Rating: 
Summary: A View From Outdated Perspective
Review: Economics has passed by the old Harvard/Cambridge
view of the world. Mr. Krugman is an excellent
writer with good sense of old-fashioned trade
theory. However the tools with which he looks
at the world are outmoded and wrong. Economists
now know that they know less about the world than
they once thought. This important news is absent
from Mr. Krugman's book.
Rating: 
Summary: Economics for All of Us
Review: I recently read this book and "Getting it Right" by Barro, both had been assigned reading while I was an undergraduate economics major that I had carefully avoided. Having finished Mr. Krugman's work I very much regret having not read this book earlier (it was my favorite of the two). He does a very good job of writing a well thought out, easy to understand description of the evils of several aspects of our fiscal policy in the US. Two sections in particular, Section III on Policy Problems and Section IV on Financial follies, really spell out the illogical nature of many of our nation's legal and ethical dilemnas. I particularly enjoyed the section on the S&L scandal, which should be required additional reading to "Funny Money" by Mark Singer. It is, to say the least, a fascinating read.If you are interested in understanding how US fiscal policy should function, or how we have fallen into a trap of lowered expectations with regard to the work of our elected representatives, then this is a book that you would very much enjoy.
Rating:
Summary: Understand the economy
Review: It's shocking how few Americans (including the pundits, editors, and financiers who are supposed to know a thing or two) have a good grip on what's really at stake in debates over economic issues. Too often, people focus on a single issue as the cause of all of America's economic troubles, whether globalization, taxes, big business, or what have you. Anything but the fire-breathing liberal dragon that the folks at the National Review make him out to be, Paul Krugman delivers a brief but extremely informative analysis of the big picture of the economy that helps readers become aware of the complexity of the myths and realities surrounding economic life in America. Whatever you think of his political views, Krugman is clearly an outstandingly brilliant economist, and this book will surprise you and inform you in more ways than I can mention in this short review. Most people who remember the irrational exuberance of the late 1990s will find it odd that Krugman would suggest that our age is one of diminished economic expectations (certainly Americans demand amazing - even irrational - economic performance, right?), but Krugman's analysis is indisputable: since the 1970s, real incomes have stagnated and income inequality is on the rise; our national savings is in a pitiable state, and the federal budget is on the road to crisis. And it's not because NAFTA or Japan or taxes or any individual force of evil is holding us back: Americans just don't demand economic performance the way they used to. The great thing about this text is that it's replete with readily accessible economic knowledge, brilliant diagnoses of economic problems, and informative analyses of the way that economic issues are linked together (e.g. the budget/trade deficit, inflation/unemployment, the Fed/growth, etc). This book is extremely easy to read and extremely comprehensive: it'll turn you into an educated voter in a matter of hours. Want to know the real deal on healthcare, inflation, the deficits, and Japan? Get it from one of the most qualified economists in the world, and get it in the most readable format imaginable. I think you'll really enjoy soaking up the knowledge. You don't know economics if you don't know the stuff in this book. Unfortunately this book lacks a serious discussion of the East Asian financal crisis and the info-tech revolution (it's a 1997 edition), which is why I give it 4 stars, but it gets the fundamentals right, and it's stuff you have to know. This book will open your eyes to America's economic potential and help you see through the myths and silences that cloud economic thinking. Read this if you want to understand the fundamental issues facing the American economy.
Rating: 
Summary: A wonderful introduction to great economic thought
Review: Krugman is an excellent writer and a superb economist. This book admirably combines those traits. Krugman's grasp of economic theory and economic reality means that this is a wonderful economic history of the modern United States and explanation of why supply-side and other pop economic doctrines won't work. Buy this for the liberal and the conservative in your family, because each will learn from it.
Rating:
Summary: one of my absolute favorites
Review: krugman is the best big picture econ guy i have come across. his writing is fun and reminds us what econ is about beyond the slew of reported numbers. worth re-reading every now and then.
