Prosperity for all : how to prevent financial crises / Roger E. A. Farmer.
Material type:![Text](/opac-tmpl/lib/famfamfam/BK.png)
- text
- unmediated
- volume
- 9780190621438 (hardback)
- 330.156 FAR 22
- HD87.5 .F37 2017
- BUS069000 | BUS022000 | BUS039000
Item type | Current library | Call number | Status | Date due | Barcode | Item holds | |
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Calcutta | 330.156 FAR (Browse shelf(Opens below)) | Available | IIMC-0146279 |
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330.156 ELT Keynes and economic policy : | 330.156 EMM Documents related to John Maynard Keynes, Institutionalism at Chicago & Frank H. Knight | 330.156 FAN The General theory of profit equilibrium : | 330.156 FAR Prosperity for all : | 330.156 FLE The Keynesian revolution and its critics : | 330.156 FLE The Keynesian revolution and its critics : | 330.156 FOR Keynes for the twenty-first century : |
Includes bibliographical references (pages 243-262) and indexes.
In the aftermath of the 2008 financial crisis, economists around the world have advanced theories to explain the persistence of high unemployment and low growth rates. According to Roger E. A. Farmer, these theories can be divided into two leading schools of thought: the ideas of pre-Keynesian scholars who blame the recession on bad economic policy, and the suggestions of "New Keynesian" scholars who propose standard modifications to select assumptions of Keynes' General Theory. But Farmer eschews both these schools of thought, arguing instead that in order to mitigate current financial crises-and prevent future ones-macroeconomic theory must become attuned to present-day conditions. Governments need to intervene in asset markets in a manner similar to the recent behavior of central banks, and principal actors in the international economy need to pursue financial stability. The primary mechanism for securing such stability would be for sovereign nations to create sovereign wealth funds backed by the present value of future tax revenues. These funds would function along the lines in which exchange-traded funds currently operate, and in time, they would become the backbone for stabilizing financial markets. 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.
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