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The Economic Crisis and the State of Economics brings together leading economists from a diverse set of backgrounds and presents their take on how economics can explain the current crisis but also how the crisis will affect economic thought.
Book Description
Brings together leading economists from a diverse set of backgrounds and presents their take on how economics can explain the current crisis but also how the crisis will affect economic thought
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Most Helpful Customer Reviews
3 of 3 people found the following review helpful:
5.0 out of 5 stars
Burial of main stream equilibrium macro-economics,
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This review is from: The Economic Crisis and the State of Economics (Hardcover)
I commend this short book to anyone interested in learning why the banks collapsed. There are a number of short essays by leading figures, whose contributions are enlightening,and amount, in the sum, to a devastating critique of mainstream American -led macro economics. They underscore the arrogance of many clever, but nearly deranged, number crunchers and mathematical theorists; their greed led them to a lucrative trade in statistical mumbo-jumbo, claiming falsely to be able to attach reliable measured probabilities to future economic events, on the basis of which economic soothesayers- the rating agencies and so-called quants- sold convenient comfort to financial traders and investors on the make. Lord Skidelski and his collaborators have done a great service, worthy of the great Keynes himself, in exposing all this, and I would urge him now to get the contributors to go on further, and to fill out their analysis, which, insightful as it is, is still a little breathless and incomplete in places.
4.0 out of 5 stars
Useful collection of studies,
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This review is from: The Economic Crisis and the State of Economics (Hardcover)
This is a useful collection of essays on the current crisis. It examines why the economics profession failed either to predict or to remedy the crisis.Alan Greenspan, the former chairman of the USA's Federal Reserve, admitted in October 2008, "those of us who looked to the self-interest of lending institutions to protect shareholder's equity (myself especially) are in a state of shocked disbelief ... This modern risk management paradigm held sway for decades. The whole intellectual edifice, however, collapsed." On the theory, the 2008 crisis could not happen. In a superb essay, Paul Davidson, Emeritus Professor of Economics, University of Tennessee, writes, "it is the deregulation of the financial system that began in the 1970s in the United States that is the basic cause of our current financial market distress." The deregulation followed from the theory of efficient markets, the basis of all conventional economics. According to this theory, always and everywhere, "government economic policy is the problem, the free market is the solution." The efficient market theory is based on the assumption that the future is known, by calculating from past statistics. But the world is not just risky but also uncertain. Davidson writes, "Keynes' liquidity theory can provide the explanation. Keynes presumes that the economic future is uncertain. If future outcomes cannot be reliably predicted on the basis of existing past and present data, then there is no actuarial basis for insurance companies to provide holders of these assets protection against unfavourable outcomes. Accordingly, it should not be surprising that insurance companies such as AIG that have written policies to protect asset holders against possible unfavourable outcomes resulting from assets traded in these failing securitized markets find that they have experienced billions of dollars more in losses than they had actually estimated." We need an industrial strategy. As Christopher Bliss, retired Professor of International Economics at Oxford, points out, "For an economy so wedded to imports the scope for import substitution is large."
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Most Helpful Customer Reviews on Amazon.com (beta) Amazon.com:
4.0 out of 5 stars (1 customer review) 1 of 1 people found the following review helpful:
4.0 out of 5 stars
Useful studies of the crisis,
By William Podmore - Published on Amazon.com
This review is from: The Economic Crisis and the State of Economics (Hardcover)
This is a useful collection of essays on the current crisis. It examines why the economics profession failed either to predict or to remedy the crisis.Alan Greenspan, the former chairman of the USA's Federal Reserve, admitted in October 2008, "those of us who looked to the self-interest of lending institutions to protect shareholder's equity (myself especially) are in a state of shocked disbelief ... This modern risk management paradigm held sway for decades. The whole intellectual edifice, however, collapsed." On the theory, the 2008 crisis could not happen. In a superb essay, Paul Davidson, Emeritus Professor of Economics, University of Tennessee, writes, "it is the deregulation of the financial system that began in the 1970s in the United States that is the basic cause of our current financial market distress." The deregulation followed from the theory of efficient markets, the basis of all conventional economics. According to this theory, always and everywhere, "government economic policy is the problem, the free market is the solution." The efficient market theory is based on the assumption that the future is known, by calculating from past statistics. But the world is not just risky but also uncertain. Davidson writes, "Keynes' liquidity theory can provide the explanation. Keynes presumes that the economic future is uncertain. If future outcomes cannot be reliably predicted on the basis of existing past and present data, then there is no actuarial basis for insurance companies to provide holders of these assets protection against unfavourable outcomes. Accordingly, it should not be surprising that insurance companies such as AIG that have written policies to protect asset holders against possible unfavourable outcomes resulting from assets traded in these failing securitized markets find that they have experienced billions of dollars more in losses than they had actually estimated." We need an industrial strategy. As Christopher Bliss, retired Professor of International Economics at Oxford, points out, "For an economy so wedded to imports the scope for import substitution is large." |
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