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Books > History > History of specific subjects > Economic history
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How the Economy Works - Confidence, Crashes, and Self-Fulfilling Prophecies (Hardcover, New)
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How the Economy Works - Confidence, Crashes, and Self-Fulfilling Prophecies (Hardcover, New)
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"Of all the economic bubbles that have been pricked," the editors
of The Economist recently observed, "few have burst more
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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