Re:The second Great Depression has arrived … - Paul Krugman
by DenisM on Thursday December 25, 2008 @05:18PM
(#409797)
1. Yes, he is an economist. He's got a Nobel in Economics just this year. You can diss economics as a whole (Taleb-style or otherwose) but you can not diss Krugman alone.
2. The comparison is not of output of one country to another. The comparison is of one country, Ukraine, to istelf months by month and it shows a 28% YoY decline in manufacturing output. 28% umber is hard to judge without context, so to give perspective second graph shows that 28% is a halmark of a deep depression like the one in 1930s in the US.
3. Recessins are common, 28% drop is not common. Ukraine is in for a lot of pain.
2. The comparison is not of output of one country to another. The comparison is of one country, Ukraine, to istelf months by month and it shows a 28% YoY decline in manufacturing output. 28% umber is hard to judge without context, so to give perspective second graph shows that 28% is a halmark of a deep depression like the one in 1930s in the US.
3. Recessins are common, 28% drop is not common. Ukraine is in for a lot of pain.