Revisiting times of economic crisis for an idea to resolve difference between fact and theory

In this book Paul Krugman gives a lucid account of the entire major economic crisis from the period of ‘The Great Depression’ of the 1930s. Paul Krugman is the recipient of the 2008 Nobel Prize in Economics. He is a professor of economics and international affairs at Princeton University, and is the author of about twenty books. In this book complex economic terms and situations are described in a simple form so that readers with limited economic knowledge could also comprehend the theme of the book. The anecdotes used are practical and easy to understand. One of the common models used by the author to explain complex situations is that of ‘Baby Sitting Coop at Capitol Hill’. This model is used to explain demand and supply, recession, economic boom etc.