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Author: Richard C. Koo
Publisher: John Wiley & Sons
ISBN: 1119984297
Category : Business & Economics
Languages : en
Pages : 516
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Book Description
In Pursued Economy: Understanding and Overcoming the Challenging New Realities for Advanced Economies, celebrated economist and thought leader Richard C. Koo dives deep into the failure of traditional economic solutions to address the economic and social problems of post-Great Recession and post-pandemic economies. Starting with the original concepts of balance sheet recessions and global competition for capital, the author explains why the Great Recession lasted for so long and why well-intentioned policies that worked so well in the past are no longer working today. Readers will discover that advanced economies moved from what the author calls the "golden era" to the "pursued era" of economic development long ago, but the policy debate in these countries continues to be informed by golden era assumptions that are no longer relevant but are still taught in universities. That mismatch has led to an over-reliance on monetary policy and an under-reliance on fiscal policy that are distorting economies and worsening inequality in a profoundly transformed world. With many real-world examples from the author's extensive involvement in the policy debate on economic, banking and trade issues in several countries, including the U.S., the book describes the correct policy mix in the pursued era as distinct from that in the golden era. It also explains the challenges central banks face in fighting inflation after a decade of over-reliance on monetary policy that flooded the world’s economies with unprecedented liquidity. Instead of simply assuming the existence of "trend growth rates", this book tackles the issue of economic growth head-on so as to elucidate the symmetry between the drivers of growth and the drivers of recession. It also argues that the fundamental disconnect between free trade and free capital movements must be addressed in order to maximize the gains from globalization while minimizing its costs. Written in simple language and with a great sense of urgency, Pursued Economy should be of interest to anyone who is concerned about the global economy, financial stability and geopolitics.
Author: Richard C. Koo
Publisher: John Wiley & Sons
ISBN: 1119984297
Category : Business & Economics
Languages : en
Pages : 516
Get Book Here
Book Description
In Pursued Economy: Understanding and Overcoming the Challenging New Realities for Advanced Economies, celebrated economist and thought leader Richard C. Koo dives deep into the failure of traditional economic solutions to address the economic and social problems of post-Great Recession and post-pandemic economies. Starting with the original concepts of balance sheet recessions and global competition for capital, the author explains why the Great Recession lasted for so long and why well-intentioned policies that worked so well in the past are no longer working today. Readers will discover that advanced economies moved from what the author calls the "golden era" to the "pursued era" of economic development long ago, but the policy debate in these countries continues to be informed by golden era assumptions that are no longer relevant but are still taught in universities. That mismatch has led to an over-reliance on monetary policy and an under-reliance on fiscal policy that are distorting economies and worsening inequality in a profoundly transformed world. With many real-world examples from the author's extensive involvement in the policy debate on economic, banking and trade issues in several countries, including the U.S., the book describes the correct policy mix in the pursued era as distinct from that in the golden era. It also explains the challenges central banks face in fighting inflation after a decade of over-reliance on monetary policy that flooded the world’s economies with unprecedented liquidity. Instead of simply assuming the existence of "trend growth rates", this book tackles the issue of economic growth head-on so as to elucidate the symmetry between the drivers of growth and the drivers of recession. It also argues that the fundamental disconnect between free trade and free capital movements must be addressed in order to maximize the gains from globalization while minimizing its costs. Written in simple language and with a great sense of urgency, Pursued Economy should be of interest to anyone who is concerned about the global economy, financial stability and geopolitics.
Author: Richard Koo
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 308
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Book Description
In this groundbreaking book, leading international economist, Richard Koo argues that far from being the sick man of Asia, Japan is suffering from a temporary but highly unusual economic aberration. Economists and business commentators have always assumed that the majority of companies in any economy are forward looking and are trying to maximize profits. They never considered the possibility that a vast majority of companies may be placing their highest priorities on minimizing debt in order to repair their balance sheets. But that remote possibility has been the reality in Japan for the past decade, and more recently in many other countries including at least a part of the US. Balance Sheet Recession argues that contrary to popular belief, it is this massive shift in corporate behavior, instead of structural problems, that is the root cause of both the deflation and the non-performing loan problems that have troubled Japan for so long. It argues that when the causality runs from the corporate balance sheet problems to deflation and banking problems, a highly unconventional policy response is needed to stabilize the economy. After all, the last time anything similar has happened was the 1930s in the US. Richard Koo's experience in dealing with both the US banking crisis of the early 1980s and the Japanese balance sheet and banking problems of the last ten years makes him unique qualified to comment on this situation. He clearly explains how such a recession can happen in any economy following an asset price bubble, and how best to deal with it.
