The Illusion Of Economic Stability

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The Illusion of Economic Stability

Eli Ginzberg
The Illusion of Economic Stability Book PDF

Author : Eli Ginzberg
Publisher : Routledge
Page : 299 pages
File Size : 40,9 Mb
Release : 2017-07-12
Category : Business & Economics
ISBN : 9781351481021

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The Illusion of Economic Stability by Eli Ginzberg Pdf

In one of the foremost critiques of the widespread view that in market-based economics the fluctuations of the marketplace are essentially self-regulating, Eli Ginzberg argues the reverse. He asserts that government regulation or intervention to provide stability in the capitalist marketplace is a necessity. In this classic statement of macroeconomic theory, Ginzberg argues that self-directed stable economies, devoid of an appreciation of social and psychological factors, are essentially illusory. The ability of strong blocs--corporate, labor, and agricultural--to control the market in the hope of bettering their economic position places great difficulties in the path of securing a stable economy. For Ginzberg, economic fluctuations in the decade preceding the Great Depression can largely be explained by the interaction of technological, psychological, and monetary factors. Without these factors being subjected to some sort of control, economic stability must remain an illusion. The current period of a significant fall-off in earnings, profits, and full employment also followed a decade of unparalleled monetary growth. The concerns Ginzberg raised are relevant once again. It may turn out that the "neoliberalism" of the present has something to say in response to the free market/free society premises currently in vogue. In a brilliant introductory essay, Nobel Laureate Robert M. Solow offers an impressive report card on The Illusion of Economic Stability: "The prose is tighter and more aphoristic than late Ginzberg, and the tone is more detached, even sardonic." He concludes by admitting that a volatile stock market is one more reason why automatic economic stability seems as illusory today as it did when the book first appeared.

The Energy Illusion and Economic Stability

Hui Liang Tsai
The Energy Illusion and Economic Stability Book PDF

Author : Hui Liang Tsai
Publisher : Praeger
Page : 214 pages
File Size : 42,5 Mb
Release : 1989-07-10
Category : Business & Economics
ISBN : STANFORD:36105035100317

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The Energy Illusion and Economic Stability by Hui Liang Tsai Pdf

The result of a massive study by the author of the effects of energy and energy shocks on the world economy, the volume is organized around the theme that energy is an integral feature of the economy and that any interpretation of short-term movements in economic activity is likely to be seriously at fault if it neglects energy supply changes and their repercussions. The author takes both an historical and theoretical approach to the subject, providing students and scholars of energy economics and political economy with a logical framework within which key worldwide energy issues and problems can be analyzed.

Economic Complexity and Equilibrium Illusion

Ping Chen
Economic Complexity and Equilibrium Illusion Book PDF

Author : Ping Chen
Publisher : Routledge
Page : 272 pages
File Size : 47,8 Mb
Release : 2010-04-05
Category : Business & Economics
ISBN : 9781136994876

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Economic Complexity and Equilibrium Illusion by Ping Chen Pdf

The Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations. Economic growth is limited by market extent and ecological constraints. The trade-off between stability and complexity is the foundation of cultural diversity and mixed economies. The new science of complexity sheds light on the sources of economic instability and complexity. This book consists of the major work of Professor Ping Chen, a pioneer in studying economic chaos and economic complexity. They are selected from works completed since 1987, including original research on the evolutionary dynamics of the division of labour, empirical and theoretical studies of economic chaos and stochastic models of collective behavior. Offering a new perspective on market instability and the changing world order, the basic pillars in equilibrium economics are challenged by solid evidence of economic complexity and time asymmetry, including Friedman’s theory of exogenous money and efficient market, the Frisch model of noise-driven cycles, the Lucas model of microfoundations and rational expectations, the Black-Scholes model of option pricing, and the Coase theory of transaction costs. Throughout, a general theory based on complex evolutionary economics is developed, which integrates different insights from Marx, Marshall, Schumpeter, Keynes and offers a new understanding of the evolutionary history of division of labour. This book will be of interest to postgraduates and researchers in Economics, including macroeconomics, financial economics, advanced econometrics and economic methodology.

