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Nature 457, 964-965 (19 February 2009) | doi:10.1038/457964a; Published online 18 February 2009

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Recession Watch: Old lessons for a new economics

Bill Emmott1

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Nobel prizewinner Paul Krugman's updated analysis of past economic crises teaches us that recovery now will require more than a new set of rules, explains Bill Emmott.

BOOK REVIEWEDThe Return of Depression Economics and the Crisis of 2008

by Paul Krugman

Penguin/W. W. Norton: 2008. 256 pp/224 pp. £9.99 (pbk)/$24.95 (hbk)

An often-told story about a politician — whose name varies according to the nationality of the teller — has him declaiming loudly that he is a man who sticks to his principles. But, he adds after a coy hesitation, if you don't like those principles, I have some others I could try.