Description
In this important and provocative reassessment of the causes and consequences of economic downturns and stagnation, Roger Farmer argues that the central problem is recurring and debilitating crises of confidence in the stock market. The instability caused by the animal spirits creates unemployment and disruptions that have long-term effects. To create stability Farmer proposes that governments intervene in asset markets in a manner similar to the recent behavior of central banks. Written in clear, accessible language by a prominent macroeconomic theorist, Prosperity for All proposes a paradigm shift and policy changes that could successfully raise employment rates, keep inflation at bay, and stimulate growth.
About the Author
Roger Farmer is Research Director at the National Institute of Economic and Social Research in London and a Professor of Economics at the University of Warwick.
Reviews
The book is well written and will be of interest to economists who are looking for new ways to think about macroeconomics." - Journal of Economic Literature
Though Farmer's argument is never cuddly, it accounts for the human emotion that mathematically driven models overlook: when businesspeople feel nervous, they don't invest, resulting in low values and volatile prices-and nervousness is the key emotion of our time. Technical but rarely arid and of interest to economists, investors, and policymakers." - Kirkus Reviews
This is an ambitious, thought-provoking and well-written book that addresses the big macroeconomic questions of the day from an authoritative voice outside the mainstream. You may or may not agree with the conclusions, but it makes for a great, rewarding and stimulating read." - Claudio Borio, Head of the Monetary and Economic Department, Bank for International Settlements
Unafraid of challenging conventional macroeconomics, Farmer is second to none for presenting his views in a pedagogical way without sacrificing their sharpness." - Michel De Vroey, Professor Emeritus, University of Louvain
In this book, Professor Farmer challenges contemporary macroeconomic analysis. This book will no doubt generate debate, from which our profession will surely gain an improved understanding of economic processes." - Arnold Harberger, Distinguished Professor Emeritus, University of California Los Angeles and University of Chicago
Roger Farmer is an exceptional macroeconomist, whose contributions span the range from deep theory to high policy relevance. He argues that beliefs should be as fundamental as preferences, technology, and endowments. Roger's delightful examples and metaphors deepen understanding and add 'fun' to reading the book. His questions and arguments make the book as fascinating to read as a detective story." - William A. Barnett, Oswald Distinguished Professor of Macroeconomics, University of Kansas and Center for Financial Stability
Farmer sees a future free from stock market crashes and deep recessions, problems that he traces to financial panics fed by lender mischief and by abrupt swings in investor psychology. Inventing policies to manage market psychology will be no cakewalk but the task is important, and a serious public conversation about it seems long overdue. Policymakers, academics and informed citizens who want to join this conversation will find lots of help in Farmer's book." - Costas Azariadis, Edward Mallinckrodt Distinguished Professor in Arts & Sciences, Washington University, and Federal Reserve Bank of St. Louis
If you are looking for a lively sketch of mainstream macroeconomics spiced with a provocative alternative model and proposal for achieving full employment by stabilizing asset prices, this is the book you need. Here is the rare treat of an economist who both knows his field and has contributed to it standing back and writing about it in an accessible, non-technical way." - Michael Parkin, Professor Emeritus of Economics, University of Western Ontario
Book Information
ISBN 9780190922405
Author Roger Farmer
Format Paperback
Page Count 296
Imprint Oxford University Press Inc
Publisher Oxford University Press Inc
Weight(grams) 318g
Dimensions(mm) 130mm * 203mm * 15mm
About the Author
Roger Farmer is Research Director at the National Institute of Economic and Social Research in London and a Professor of Economics at the University of Warwick.
Reviews
The book is well written and will be of interest to economists who are looking for new ways to think about macroeconomics." - Journal of Economic Literature
Though Farmer's argument is never cuddly, it accounts for the human emotion that mathematically driven models overlook: when businesspeople feel nervous, they don't invest, resulting in low values and volatile prices-and nervousness is the key emotion of our time. Technical but rarely arid and of interest to economists, investors, and policymakers." - Kirkus Reviews
This is an ambitious, thought-provoking and well-written book that addresses the big macroeconomic questions of the day from an authoritative voice outside the mainstream. You may or may not agree with the conclusions, but it makes for a great, rewarding and stimulating read." - Claudio Borio, Head of the Monetary and Economic Department, Bank for International Settlements
Unafraid of challenging conventional macroeconomics, Farmer is second to none for presenting his views in a pedagogical way without sacrificing their sharpness." - Michel De Vroey, Professor Emeritus, University of Louvain
In this book, Professor Farmer challenges contemporary macroeconomic analysis. This book will no doubt generate debate, from which our profession will surely gain an improved understanding of economic processes." - Arnold Harberger, Distinguished Professor Emeritus, University of California Los Angeles and University of Chicago
Roger Farmer is an exceptional macroeconomist, whose contributions span the range from deep theory to high policy relevance. He argues that beliefs should be as fundamental as preferences, technology, and endowments. Roger's delightful examples and metaphors deepen understanding and add 'fun' to reading the book. His questions and arguments make the book as fascinating to read as a detective story." - William A. Barnett, Oswald Distinguished Professor of Macroeconomics, University of Kansas and Center for Financial Stability
Farmer sees a future free from stock market crashes and deep recessions, problems that he traces to financial panics fed by lender mischief and by abrupt swings in investor psychology. Inventing policies to manage market psychology will be no cakewalk but the task is important, and a serious public conversation about it seems long overdue. Policymakers, academics and informed citizens who want to join this conversation will find lots of help in Farmer's book." - Costas Azariadis, Edward Mallinckrodt Distinguished Professor in Arts & Sciences, Washington University, and Federal Reserve Bank of St. Louis
If you are looking for a lively sketch of mainstream macroeconomics spiced with a provocative alternative model and proposal for achieving full employment by stabilizing asset prices, this is the book you need. Here is the rare treat of an economist who both knows his field and has contributed to it standing back and writing about it in an accessible, non-technical way." - Michael Parkin, Professor Emeritus of Economics, University of Western Ontario
Book Information
ISBN 9780190922405
Author Roger Farmer
Format Paperback
Page Count 296
Imprint Oxford University Press Inc
Publisher Oxford University Press Inc
Weight(grams) 318g
Dimensions(mm) 130mm * 203mm * 15mm