The Money Illusion

Scott Sumner
The Money Illusion Book PDF

Author : Scott Sumner
Publisher : University of Chicago Press
Page : 415 pages
File Size : 49,8 Mb
Release : 2023-05-06
Category : Business & Economics
ISBN : 9780226826561

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The Money Illusion by Scott Sumner Pdf

The first book-length work on market monetarism, written by its leading scholar. Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It’s happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of the 21st century. Foregoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays the groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.

The Economics of Belonging

Martin Sandbu
The Economics of Belonging Book PDF

Author : Martin Sandbu
Publisher : Princeton University Press
Page : 296 pages
File Size : 51,5 Mb
Release : 2020-06-16
Category : Business & Economics
ISBN : 9780691204536

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The Economics of Belonging by Martin Sandbu Pdf

A radical new approach to economic policy that addresses the symptoms and causes of inequality in Western society today Fueled by populism and the frustrations of the disenfranchised, the past few years have witnessed the widespread rejection of the economic and political order that Western countries built up after 1945. Political debates have turned into violent clashes between those who want to “take their country back” and those viewed as defending an elitist, broken, and unpatriotic social contract. There seems to be an increasing polarization of values. The Economics of Belonging argues that we should step back and take a fresh look at the root causes of our current challenges. In this original, engaging book, Martin Sandbu argues that economics remains at the heart of our widening inequality and it is only by focusing on the right policies that we can address it. He proposes a detailed, radical plan for creating a just economy where everyone can belong. Sandbu demonstrates that the rising numbers of the left behind are not due to globalization gone too far. Rather, technological change and flawed but avoidable domestic policies have eroded the foundations of an economy in which everyone can participate—and would have done so even with a much less globalized economy. Sandbu contends that we have to double down on economic openness while pursuing dramatic reforms involving productivity, regional development, support for small- and medium-sized businesses, and increased worker representation. He discusses how a more active macroeconomic policy, education for all, universal basic income, and better taxation of capital could work together for society’s benefit. Offering real answers, not invective, for facing our most serious political issues, The Economics of Belonging shows how a better economic system can work for all.

Stability of the Financial System

Andreas R. Dombret,Otto Lucius
Stability of the Financial System Book PDF

Author : Andreas R. Dombret,Otto Lucius
Publisher : Edward Elgar Publishing
Page : 556 pages
File Size : 51,7 Mb
Release : 2013-01-01
Category : Business & Economics
ISBN : 9781782547846

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Stability of the Financial System by Andreas R. Dombret,Otto Lucius Pdf

ÔFinancial stability is necessary. To achieve this common target an on-going dialogue is required between industry, policymakers, academia and other relevant stakeholders. This book provides a welcome and refreshing perspective from different standpoints on the issues at stake, and reminds us of the remaining work ahead.Õ Ð Axel Weber, Chair of Supervisory Board, UBS ÔSince 2008, financial stability has moved to the center of the policy stage. This volume, combining contributions from leading policy makers and academics, is the essential introduction to the issues. Must reading.Õ Ð Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, US ÔThere was a world BC (Before Crisis) and there will be a world AD (After Deleveraging) Ð the challenge is to create an effective, efficient yet stable and sustainable financial system for this Ònew worldÓ. This book provides the most comprehensive and thought-provoking basis for action I have seen so far.Õ Ð Paul Achleitner, Chair of Supervisory Board Deutsche Bank AG ÔFinancial stability is an overarching goal. In open and democratic societies, ensuring financial stability is a matter of interest not only to central bankers, academics and financial market players, but also to all well-informed citizens. This book provides an excellent basis for a wide-ranging and rewarding debate.Õ Ð Thomas J. Jordan, Chairman of the Governing Board of the Swiss National Bank ÔThe financial crisis demonstrated conclusively that for central bankers and other policymakers financial stability must always be of paramount concern, for without it the macroeconomy will perform badly and monetary policy will lose its effectiveness. This book underscores the importance of financial stability, laying out the key issues and what must be done to avoid such disasters in the future.Õ Ð William C. Dudley, President of the Federal Reserve Bank of New York, US In the aftermath of the financial crisis, new financial market regulation is being implemented, and increasing numbers of countries are establishing new legislation for macroprudential oversight. Against this backdrop, this thought provoking book provides a platform for the leading international experts to discuss and encourage future debate on financial stability. The breadth and scope of the issues addressed reflect the challenge of developing and consistently implementing a coherent set of financial reforms to promote financial stability. The book advocates the development of financial reforms that are effective in striking the optimal balance between realizing the enormous benefits of efficient financial intermediation, capital allocation and risk management on the one hand, and controlling systemic risks and maintaining financial stability on the other. Making an important contribution to deepening our understanding of the many facets of financial stability, this book will prove a challenging read for policy makers, regulators and central bankers as well as for researchers and scholars in the fields of economics, money, finance and banking.