Author: Adam Davidson
Publisher: Vintage
ISBN: 0385353537
Category : Business & Economics
Languages : en
Pages : 337
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Book Description
The brilliant creator of NPR's Planet Money podcast and award-winning New Yorker staff writer explains our current economy: laying out its internal logic and revealing the transformative hope it offers for millions of people to thrive as they never have before. Contrary to what you may have heard, the middle class is not dying and robots are not stealing our jobs. In fact, writes Adam Davidson—one of our leading public voices on economic issues—the twenty-first-century economic paradigm offers new ways of making money, fresh paths toward professional fulfillment, and unprecedented opportunities for curious, ambitious individuals to combine the things they love with their careers. Drawing on the stories of average people doing exactly this—an accountant overturning his industry, a sweatshop owner's daughter fighting for better working conditions, an Amish craftsman meeting the technological needs of Amish farmers—as well as the latest academic research, Davidson shows us how the twentieth-century economy of scale has given way in this century to an economy of passion. He makes clear, too, that though the adjustment has brought measures of dislocation, confusion, and even panic, these are most often the result of a lack of understanding. The Passion Economy delineates the ground rules of the new economy, and armed with these, we begin to see how we can succeed in it according to its own terms—intimacy, insight, attention, automation, and, of course, passion. An indispensable road map and a refreshingly optimistic take on our economic future.
Author: Richard C. Koo
Publisher: John Wiley & Sons
ISBN: 111948216X
Category : Business & Economics
Languages : en
Pages : 338
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Book Description
Get a new perspective from the ‘other half’ of macroeconomics The failure of the vast majority of economists in government, academia and the private sector to predict either the post-2008 Great Recession or the degree of its severity has raised serious credibility issues for the profession. The repeated failures of central banks and other policymakers in all advanced countries to meet their inflation or growth targets in spite of astronomical monetary easing, have left the public rightfully suspicious of the establishment and its economists. The Other Half of Macroeconomics and the Fate of Globalization elucidates what was missing in economics all along and what changes are needed to make the profession relevant to the economic challenges of today. Once the other half of macroeconomics is understood both as a post-bubble phenomenon and as a phase of post-industrial economies, it should be possible for policy makers to devise appropriate measures to overcome difficulties advanced countries are facing today such as stagnation and income inequality. • Shows how it’s possible to devise appropriate policy response to slow wage and productivity growth in these economies • Demonstrates that the effectiveness of monetary and fiscal policy changes as an economy undergoes different stages of development • Argues that tax rules, regulations and even educational system must be revised to match the need of pursued (by emerging nations) countries • Explains the 200-year process of economic development and where that process is taking all of us Inside, Richard C. Koo offers a completely new way of looking at the economic predicament of advanced countries today.
Author: Richard C. Koo
Publisher: John Wiley & Sons
ISBN: 1118179188
Category : Business & Economics
Languages : en
Pages : 373
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Book Description
The revised edition of this highly acclaimed work presents crucial lessons from Japan's recession that could aid the US and other economies as they struggle to recover from the current financial crisis. This book is about Japan's 15-year long recession and how it affected current theoretical thinking about its causes and cures. It has a detailed explanation on what happened to Japan, but the discoveries made are so far-reaching that a large portion of economics literature will have to be modified to accommodate another half to the macroeconomic spectrum of possibilities that conventional theorists have overlooked. The author developed the idea of yin and yang business cycles where the conventional world of profit maximization is the yang and the world of balance sheet recession, where companies are minimizing debt, is the yin. Once so divided, many varied theories developed in macro economics since the 1930s can be nicely categorized into a single comprehensive theory- The Holy Grail of Macro Economics
Author: Ron Davison
Publisher: Figment
ISBN: 9780983823209
Category : Economic development
Languages : en
Pages : 432
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Book Description
The simple but sweeping premise of this book is that a fourth, entrepreneurial economy is emerging. This will be as different from the information economy as that was from the industrial economy before it. Last century we popularized knowledge work, transforming from an industrial economy dependent on child labor to an information economy dependent on adult education. This century we will popularize entrepreneurship, changing what it means to be an employee. Since medieval times, the West has been defined by agricultural, industrial, and information economies. These three economies have transformed religion, politics, and finance. An emerging entrepreneurial economy promises to transform business. Perhaps the most interesting prediction is that social invention will be as common for the next generation as technological invention became in the last century. The Fourth Economy: Inventing Western Civilization is a wildly optimistic book that will change how you think about the past and your future.
