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Keen deserves a Nobel. Krugman deserves a thick ear.

Just finished "End this depression now!", which I picked up in a charity shop. Krugman really has no interest in the relationship between asset price bubbles and the credit bubbles other than to suggest that when they burst, the government steps into the breach. You just get a throw away line about the economy not being a "morality play". I found Cassidy's How Markets Fail much more 'reality based'. It seems to me that Krugman has no interest in the role of speculation on margin and no willingness to entertain and deal with the possibility that the extant financial structures are so dysfunctional and potent that they will subvert any naive attempt to fix the real economy. Ultimately, he is as naive as Greenspan. Greenspan thought that the financial sector could do no wrong. Krugman seems to think that the financial sector is a rounding error. Keen gets my vote.

Edited by ex nihilo de novo
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