Public Debt

Giuseppe Eusepi,Richard E. Wagner
Public Debt Book PDF

Author : Giuseppe Eusepi,Richard E. Wagner
Publisher : Edward Elgar Publishing
Page : 192 pages
File Size : 50,7 Mb
Release : 2017-06-30
Category : Business & Economics
ISBN : 9781786438041

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Public Debt by Giuseppe Eusepi,Richard E. Wagner Pdf

Over the past decades, economists have witnessed with growing uneasiness their failure to explain the ballooning of public debt in most countries. This book provides an alternative orientation that explains why concepts of public debt that are relevant for authoritarian regimes are not relevant for democratic regimes. Using methodological individualism and micro-economics, this book overcomes flaws inherent in the standard macro approach, according to which governments manipulate public debt to promote systemic stability. This unique analysis is grounded in the writings of Antonio de Viti de Marco, injecting current analytical contributions and formulations into the framework to offer a forthright insight into public debt and political economy.

The Illusion of Control

Jon Danielsson
The Illusion of Control Book PDF

Author : Jon Danielsson
Publisher : Yale University Press
Page : 287 pages
File Size : 40,7 Mb
Release : 2022
Category : Business & Economics
ISBN : 9780300234817

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The Illusion of Control by Jon Danielsson Pdf

A challenge to the conventional wisdom surrounding financial risk, providing insight into why easy solutions to control the financial system are doomed to fail. Finance brings prosperity and danger. We use measurements of risk to try and control the dangers of investments while maximizing our growth. Current strategies rely on mathematical techniques and historical data to predict future risk, but ignore the human component, failing to take into account the nature of risk inherent in the system. Jón Daníelsson argues that critical risk is generated from within, through the interactions of individuals and perpetuated by their beliefs, objectives, abilities, and prejudices. He asserts that the widespread belief that risk originates outside the financial system frustrates our ability to measure and manage it, and the likely consequences of new regulations will help alleviate small-scale risks but, perversely, encourage excessive risk taking. Daníelsson uses lessons from past and recent crises to show that diversity is the best way to safeguard our financial system.

The Money Illusion

Irving Fisher
The Money Illusion Book PDF

Author : Irving Fisher
Publisher : Simon and Schuster
Page : 109 pages
File Size : 48,5 Mb
Release : 2014-03-27
Category : Business & Economics
ISBN : 9781627939997

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The Money Illusion by Irving Fisher Pdf

In economics, money illusion refers to the tendency of people to think of currency in nominal, rather than real, terms. In other words, the numerical/face value (nominal value) of money is mistaken for its purchasing power (real value). This is false, as modern fiat currencies have no inherent value and their real value is derived from their ability to be exchanged for goods and used for payment of taxes. The term was coined by John Maynard Keynes in the early twentieth century. Almost every one is subject to the "Money Illusion" in respect to his own country's currency. This seems to him to be stationary while the money of other countries seems to change. It may seem strange but it is true that we see the rise or fall of foreign money better than we see that of our own.-IRVING FISHER

The Growth Delusion

David Pilling
The Growth Delusion Book PDF

Author : David Pilling
Publisher : Bloomsbury Publishing
Page : 353 pages
File Size : 50,8 Mb
Release : 2018-01-25
Category : Business & Economics
ISBN : 9781408893722

