Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful.
Click play to listen. Recorded on November 2, 2006.
A professor of economics and international affairs at Princeton, Krugman's professional reputation rests largely on work in international trade and finance. He is one of the founders of the "new trade theory," a major rethinking of the theory of international trade. He is admired for his ability to translate arcane economic principles into understandable concepts, an ability showcased both in his more general books on the economy and culture (The Great Unraveling: Lost Our Way in the New Century) and, since 2000, his twice-weekly column on the Op-Ed page of The New York Times. In this latter capacity, he has been referred to as "essential reading for the Age of Bush".
