing of America | p. 259 |
The Rich, the Right, and the Facts | p. 261 |
Graduates versus Oligarchs | p. 282 |
Money and Morals | p. 285 |
Don't Blame Robots for Low Wages | p. 288 |
What's the Matter with Trumpland? | p. 291 |
13 Conservatives | |
Essay: Movement Conservatism | p. 297 |
Same Old Party | p. 299 |
Eric Cantor and the Death of a Movement | p. 302 |
The Great Center-Right Delusion | p. 305 |
The Empty Quarters of U.S. Politics | p. 308 |
14 EEK! Socialism! | |
Essay: Red-Baiting in the 27st Century | p. 313 |
Capitalism, Socialism, and Unfreedom | p. 315 |
Something Not Rotten in Denmark | p. 319 |
Trump versus the Socialist Menace | p. 322 |
15 Climate | |
Essay: The Most Important Thing | p. 327 |
Donald and the Deadly Deniers | p. 329 |
The Depravity of Climate-Change Denial | p. 332 |
Climate Denial Was the Crucible for Trumpism | p. 335 |
Hope for a Green New Year | p. 338 |
16 Trump | |
Essay: Why Not the Worst? | p. 343 |
The Paranoid Style in G.O.P. Politics | p. 345 |
Trump and the Aristocracy of Fraud | p. 348 |
Stop Calling Trump a Populist | p. 351 |
Partisanship, Parasites, and Polarization | p. 354 |
Why It Can Happen Here | p. 358 |
Who's Afraid of Nancy Pelosi? | p. 361 |
Truth and Virtue in the Age of Trump | p. 364 |
Conservatism's Monstrous Endgame | p. 367 |
Manhood, Moola, McConnell, and Trumpism | p. 370 |
17 On The Media | |
Essay: Beyond Fake News | p. 375 |
Bait-and-Switch | p. 377 |
Triumph of the Trivial | p. 380 |
Is There Any Point to Economic Analysis? | p. 383 |
The Year of Living Stupidly | p. 385 |
Hillary Clinton Gets Gored | p. 387 |
18 Economic Thoughts | |
Essay: The Dismal Science | p. 393 |
How I Work | p. 395 |
The Instability of Moderation | p. 407 |
Transaction Costs and Tethers: Why I'm a Crypto Skeptic | p. 411 |
Credits | p. 415 |
Index | p. 417 |