The Lost Decade
I found Paul Krugman's The Big Zero - how the first decade of the twenty-first century eroded value rather than creating - interesting. This article is deservedly having an impact and references to the Big Zero are springing up everywhere, at least in the liberal press. Many people may actually disagree, particularly in India, which has gained significantly over the last decade, and thousands, if not millions, have their lives transformed by the emergent opportunities in various industries. So, it may be worthwhile to look at Krugman's assessment on balance, and see whether it is fair to write off this decade as a time when nothing happened. In all fairness, Krugman was writing about America. As most American commentators tend to do, he treated the American economic universe as his primary field of observation. And, no doubt, for all the talk of recovery, the mood is particularly gloomy in America. America lost, over all, during the last ten years. It is not just about the e