- Paperback: 250 pages
- Publisher: Nicholas Brealey Publishing; New edition edition (24 April 1997)
- Language English
- ISBN-10: 1857881486
- ISBN-13: 978-1857881486
- Product Dimensions: 22.8 x 15.4 x 2.6 cm
- Average Customer Review: 1.0 out of 5 stars See all reviews (1 customer review)
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Amazon Bestsellers Rank:
896,983 in Books (See Top 100 in Books)
- #33 in Books > Business, Finance & Law > Professional Finance > Inflation
- See Complete Table of Contents
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Product Description
Product Description
The Western world is in the grip of overwhelming forces which are transforming the economic and business landscape and the lives of ordinary people. We are witnessing the death of perpetual inflation and the beginning of the "zero era". Imagine a world without inflation: prices in the shops rising in some years, but falling in others; pay rising by two or three per cent in the good years, but static or falling in the bad ones; house prices as likely to fall as to rise; and interest rates in the range of two to four per cent. A purely imaginary world? No. This is the way things were most of the time before the onset of perpetual inflation in the years after World War II - and it is the world we are returning to. In the zero era: house prices will do nothing more than creep up and in many years will fall; the "low" levels of housing turnover registered recently will become normal; annual pay rises will no longer be automatic; consumers will be extremely price-sensitive; business pricing will move from "cost-plus" to "price-minus"; both consumers and businesses will have to learn that most prices may go up or down, and some will only ever go down, in contrast to the last 60 years when prices only went up; antiques and works of art will cease to be viewed as speculative investments, and return to being viewed on their intrinsic merits; interest rates, both short and long, will have to fall to levels unseen for a generation; the transition to very low interest rates will bring big profits to bond-holders, but the financial markets will be unstable and there may be financial panics prompted by high debt levels. This volume examines the consequences of the zero inflation era for the housing market, for the world of investment, for consumers and for business. Lambasting the conventional wisdom in economics, this book concludes that the zero era holds out both great promise and great peril. On the positive side, there are the advantages of lower interest rates and the clarity brought by the end of the confusion created by inflation. On the negative side, when the system is riddled with debt and uprepared for anything except prices continually rising, there is the danger of deflation. The book includes a new chapter responding to the debate that greeted the hardback edition.
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Customer Reviews
Most Helpful Customer Reviews
Format:Hardcover
The main prediction in this book is that "house prices will do nothing more than creep up and in many years will fall", but they MORE THAN TREBLED over the next ten years (from £51,400 when this book was published in early 1996 to £160,000 in 2006: Nationwide UK average house prices). They rose further in 2007, and even after all the financial disasters of the last five years stand at £163,000 (early 2012). Yet Bootle's website currently boasts of his skill in "Perceiving that real estate markets were caught up in a bubble".
The secret of becoming an economic "guru" appears to be claiming you were right even when you were terribly wrong. I feel sorry for anyone who took this book seriously and acted on its forecasts - they will have lost out massively as a result.
The secret of becoming an economic "guru" appears to be claiming you were right even when you were terribly wrong. I feel sorry for anyone who took this book seriously and acted on its forecasts - they will have lost out massively as a result.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
2 reviews
2 of 2 people found the following review helpful
A Gold Mine of information from a Trusted Source
10 Mar 2001
Format:Paperback
Few books match what is depicted in "the death of inflation" The importance of this work is even more obvious as we are now several years after the book was originally published. The historical perspective presented is quite interesting, and with the advent of the internet, labor is the true source of the "zero inflation" idea. Price competition is inherently deflationary. This long term study "of studies" will show the average reader that capital, like any other commodity, is just another "fixed asset" in the universe. There is neither more or less of it in the universe, which means that inflation, as we have come to know it, is nothing more than an illusion in the short term, and a fallacy in the long term.
1 of 1 people found the following review helpful
A rethinking of economic theories
8 Mar 2002
Format:Hardcover
The author has successfully discussed the various theoretical works done on "inflation". It had been enlightening to know that many of the great, simple theories in economics simply did not say anything useful. The balanced approach in discussing each issue had been a key feature throughout the book. I would recommend that final year economic students and MBA students should read this excellently written book.
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