Rating: 
Summary: Useful and Annoying
Review: Krugman obviously knows his economics and this book serves as a concise overview of U.S. Economic policy for those already familiar with basic economics. That said, Krugman is a whiner who cannot seem to leave his opinions at the door. I was annoyed by his very negative analysis of U.S. Economic policy and I cannot tell what the source of his bitterness is. There is good info mixed with bitterness so I would NOT recommend this to someone that is easily impressionable or new to Economics.
Rating:
Summary: We must strive for more
Review: Krugman's argument in this book is that the US economy, while not doing badly, isn't doing that well. Surely we can do better if only we expect more from our country. He goes on to provide an amazing economics lesson for the lay reader that discusses major economic topics, recent economic issues that are highly political, large problems with our current system, and what the future might hold. The chapters on international finance are particularly well written. It's not the most recent of books, but it explains quite a lot of stuff, and most importantly, as with many of Krugman's books, you get to have a feel for the way an economist thinks. Economics is a state of mind in the sense that the more you study it, the more difficult it becomes to connect with other people. They just won't understand how your mind is thinking about things. What Krugman does is to make economics quite understandable without dumbing it down to the point where most academics would discard it as popular junk. He has strong political leanings that you are aware of if you read his column in the Times, but he is smart, and the "Age of Diminished Expectations" is definitely a good read.
Rating:
Summary: We must strive for more
Review: Krugman's argument in this book is that the US economy, while not doing badly, isn't doing that well. Surely we can do better if only we expect more from our country. He goes on to provide an amazing economics lesson for the lay reader that discusses major economic topics, recent economic issues that are highly political, large problems with our current system, and what the future might hold. The chapters on international finance are particularly well written. It's not the most recent of books, but it explains quite a lot of stuff, and most importantly, as with many of Krugman's books, you get to have a feel for the way an economist thinks. Economics is a state of mind in the sense that the more you study it, the more difficult it becomes to connect with other people. They just won't understand how your mind is thinking about things. What Krugman does is to make economics quite understandable without dumbing it down to the point where most academics would discard it as popular junk. He has strong political leanings that you are aware of if you read his column in the Times, but he is smart, and the "Age of Diminished Expectations" is definitely a good read.
Rating:
Summary: Excellent analysis. Poor forecast.
Review: Paul Krugman is a world class economist. He foresees and understands economic trends better than most. His explanation of fiscal policies, international trade, and macroeconomic concepts are entertaining and clear. Unfortunately, nothing he foresees comes true. In this book, he makes a case that because of recurring budget deficits causing a decline in our national savings rate, our investment rate will drop. This will cause a decline in productivity, and a resulting decline in the growth of our economy (GDP) and our living standard (GDP per capita). Thus, this will result in "The Age of Diminished Expectations." The rest is history as they say. The nineties did not turn out the way Paul Krugman envisioned them. The economy increased rapidly, and so did living standards. He did not foresee the huge net foreign investments that bridged the gap between our low domestic savings rate and our high investment rate. Well, nobody is perfect. Economic forecasting is challenging at best. Overall, it is still a very interesting and informative book. Everything he said in it will eventually be true, it is just a matter of when. But, it certainly was not true during the nineties which was his timeframe target at the time he wrote the book.
Rating:
Summary: Excellent analysis. Poor forecast.
Review: Paul Krugman is a world class economist. He foresees and understands economic trends better than most. His explanation of fiscal policies, international trade, and macroeconomic concepts are entertaining and clear. Unfortunately, nothing he foresees comes true. In this book, he makes a case that because of recurring budget deficits causing a decline in our national savings rate, our investment rate will drop. This will cause a decline in productivity, and a resulting decline in the growth of our economy (GDP) and our living standard (GDP per capita). Thus, this will result in "The Age of Diminished Expectations." The rest is history as they say. The nineties did not turn out the way Paul Krugman envisioned them. The economy increased rapidly, and so did living standards. He did not foresee the huge net foreign investments that bridged the gap between our low domestic savings rate and our high investment rate. Well, nobody is perfect. Economic forecasting is challenging at best. Overall, it is still a very interesting and informative book. Everything he said in it will eventually be true, it is just a matter of when. But, it certainly was not true during the nineties which was his timeframe target at the time he wrote the book.
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