How the Economy Works: Confidence, Crashes, and Self-Fulfilling Prophecies

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en Limba Engleză Carte Hardback – 13 May 2010
Roger E. A. Farmer traces the swings between classical and Keynesian economics since the early twentieth century, gracefully explaining the elements of both theories. During the Great Depression, Keynes challenged the longstanding idea that an economy was a self-correcting mechanism; but hisschool gave way to a resurgence of classical economics in the 1970s--a rise that ended with the current crisis. Rather than simply allowing the pendulum to swing back, Farmer writes, we must synthesize the two. From classical economics, he takes the idea that a sound theory must explain how individualsbehave--how our collective choices shape the economy. From Keynesian economics, he adopts the principle that markets do not always work well, that capitalism needs some guidance. The goal, he writes, is to correct the excesses of a free-market economy without stifling entrepreneurship and instituting central planning. Recent events have shown that we cannot afford to treat economics as an ivory-tower abstraction. It has a direct impact on our lives by guiding regulators and policymakers as they make decisions with far-reaching practical consequences. Written in clear, accessible language, How the Economy Works makes an argument that no one should ignore.

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ISBN-13: 9780195397918
ISBN-10: 0195397916
Pagini: 208
Ilustrații: 17 halftones, 10 line
Dimensiuni: 147 x 216 x 19 mm
Greutate: 0.39 kg
Editura: Oxford University Press
Colecția OUP USA
Locul publicării: New York, United States


In the morass of me-too books about financial crisis, 'How the Economy Works' stands out as a truly big idea.
This should be essential reading for anyone trying to understand what happened, especially for economists and policymakers focused on recovery.'
An important policy proposal from a top thinker. Farmer balances the traditions of Hayek and Keynes to formulate a new way to stabilize the economy-and to solidify society's confidence about its future prospects.
Readers with a serious interest in this subject will find this timely book informative.

Notă biografică

Roger Farmer, Professor and Chair, Department of Economics, University of California, Los Angeles