Six years ago, the collapse of Lehman Brothers ushered in the worst economic crisis since the Great Depression. Facing similar problems, the United States and Europe chose differing responses, with Europe emphasizing austerity. What can we learn from Europe's experience?
Paul Krugman is a Professor of Economics and International Affairs at Princeton’s School of Public and International Affairs. He is the author or editor of dozens of books and several hundred articles, primarily about international trade and international finance. Krugman is also nationally known for his regular columns in The New York Times. He served on the U.S. Council of Economic Advisers from 1982 – 1983. He was the recipient of the 1991 John Bates Clark Medal, an award given every two years by the American Economic Association to an economist under 40. He was awarded the Nobel Prize for Economics in 2008.