Depressions are Different

Paul R. Krugman

Chapter Chapter 1 in Economics for the Curious, 2014, pp 7-18 from Palgrave Macmillan

Abstract: Abstract To this day, you fairly often encounter definitions of economics something like this: ‘Economics concerns itself with the allocation of scarce resources among competing ends.’ Workers trading off income for leisure; consumers choosing between cheese and wine; governments trading off guns for butter: these are the stuff of many a textbook example. There is, we are told, no such thing as a free lunch.

Keywords: Interest Rate; Central Bank; Great Depression; Free Lunch; Usual Rule (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-38359-4_2

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DOI: 10.1057/9781137383594_2

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