Roger E.A. Farmer
How the Economy Works: Confidence, Crashes and Self-Fulfilling Prophecies
September 16, 2018 Comments.. 202
How the Economy Works Confidence Crashes and Self Fulfilling Prophecies Of all the economic bubbles that have been pricked the editors of The Economist recently observed few have burst spectacularly than the reputation of economics itself Indeed the financial crisis th

  • Title: How the Economy Works: Confidence, Crashes and Self-Fulfilling Prophecies
  • Author: Roger E.A. Farmer
  • ISBN: 0000195397916
  • Page: 323
  • Format: Hardcover
  • Of all the economic bubbles that have been pricked, the editors of The Economist recently observed, few have burst spectacularly than the reputation of economics itself Indeed, the financial crisis that crested in 2008 destroyed the credibility of the economic thinking that had guided policymakers for a generation But what will take its place In How the Economy Of all the economic bubbles that have been pricked, the editors of The Economist recently observed, few have burst spectacularly than the reputation of economics itself Indeed, the financial crisis that crested in 2008 destroyed the credibility of the economic thinking that had guided policymakers for a generation But what will take its place In How the Economy Works, one of our leading economists provides a jargon free exploration of the current crisis, offering a powerful argument for how economics must change to get us out of it Roger E A Farmer traces the swings between classical and Keynesian economics since the early twentieth century, gracefully explaining the elements of both theories During the Great Depression, Keynes challenged the longstanding idea that an economy was a self correcting mechanism but his school gave way to a resurgence of classical economics in the 1970s a rise that ended with the current crisis Rather than simply allowing the pendulum to swing back, Farmer writes, we must synthesize the two From classical economics, he takes the idea that a sound theory must explain how individuals behave how our collective choices shape the economy From Keynesian economics, he adopts the principle that markets do not always work well, that capitalism needs some guidance The goal, he writes, is to correct the excesses of a free market economy without stifling entrepreneurship and instituting central planning Recent events have shown that we cannot afford to treat economics as an ivory tower abstraction It has a direct impact on our lives by guiding regulators and policymakers as they make decisions with far reaching practical consequences Written in clear, accessible language, How the Economy Works makes an argument that no one should ignore.

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      Published :2018-09-16T12:31:09+00:00

    1 Blog on “How the Economy Works: Confidence, Crashes and Self-Fulfilling Prophecies

    1. Steve says:

      This is a short book--maybe too short, since it would be hard to understand without some knowledge of economics. As usual with academic economists, the author is somewhat divorced from the real world, in that he attributes the housing crunch to the market being unable to "properly price toxic assets", rather than to greed and fraud. However, unlike those tenured academic economists who never tire of pontificating about how someone else should lose their job, Farmer seems genuinely aware of the c [...]

    2. Projection says:

      I felt lost and confounded through out the book. The author was unable to justify a single thesis and every chapter just looked like an economic history lesson where few sentences were taken from different books and combined together without any coherent explanation.However, This book scores for the comparison the author draws between Free(Classical) Market Economics versus Keynesian economics and a brief introduction of how classical economics evolved.

    3. Christopher Obert says:

      Roger Farmer’s book is a little dry to read but I feel it is an important work to read and consider. Farmer starts the book with a history of Classical and Keynesian Economics then moves into, what I found most interesting, how all of this impacts our lives. The book speaks to the conflict of ideas and how the government works to try and understand and implement policy. Sometimes it works…

    4. Ali Ebrahimi says:

      این جمله رو جناب فارمر ابتدای فصل شش کتاب اقتصاد چگونه کار میکند از زبان جان آدامز، دومین رییس جمهور ایالات متحده، 1787، آورده که بسیار جالب و درخور توجه هست و می تونه دلیلی برای خوندن این کتاب باشه:”همه سرگشتگی ها و پریشانی ها در آمریکا آن قدر که از جهل محض نسلت به ماهیت سکه و اع [...]

    5. Leo Svoboda says:

      Quick summary of evolution of the competing theories guiding economic policy for the last century followed by the missing link. Farmer makes an attempt to reconcile the differences between classical and Neo-Keynesian economics and it is interesting but has concerning implications in my opinion. I am sure the academic work, which would likely go over my head, would reconcile some of these concerns. The book is the story of how confidence influences economic decisions and should be the focus of go [...]

    6. Jonathan says:

      A few very interesting thoughts. A distinction between wealth and income in Keynesian stimulus is one I hadn't been introduced to before. Pair this with other works discussing a "sharing" economy and wonder whether it bodes ill.More importantly, the reviews of economic theory in this work are too brief. It was clearly intended for a lay audience and as a gateway to his longer-form work, but could easily have doubled in length without daunting the uninitiated.

    7. FGS says:

      Farmer explain in a crystal, straightforward, concise way the evolution of the economics' theory.From the classical to the Keynesians economists. Beautifully written, easy to follow.A very good book to deepen your knowledge into how the economy work over time from a macro perspective.

    8. Andreas says:

      Short clear book about macro-economics. Main contribution for me was exposing New-Keynesianism as founded on a fairy story (the natural rate hypothesis) and as blatantly non-Keynesian to begin with. Farmer's own model is interesting and internally consistent, and should be refined, well thought through (I am somewhat sceptical about interfering with the stock market, and think Farmer may underestimate the repercussions) and considered to be used by central banks. I would advise the book only to [...]

    9. R K says:

      It's very good b/c it informs the average person about the Economy and explains what happened to cause major recessions in the past. It is a bit over the top of the head especially for those who have no knowledge on economics but it does have a glossary at the back and honestly I went in with no knowledge and came out with a bunch of answers. It's good. Give it a shot and just go with it, even if you don't understand things at first.

    10. Youze da Funk says:

      good on tracking the arc of debates in academic economics over the last century, but the explanations for key concepts are too sparse for a beginner. While the really basic, broad stuff is fairly clear, I'm still confused about specific concepts such as, for instance, the role of quantitative easing.

    11. Giri Namasivayam says:

      Useful explanation of differences between classical and Keynesian economic theories, using several depressions and recessions as example, all the way up to the 2008 Great Recession. Also provides a description of the linkages between interest rates, stock market, demand, supply, wealth, and unemployment.

    12. Rendier says:

      Nice explanation of the history of economic thought, and an interesting proposal to reduce the number of financial crisi' (??). But I still believe that less involvement in the market is better than more

    13. Eric says:

      Remarkably readable and understandable for a book on economics. I am convinced his observations are almost entirely accurate but I am not convinced that his solution is viable (either politically or economically). But a good effort to put extremely important issues out on the table.

    14. Yolanda Ruiz says:

      Easy, clear and short! Interesting book for having a first perspective in economic thought!

    15. Joel Justiss says:

      One economist extends current macroeconomic theories to explain recent recessions and recommends an approach for addressing the current one.

    16. Mikedariano says:

      for an introduction to the economy read Greg ip's 'little book' and save this one for later.

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