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The Growth Delusion by David Pilling Pdf

SHORTLISTED FOR THE ORWELL PRIZE FOR POLITICAL WRITING 2019 'A near miracle' Ha-Joon Chang, author of 23 Things They Don't Tell You About Capitalism According to the economy, we have never been wealthier or happier. So why doesn't it feel that way? The Growth Delusion explores how we prioritise growth maximisation without stopping to think about the costs. So much of what is important to our well-being, from safe streets to sound minds, lies outside the purview of statistics. In a book that is both thought-provoking and entertaining, David Pilling argues that our steadfast loyalty to growth is informing misguided policies, and proposes different criteria for measuring our success.

The Illusion of Free Markets

Bernard E. Harcourt
The Illusion of Free Markets Book PDF

Author : Bernard E. Harcourt
Publisher : Harvard University Press
Page : 337 pages
File Size : 50,7 Mb
Release : 2012-11-12
Category : Business & Economics
ISBN : 9780674971325

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The Illusion of Free Markets by Bernard E. Harcourt Pdf

It is widely believed today that the free market is the best mechanism ever invented to efficiently allocate resources in society. Just as fundamental as faith in the free market is the belief that government has a legitimate and competent role in policing and the punishment arena. This curious incendiary combination of free market efficiency and the Big Brother state has become seemingly obvious, but it hinges on the illusion of a supposedly natural order in the economic realm. The Illusion of Free Markets argues that our faith in “free markets” has severely distorted American politics and punishment practices. Bernard Harcourt traces the birth of the idea of natural order to eighteenth-century economic thought and reveals its gradual evolution through the Chicago School of economics and ultimately into today’s myth of the free market. The modern category of “liberty” emerged in reaction to an earlier, integrated vision of punishment and public economy, known in the eighteenth century as “police.” This development shaped the dominant belief today that competitive markets are inherently efficient and should be sharply demarcated from a government-run penal sphere. This modern vision rests on a simple but devastating illusion. Superimposing the political categories of “freedom” or “discipline” on forms of market organization has the unfortunate effect of obscuring rather than enlightening. It obscures by making both the free market and the prison system seem natural and necessary. In the process, it facilitated the birth of the penitentiary system in the nineteenth century and its ultimate culmination into mass incarceration today.

The Illusion of Control

Seyom Brown
The Illusion of Control Book PDF

Author : Seyom Brown
Publisher : Rowman & Littlefield
Page : 220 pages
File Size : 52,7 Mb
Release : 2004-05-26
Category : Political Science
ISBN : 0815702876

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The Illusion of Control by Seyom Brown Pdf

This provocative book assesses the implications of a disturbing trend in U.S. security policy: an increased willingness to use military force as an instrument of diplomacy. In The Illusion of Control, Seyom Brown shows how U.S. officials are relying on force to counter a wide range of threats to America's global interests—eclipsing previous strategies that restricted the use of military force to situations in which the country's vital interests were at stake. Brown points out that a disposition to employ military power broadly as an instrument of diplomacy was on the rise well before September 11, 2001— and it shows every sign of persisting into the future. While resorting to force may seem to be a reliable way to establish control over a disorderly world, Brown cautions that expecting to gain and maintain control through military prowess could turn out to be a dangerous illusion. In fact, employing new military technologies in an effort to control international terrorist activities, wars, and civil conflicts is likely to pull the United States into excessive commitments and imprudent action. Brown analyzes the growing willingness of U.S. government officials to use force, then critically assesses the strategic, political, and moral implications for the United States. Adapting traditional "just war" concepts to contemporary strategic, political, and technological realities, he offers a set of guidelines to help ensure that use-of-force decisions are approached with the judicious care and gravity they warrant.

