It is easy to pick on Paul Krugman. So easy in fact, that it is not even fair sport. However, if you can separate the wheat from the chaff, sometimes there are nuggets of truth in what Krugman writes. For example, please consider The Third Depression.We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives …

Continued here:
How Policy Errors Cause Depressions (and how "in isolation" some things Krugman says make sense)