Author: Paul Kantor
Publisher: Routledge
ISBN: 1000315851
Category : Social Science
Languages : en
Pages : 266
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Book Description
Here is a book that makes sense of the L.A. riots, homelessness, tax giveaways, and the other big urban issues that are back in the national spotlight. In this streamlined and updated new edition of his classic book, The Dependent City, Paul Kantor now focuses on economic development and social welfare policies to reveal the key dilemmas of American urban politics. Returning to a political economy theme, Kantor explores how city governments have struggled to escape and accommodate the reality of their economic dependency in the policies that they've pursued. Revisiting cities across the nation, Kantor finds not only that they have become more dependent but also that the character of this dependency has changed and deepened. Exploring local regimes in the Frostbelt and Sunbelt and in suburbia, he finds that they frequently act more like captives of big business rather than as representatives of citizens. Local attempts to promote social justice increasingly run up against a wall of economic dependency created by federal policies and business power. This book signals how American cities can find ways of overcoming this dependency by working together with states and the federal government to promote healthy, democratic urban politics. The Dependent City Revisited is an accessible, provocative supplement for a wide variety of courses in urban studies and political economy as well as stimulating reading for anyone who is interested in understanding America's urban mosaic.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 218
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Book Description
Author: Richard C. Koo
Publisher: John Wiley & Sons
ISBN: 1119482151
Category : Business & Economics
Languages : en
Pages : 320
Get Book Here
Book Description
Get a new perspective from the ‘other half’ of macroeconomics The failure of the vast majority of economists in government, academia and the private sector to predict either the post-2008 Great Recession or the degree of its severity has raised serious credibility issues for the profession. The repeated failures of central banks and other policymakers in all advanced countries to meet their inflation or growth targets in spite of astronomical monetary easing, have left the public rightfully suspicious of the establishment and its economists. The Other Half of Macroeconomics and the Fate of Globalization elucidates what was missing in economics all along and what changes are needed to make the profession relevant to the economic challenges of today. Once the other half of macroeconomics is understood both as a post-bubble phenomenon and as a phase of post-industrial economies, it should be possible for policy makers to devise appropriate measures to overcome difficulties advanced countries are facing today such as stagnation and income inequality. • Shows how it’s possible to devise appropriate policy response to slow wage and productivity growth in these economies • Demonstrates that the effectiveness of monetary and fiscal policy changes as an economy undergoes different stages of development • Argues that tax rules, regulations and even educational system must be revised to match the need of pursued (by emerging nations) countries • Explains the 200-year process of economic development and where that process is taking all of us Inside, Richard C. Koo offers a completely new way of looking at the economic predicament of advanced countries today.
Author: Werner Stark
Publisher: Transaction Publishers
ISBN: 9781412825160
Category : Business & Economics
Languages : en
Pages : 342
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Book Description
Written over fifty years ago, History and Historians of Political Economy is now being published for the first time. John Maynard Keynes, after reading the manuscript, called Stark âone of the most learned men on these matters that I have ever come across.â Its publication is an important event in the study of the history of social ideas, particularly economic ideas. Werner Stark's most significant contribution to scholarship is his extensive work in the sociology of knowledge. In this volume, he reveals his parallel analysis of the history of economic thought, highlighting the paramount influence of social and historical factors. The themes of Stark's work are extraordinarily contemporary. He discusses economic historiography and the rational reconstruction method, issues that continue to be debated today. History and Historians of Political Economy is divided into two parts. The first section explains the beginnings of the history of economic thought as well as the theoretical and historical approaches towards the subject. The second section examines the relationship between phenomena and the explanation of phenomena theory. Stark illuminates the insights and limitations of the various approaches of study to the history of economic thought by analyzing the works of Eugen Dühring, Wilhelm Roscher, Karl Marx, Joseph Schumpeter, and many other prominent scholars. History and Historians of Political Economy is of significant value to the studies of economics and sociology. Stark's book raises a number of critical questions: How should past theories be understood and explained? What is the relationship between ideas and events? Do economic theories reflect universal truths or relative ones? These issues are as unsettled today as when originally presented. History and Historians of Political Economy is an essential addition to the libraries of economists, political theorists, sociologists, and historians of ideas.
