Tuesday, September 20, 2011

The Current Economic Crisis

Having read the two articles discussing our current economic crisis and why we have not had any progress, I must agree (mostly) with Paul Krugman in his statement that "the slump in the United States and other advanced economies is the result of a failure of demand." My main concern with the "Larry Summers and Barack Obama" article is that the evidence it provides sounds and feels like gossip to me. I have a very hard time believing that the reason that we have not had any progess with the economy is because of (allegedly) mistreating women. I have to agree with concrete evidence, whether it is the only reason or not. Not only is there evidence in Krugman's article, but it also makes a good amount of sense. I would be very interested to find out others opinions or negations of Krugman's argument.