from financial crisis to stagnation the destruction of shared prosperity and the role of economics

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From Financial Crisis To Stagnation

Author : Thomas I. Palley
ISBN : 9781107612464
Genre : Business & Economics
File Size : 87. 96 MB
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This book offers a novel explanation of the financial crisis and Great Recession that emphasizes the destruction of shared prosperity over the past thirty years. This contrasts with "black swan" styled explanations that emphasize unexpected financial shocks and speculation. The book explains why the economy is now confronted with stagnation rather than the quick recovery predicted by other accounts.


Author : Thomas I. Palley
ISBN : 9781137265838
Genre : Business & Economics
File Size : 29. 90 MB
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This book explores the process of financialization whereby economies are increasingly dominated by finance capital. This process is characterized by rising income inequality, wage stagnation, increased indebtedness, a rising financial sector share of profits, and tendencies to generate asset price bubbles. The financial crisis of 2008 and the subsequent recession and stagnation represent the latest phase. The book provides a comprehensive treatment of these developments, beginning with a presentation of the empirical evidence. That is followed by economic theory chapters dealing with the macroeconomics of financialization, business cycle effects; microeconomic developments; tendencies toward Minsky-style economic instability; and economic growth effects. The final section of the book focuses on the political economy of financialization and policies to stabilize financial markets.

The End Of Normal

Author : James K. Galbraith
ISBN : 9781451644944
Genre : Business & Economics
File Size : 81. 5 MB
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From one of the most respected economic thinkers and writers of our time, a brilliant argument about the history and future of economic growth. The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europe—and a stale argument between two false solutions, “austerity” on one side and “stimulus” on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000—interrupted only by the troubled 1970s—represented a normal performance. From this perspective, the crisis was an interruption, caused by bad policy or bad people, and full recovery is to be expected if the cause is corrected. The End of Normal challenges this view. Placing the crisis in perspective, Galbraith argues that the 1970s already ended the age of easy growth. The 1980s and 1990s saw only uneven growth, with rising inequality within and between countries. And the 2000s saw the end even of that—despite frantic efforts to keep growth going with tax cuts, war spending, and financial deregulation. When the crisis finally came, stimulus and automatic stabilization were able to place a floor under economic collapse. But they are not able to bring about a return to high growth and full employment. In The End of Normal, “Galbraith puts his pessimism into an engaging, plausible frame. His contentions deserve the attention of all economists and serious financial minds across the political spectrum” (Publishers Weekly, starred review).

Wage Led Growth

Author : M. Lavoie
ISBN : 9781137357939
Genre : Business & Economics
File Size : 23. 16 MB
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This volume seeks to go beyond the microeconomic view of wages as a cost having negative consequences on a given firm, to consider the positive macroeconomic dynamics associated with wages as a major component of aggregate demand.

Keynes And The Cambridge Keynesians

Author : Luigi L. Pasinetti
ISBN : 9780521872270
Genre : Business & Economics
File Size : 49. 98 MB
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Keynes and the Cambridge Keynesians traces the historical development of Keynesian economics.

Fault Lines How Hidden Fractures Still Threaten The World Economy

Author : Raghuram Rajan
ISBN : 9789350295182
Genre : Business & Economics
File Size : 31. 97 MB
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How Hidden Fractures Still Threaten The World Economy is an enlightening book that aims to draw your attention to the fault lines that are present in the world's economy today. The author believes that these fault lines were responsible for the financial crisis that the world saw, in the year 2008. He also believes that the world could be in for some more severe financial situations, if the fault lines that are mentioned in this book are not attended to, immediately. The author mentions his belief that the financial meltdown experienced by the world has been due to these fault lines and not solely due to the choices made by individuals, such as government officials, bankers and homemakers. He believes that the decisions made by these people were made as a logical response to the fault lines in the world's economy. In this book, the author chalks out a fixed course of action that the world's economies must adopt, if they want to see things change for the better. He also chalks out a specific developmental plan for India as well. He stresses upon the fact that the country must act upon the advice that is given in this book, if change is to take place for the better, in the near future.

The Great Stagnation

Author : Tyler Cowen
ISBN : 0525952713
Genre : Business & Economics
File Size : 72. 31 MB
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Tyler Cowen's The Great Stagnation, the eSpecial heard round the world that ignited a firestorm of debate and redefined the nature of our economic malaise, is now-at last-a book. America has been through the biggest financial crisis since the great Depression, unemployment numbers are frightening, media wages have been flat since the 1970s, and it is common to expect that things will get worse before they get better. Certainly, the multidecade stagnation is not yet over. How will we get out of this mess? One political party tries to increase government spending even when we have no good plan for paying for ballooning programs like Medicare and Social Security. The other party seems to think tax cuts will raise revenue and has a record of creating bigger fiscal disasters that the first. Where does this madness come from? As Cowen argues, our economy has enjoyed low-hanging fruit since the seventeenth century: free land, immigrant labor, and powerful new technologies. But during the last forty years, the low-hanging fruit started disappearing, and we started pretending it was still there. We have failed to recognize that we are at a technological plateau. The fruit trees are barer than we want to believe. That's it. That is what has gone wrong and that is why our politics is crazy. Cowen reveals the underlying causes of our past prosperity and how we will generate it again. This is a passionate call for a new respect of scientific innovations that benefit not only the powerful elites, but humanity as a whole.

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