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Jeremy Hammond

Ron Paul vs. Paul Krugman: Austrian vs. Keynesian economics in the financial crisis Paperback – April 1, 2012

by Jeremy R. Hammond (Author)

39 ratings

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Why do modern economies go through the “business cycle” of booms and busts? What caused the U.S. housing bubble that precipitated the financial crisis? Who correctly predicted it and who should we listen to for wisdom moving forward? Ron Paul vs. Paul Krugman is an examination of the root cause of the crisis as seen through the eyes of two prominent commentators on the subject, each representing a different school of economic thought. Congressman and presidential candidate Ron Paul is today perhaps the most visible proponent of the Austrian school, whose luminaries include Ludwig von Mises and Nobel Prize-winning economist Friedrich A. Hayek. Nobel Prize-winning economist and New York Times columnist Paul Krugman is today perhaps the most well-known voice for the Keynesian school, whose adherents espouse the theories of British economist John Maynard Keynes. A comparative analysis of these two schools of economic thought as applied to the financial crisis and as promulgated through the views of Ron Paul and Paul Krugman is instructive. Whose school offered more explanatory and predictive power? Whose diagnosis and prescriptions have been better suited to deal with the problem? Who should we listen to now?

Print length

104 pages
Language

English
Publication date

April 1, 2012
Dimensions

6 x 0.24 x 9 inches
ISBN-10

1470070723
ISBN-13

978-1470070724
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Editorial Reviews

Review

"Any work of economics that can make you laugh is at least worth a look. If in less than 100 pages it also informs you about a subject of great importance, it might just qualify as a must-read.

"Jeremy Hammond, a political journalist self-taught in economics and a writer of rare skill, has produced such a book." -- Gene Epstein, Barron's

"The reader does not have to be highly knowledgeable about the world of economic theory to understand Ron Paul vs. Paul Krugman. Clearly written, and with an obvious and well supported perspective..." -- Jim Miles, Foreign Policy Journal

About the Author

Jeremy R. Hammond is an independent political analyst and recipient of the Project Censored Award for Outstanding Investigative Journalism. He is the founder and editor of ForeignPolicyJournal.com and can also be found on the web at JeremyRHammond.com. He is the author of Ron Paul vs. Paul Krugman: Austrian vs. Keynesian economics in the financial crisis and The Rejection of Palestinian Self-Determination: The Struggle for Palestine and the Roots of the Israeli-Arab Conflict. His forthcoming book is on the contemporary U.S. role in the Israeli-Palestinian conflict.

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Product details

Publisher ‏ : ‎ CreateSpace Independent Publishing Platform (April 1, 2012)
Language ‏ : ‎ English
Paperback ‏ : ‎ 104 pages
ISBN-10 ‏ : ‎ 1470070723
ISBN-13 ‏ : ‎ 978-1470070724
Item Weight ‏ : ‎ 5.4 ounces
Dimensions ‏ : ‎ 6 x 0.24 x 9 inches

Best Sellers Rank: #2,714,213 in Books (See Top 100 in Books)
- #1,863 in Money & Monetary Policy (Books)

Customer Reviews:
39 ratings

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5 star		47%
4 star		26%
3 star 0% (0%)		0%
2 star		9%
1 star		18%

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murlinevans

He makes a less than blood-pumping subject matter fun with biting wit

Reviewed in the United States on February 15, 2016

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Paul Krugman is probably one of the most well known economists of the US mainstream. Even if you don't know his NYT mug, his op-eds on Keynesian economic theory permeate any serious discussion of the post-2008 crash and recession. Hammond contrasts these articles with a very different economic solution offered by US Rep. Ron Paul of Texas. Using the former's columns juxtaposed beside Paul's often fiery floor speeches adhering the "Austrian School" of economics, Hammond clears the fog to reveal the folly of market fiddling. With malvolent wit and a magician's command of the table, Hammond sends the mind running in several directions at once. He makes a less than blood-pumping subject matter fun with biting wit, relentless attention to sourcing and by sound reason, logic and tight powerful sentences. Whether writing about Palestine, vaccine theory or economics, Hammond makes it his job to make sure you don't miss the unintended consequences of "interventionism.'

3 people found this helpful

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Amazon Customer

I believe in free markets but this is poorly written

Reviewed in the United States on August 18, 2017

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This book is difficult to read. When comparing two men's ideas show more of their work and less of yours. Paragraphs are disjointed with paraphrased ideas and snippets of quotes interspersed to the point it hurts the eyes. Larger portions of their respective texts would be much more palatable so I could get a feel for each person and his ideas separately. A back and forth could come after, but not before laying out each side's arguments in totality. Also the overuse of paraphrased ideas and short quotes gives the impression that one is not getting the full story on their views, and is being propagandized.

When getting to know people's perspectives I want to take some time with just their words, and leave the authors opinions out of it until necessary. This book would do much better by taking entire (if condensed) essays of each person instead of a chopped up and mangled up head to head and back and forth of their ideas with the balanced skewed heavily in one persons favor (even though I too believe the man is wrong).

One person found this helpful

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Kindle Customer

What has Krugman ever gotten right

Reviewed in the United States on February 27, 2019

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I'm sorry but, Paul Krugman has gotten virtually everything wrong when he tries to predict something. Richard Feynman said that it's not really science if it can predict (look it up on YouTube). Yet Krugman keeps doing his incorrect predictions, and political rants in the New York Times. I would like to think that a Nobel prize winner would at least get one or two things right now and then. At least we had this exposure.

