The second Great Depression has arrived … - Paul Krugman

http://krugman.blogs.nytimes.com/2008/12/25/the-second-great-depression-has-arrived/

by Anon84 • 18 years ago

11 12 18 years ago

krugman.blogs.nytimes.com

AndrewWarner• 18 years ago

scare tactic by a journalist to get attention. He's referring to Ukraine.

andyking• 18 years ago

I don't think Paul Krugman is the kind of low-ranking hack who'd need to get attention in that way.

kragen• 18 years ago

Regardless of whether he would need to, or what kind of person would do such a thing, that's exactly what he did.

kingkongrevenge• 18 years ago

He's a hack. God do I look forward to the liquidation of the new york times so we don't have to put up with friedman and krugman anymore. Not to mention about five others.

Tichy• 18 years ago

I am starting to wonder if "don't trust economists who run a column" would be a useful rule of thumb. Yes I know he won the nobel price, but so far his columns left me unimpressed.

danteembermage• 18 years ago

How much oil production is there in Ukraine? Don't they also produce a lot of grain, which has gone through big price swings as well? I don't know enough to criticize, I'm just wondering if commodity price swings directly affect GDP or only indirectly through lost revenue.

DenisM2• 18 years ago

No oil.

Ukraine depends on imports to meet about three-fourths of its annual oil and natural gas requirements.

https://www.cia.gov/library/publications/the-world-factbook/...

unperson• 18 years ago

I don't really understand the merits of comparing the production of a few months in one country to that of several years in another, but then again I'm not an economist (is he?).

For those interested, here is the source for his US data with a full history (rather than a selective sample), which clearly shows that recessions are relatively common:

http://research.stlouisfed.org/fred2/series/INDPRO

DenisM2• 18 years ago

1. Yes, he is an economist. He's got a Nobel in Economics just this year. You can diss economics as a whole (Taleb-style or otherwose) but you can not diss Krugman alone.

2. The comparison is not of output of one country to another. The comparison is of one country, Ukraine, to istelf months by month and it shows a 28% YoY decline in manufacturing output. 28% umber is hard to judge without context, so to give perspective second graph shows that 28% is a halmark of a deep depression like the one in 1930s in the US.

3. Recessins are common, 28% drop is not common. Ukraine is in for a lot of pain.

delano• 18 years ago

This is bullshit.

lionheart• 18 years ago

Can we get "in Ukraine" added to the title?

fauigerzigerk• 18 years ago

It appears to be the third not the second great depression for Ukraine. According to the world fact book they had a 40% GDP decline in the nineties. I suspect it's mostly commodities related this time.

The second Great Depression has arrived … - Paul Krugman

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