- Paperback: 272 pages
- Publisher: OUP Oxford; New Ed edition (12 Mar 1998)
- Language English
- ISBN-10: 0198294182
- ISBN-13: 978-0198294184
- Product Dimensions: 21.1 x 13.7 x 1.5 cm
- Amazon Bestsellers Rank: 1,549,294 in Books (See Top 100 in Books)
- See Complete Table of Contents
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The book is fresh, provocative, well written, and well argued. I recommend it not only to financial and macro-economists, but to the larger economic community interested in the character and costs of business cycles. (Journal of Economic Literature )
[This] book, unique in its approach...offers an unusual combination of passionate advocacy with precise theoretical reasoning...this book will focus the attention of economists on the idea of constructing risk markets and probably recruit not a few to Schiller's active programme of market creation. (The Economic Journal economists )
[This] book, unique in its approach...offers an unusual combination of passionate advocacy with precise theoretical reasoning...this book will focus the attention of economists on the idea of constructing risk markets and probably recruit not a few to Schiller's active programme of market creation. (The Economic Journal economists )
The Economic Journal economists
"[This] book, unique in its approach...offers an unusual combination of passionate advocacy with precise theoretical reasoning...this book will focus the attention of economists on the idea of constructing risk markets and probably recruit not a few to Schiller's active programme of market creation."
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First Sentence
Living standards are not fully insurable because of moral-hazard problems: if people or organizations knew that their incomes were guaranteed regardless of the amount of effort that they put in, then there would be a markedly reduced incentive to make efforts to maintain income. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
Living standards are not fully insurable because of moral-hazard problems: if people or organizations knew that their incomes were guaranteed regardless of the amount of effort that they put in, then there would be a markedly reduced incentive to make efforts to maintain income. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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4.0 out of 5 stars (1 customer review)
0 of 3 people found the following review helpful:
4.0 out of 5 stars
Great in theory...but we need a futures market for it to work properly, 30 Dec 2007
By Kalenjin - Published on Amazon.com
This review is from: Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks (Clarendon Lectures in Economics) (Paperback)
This is a very practical nuts-and-bolts "How to save the economic world". Macro institutions are neccessary to avoid various prisoner dilemma decision issues.The UN, World Bank, IMF and a few others attempt to carry this mantle, and they do not really execute, and for the same reason - national interest always overides collective interests.
With regards to environmental issues, Shiller's proposals in this text would be quite good at addressing the current conflicts that exist in formulating an agreement.
In the end, however, the best voting and pricing machine is the market. If we price carbon in the marketplace and limit its release, market prices will reflect all known information about carbon.
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