The Eye of Illusion

Eli Ginzberg
The Eye of Illusion Book PDF

Author : Eli Ginzberg
Publisher : Transaction Publishers
Page : 350 pages
File Size : 49,6 Mb
Release : 1993-01-01
Category : Business & Economics
ISBN : 1412836808

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The Eye of Illusion by Eli Ginzberg Pdf

Eli Ginzberg, the dean of applied economics in the United States, has studied the changing contours of economic and social structures in American for over sixty years. A long-time consultant to the federal government, including the last nine presidents of the United States, his name is indelibly linked with the creation, expansion, and refinement of employment policy and human resource needs. This second volume of memoir reviews in fascinating detail the ideas, events, and personal encounters of Ginzberg's long and distinguished career and illuminates the principal influences that helped to shape his life and work. As in his previous memoir, My Brother's Keeper, which dealt with the Jewish dimension of his life, Ginzberg draws on public and personal history to provide an evocative and intellectually rich account of a tumultuous period in American policy. In the first part the author recounts his unusual family background—his father was an eminent Judaic scholar and his mother a social activist of decidedly unconventional attitudes—and probes the intellectual and emotional roots of his unbreakable ties to New York City and Columbia University. The formative inheritance of scholarship and social concern marked Ginzberg's career in the wider world of academia and government. The chapters in the second part relate his service at the Pentagon throughout World War II and much of the Cold War period, and provide candid and penetrating views of American presidents from Franklin D. Roosevelt to Ronald Reagan. Later chapters dealing with consultation and study missions, in the advanced and underdeveloped world, yield valuable insights into the dynamics of economic change. Ginzberg's long experience as an analyst of US corporations and foundations informs his discussion of the problems and challenges facing these institutions at the end of the twentieth century. A unique blend of autobiographical reflection and clear-sighted observation, The Eye of Illusion will be of interest to sociologists, economists, historians, and political scientists.

Capitalism

Fred L. Block
Capitalism Book PDF

Author : Fred L. Block
Publisher : Univ of California Press
Page : 264 pages
File Size : 45,7 Mb
Release : 2018-05-04
Category : Business & Economics
ISBN : 9780520959071

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Capitalism by Fred L. Block Pdf

Virtually everyone—left, right, and center—believes that capitalist economies are autonomous, coherent, and regulated by their own internal laws. This view is an illusion. The reality is that economies organized around the pursuit of private profit are contradictory, incoherent, and heavily shaped by politics and governmental action. But the illusion remains hugely consequential because it has been embraced by political and economic elites who are convinced that they are powerless to change this system. The result is cycles of raised hopes followed by disappointment as elected officials discover they have no legitimate policy tools that can deliver what the public wants. In Capitalism, leading economic sociologist Fred L. Block argues that restoring the vitality of the United States and the world economy can be accomplished only with major reforms on the scale of the New Deal and the post–World War II building of new global institutions.

Prosperity without Growth

Tim Jackson
Prosperity without Growth Book PDF

Author : Tim Jackson
Publisher : Taylor & Francis
Page : 310 pages
File Size : 55,5 Mb
Release : 2016-12-08
Category : Business & Economics
ISBN : 9781317388227

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Prosperity without Growth by Tim Jackson Pdf

What can prosperity possibly mean in a world of environmental and social limits? The publication of Prosperity without Growth was a landmark in the sustainability debate. Tim Jackson’s piercing challenge to conventional economics openly questioned the most highly prized goal of politicians and economists alike: the continued pursuit of exponential economic growth. Its findings provoked controversy, inspired debate and led to a new wave of research building on its arguments and conclusions. This substantially revised and re-written edition updates those arguments and considerably expands upon them. Jackson demonstrates that building a ‘post-growth’ economy is a precise, definable and meaningful task. Starting from clear first principles, he sets out the dimensions of that task: the nature of enterprise; the quality of our working lives; the structure of investment; and the role of the money supply. He shows how the economy of tomorrow may be transformed in ways that protect employment, facilitate social investment, reduce inequality and deliver both ecological and financial stability. Seven years after it was first published, Prosperity without Growth is no longer a radical narrative whispered by a marginal fringe, but an essential vision of social progress in a post-crisis world. Fulfilling that vision is simply the most urgent task of our times.