This highly original book puts the crash of 2008 into a broad
perspective by digging deeply into the misguided theories behind
the policies that allowed it to happen. Who was responsible for the
2008 crash? The Decline and Fall of the U.S. Economy: How Liberals
and Conservatives Both Got It Wrong makes it clear that both
parties were at faul—and explains how and why. This broad and
far-reaching book is the first to analyze the crash from the
perspective of evolution, or "punctuated equilibrium." As it
explains, the punctuated boom brings on change, the bust leads back
to a tightly constrained equilibrium. Both conditions pose risks
and both—as William McDonald Wallace argues—can be managed to
reduce the odds that economic imbalances will arise. Focusing on
the policies that created bubbles in housing, stocks, and more,
Wallace pinpoints historical events that gave rise to unrealistic
theories and ideologies, showing how they, in turn, gave rise to
policies that led to collapse. He explains how Darwin's
now-discredited theory of "uniformitarianism" (evolution as a
continuous, smooth process) led economists to ignore how evolution
actually influences economies and economic behavior, and he shows
what we can do so it doesn't happen again.
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