End This Depression Now by Paul Krugman Essay - 1497 Words

I. There are several issues that were both discussed in the book End This Depression Now by Paul Krugman and Changing Contours of Work: Jobs and opportunities in the New Economy by Stephen Sweet and Peter Meiksins. The textbook offered a sociological analysis of the nature of work in the new economy, such as the new opportunities in this economy as well and the challenges many workers now face and ultimately how this change the family lives of many. The book also discussed about the new face of the workplace and work in general, which includes issues on inequality and discrimination. The book discussed job security, policies and why workers work more now than they did before or work in 24/7 economy. Lastly, the book talks about the ways on†¦show more content†¦Together, they create a dynamics which strengthens one and weakens the other, and vice versa. Most importantly, the book by Krugman offers a more comprehensive and liberal suggestions on how to address the problem of depression that the country is now facing. According to Krugman, the US is not just experiencing recession but depression. As the country is facing depression, the lives of the people, especially their jobs are affected. The author offers insights on how to reverse the current job trends and crisis through a different Keynesian economic model that is contrary to what the stimulus is all about. The basic argument of the book is that the government cuts on spending ultimately cuts jobs. As more and more people lose their jobs, as consumers, they now limit their purchases on products and services. This in turn also makes demands for products and services lower. Ultimately businesses will have to cut down on their productions. This may mean downsizing which then even lowers the unemployment rate of the country. Government cuts therefore drag the economy even further down instead of stimulating it as what it is intended to do in the first place. This elaboration is not found in the textbook. Although some parts are also discussed, the discussion of Krugman is not as comprehensive as that of the textbook. The suggestions are also not as liberal as that of the textbook. II. There are several problems discussed by our groupShow MoreRelatedMacroeconomic Essay1448 Words   |  6 Pagesmay follow for dealing with the impact of the current world financial crisis. In the year 2007-2008, the global economy has been suffering deeply from the impact of the major financial crisis. This event is considered the worst of its kind in decades, since the great depression. 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