In this short book, Robert Barro, one of the world's leading
economists, examines the causes and consequences of the financial
crash. In particular, he looks at the effects of fiscal stimulus
packages and suggests that, whilst they may lead to an immediate
positive impact on growth, the effect will quickly wear off and the
effect of the so-called stimulus packages will then be negative.
These are important observations given the pressure that Western
governments are under to increase government borrowing in the face
of slowing growth rates. The author moves on to discuss what he
believes will be the next crisis - a crisis of government
indebtedness. This publication is based on a lecture given in July
2011 and such a crisis has, indeed, unfolded. However, Professor
Barro expects that this crisis will not be confined to the
Eurozone. For example, US states are failing to deal with the
problems of both explicit debt and future pensions and social
insurance obligations. The author concludes with suggestions as to
how governments should deal with these growing problems. This
publication should be of interest to all who want to understand the
wider economic implications of the financial crisis and the policy
response to that crisis.
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