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Controversial economist to speak in Riga

By Howard Jarvis. 29.04.2013

Paul Krugman
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Paul Krugman to attend economic forum in Riga in July



The organizers of the first Riga Economic Forum have confirmed that Paul Krugman, an American economist, New York Times columnist and Nobel laureate, will be attending the event.

Krugman is a controversial figure in Latvia as he has been highly critical of the country's "internal devaluation" model for overcoming the recent economic crisis. He continues to argue that devaluing the Baltic countries’ national currencies would have been the best way to fight the crisis in the region.

He roundly blames the Latvian government's severe austerity measures for creating one of the biggest economic contractions in Europe since World War II, that the state-imposed austerity is at fault for Latvia's economic growth still not returning to its pre-crisis level.

Krugman is a devotee of Keynesian economics. In one of his most recent books, "End This Depression Now!", he states that the US is in the throes of a depression, not merely an economic crisis. He argues that Keynesian economics got the western world out of a much worse depression in the 1930s, so if we were to follow Keynesian prescriptions now, we could get out of this one too.

The Riga forum will take place on July 24-26.

[pictured: photo by Prolineserver]




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