3 people found this helpful

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Brian Rushka

Read this book.

Reviewed in the United States on May 8, 2016

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I really like this book! I commend the author for his clear perspective.

I must admit, the 2007-8 financial crisis fascinates me. (Shortly after reading this book, I rented the movie "The Big Short").

I find the book quite accessible. You don't need a background in economics or finance to follow the book.

Since the purpose of the book is to contrast the ideas of Paul Krugman and Ron Paul, I fully expected the author to have a definite conclusion to share. The author relies on published statements from the two opponents. He quotes them both frequently and at length, with citations you can check. As events have unfolded through the crisis, we are shown the stark contrast between the recommendations, explanations and responses of the two antagonists. This is the kind of illumination an economic disaster demands.

If, like me, you believe that our monetary and financial system is a house of cards, then this book might guide you to ask the right questions. I believe this issue is the most important thing for each of us to tackle today. More important than terrorism, immigration or health care.

3 people found this helpful

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Amazon Customer

Five Stars

Reviewed in the United States on March 23, 2017

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Hayek was right and Keynes was wrong. Enough said.

2 people found this helpful

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Alex P. Keaton

Excellent. Required reading.

Reviewed in the United States on October 26, 2013

Verified Purchase

Are you disturbed by the fact that you've worked hard and diligently saved your money, but now your savings account yields less than 1% interest? Are you curious as to which economists think punishing savers is a good idea?

Mr.Hammond has written a timely book regarding the current economic misery in America and its intellectual foundations. I am quite stunned to read the reviews that claim Mr.Hammond is being biased; he provides COMPLETE references to all his quotes so you can see that nothing is taken out of context. Facts vindicate those who are correct and expose those who are not. There's no bias here. It is crucial to note that this book discusses economic theory. This is not a "Republican vs. Democrat" issue! There are PLENTY of big government republicans out there. Democrats can appreciate Austrian economics as much as Libertarians do. This book is about acknowledging the fact that economics is a behavioral science. Paul Krugman assumed that a housing bubble would be acceptable because it would slowly fade away as the economy improved; he was wrong. His understanding of the economy is parochial. His inability to admit his mistakes is obvious. His fundamental dishonesty is disgusting. Skeptical democrats need look no further than Jan 2013, (NY Times, "Be Ready To Mint That Coin"), when the good professor suggested a trillion dollar coin. Seriously? If you're a liberal and even Jon Stewart is mocking you, you know you've done something wrong.

All kidding aside, Krugman is a poor economist and more than a decade of editorials and blog posts confirm this. Krugman pays homage to Keynes, a splendid mathematician but a poor economist, (not surprisingly, there isn't a single Fabian Socialist that you can call a competent economist). His editorials and blog posts, particularly read now in 2013, are utterly moronic. Perhaps this could be forgiven (hindsight is 20/20 afterall) except that many did see the problems that awaited us because of the fed's actions (Ron Paul being one of those people). NY deserves better and the NY Times can certainly do better. For anyone who thinks this book is biased or who just assumes the author is biased because he is criticizing Krugman, have a look at the references. The book is 100 pages, it can be read in no time. Read the book, then go online and see for yourself if the author is biased.

Ron Paul was right; Krugman was wrong.

Truly excellent work by Mr.Hammond.

20 people found this helpful

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Jim Cox

Two thumbs up!

Reviewed in the United States on June 5, 2013

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This short book gives the relevant quotes from Ron Paul and Paul Krugman. I don't know of any other source for such a comprehensive comparison of what these two leaders had to say about monetary policy and the housing bust. Two thumbs up!

17 people found this helpful

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Nom

And the winner is ?

Reviewed in France on March 29, 2013

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R. P. vs P. K. J'avais des doutes sur les capacité de P. K. a donner des bons conseils pratiques sur l'économie, c'est confirmé;. Cependant P. K. reste un universitaire de grand talent pédagogique, son cours d'économie est remarquable. Quant à R. P., certes il a sans doute raison, mais quel responsable politique oserait aujourd'hui laisser le monde faire faillite, ce serait le chaos pire que la guerre.

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Sebastian Scheerer

Ein verständliches Buch mit überzeugenden Belegen. Großartig.

Reviewed in Germany on May 4, 2013

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Krugman wäre wohl das Sorgenkind für Keynes, wenn der heute noch lebte. Er analysiert nicht die Ursachen der Dotcom- und Immobilien-Blasen. Er ignoriert langfristige Risiken. Vor allem aber leugnet er seine früheren Fehler, die hier in erfrischender Klarheit dargestellt und detailliert belegt werden und aus denen zu lernen er sich standhaft weigert.

3 people found this helpful

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Lot 105

One sided agenda

Reviewed in the United Kingdom on June 13, 2012

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I thought this was going to be an interesting dispassionate comparison of economic theories through use of the two proponents' writings. In fact it seems just a one-sided hatchet job. Mr Paul is made out an omniscient genius while Krugman is conveyed a fool. Selective quoting can appear to prove anything, it leaves this reader feeling none-the-wiser.

4 people found this helpful

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Ron Paul vs. Paul Krugman: Austrian vs. Keynesian economics in the financial crisis Paperback – April 1, 2012

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