Buch, Englisch, 360 Seiten, Format (B × H): 159 mm x 228 mm, Gewicht: 692 g
ISBN: 978-1-118-51566-2
Verlag: WILEY
In The Road to Recovery, Andrew Smithers--one of a handful of respected economists to have accurately predicted the most recent global financial crisis--argues that the neoclassical consensus governing global economic decision-making must be revised in order to avoid the next financial collapse. He argues that the current low interest rates and budget deficits have prevented the recession becoming a depression but that those policies cannot be continuously repeated and a new consensus for action must be found. He offers practical guidance on reducing government, household, and business debt; changing the economic incentives for the management class that currently inhibit long-term growth; and rebalancing national economies both internally and externally. Further, he explains how central bankers must broaden the economic theories that guide their decisions to include the major factors of debt and asset prices.
* Offers practical, real-world economic policies for restructuring and rebalancing the global economic system
* Presents a modern economic theory for preventing the next collapse
* Ideal for economists, investors, fund managers, and central bankers
* Written by an economist described by the legendary Barton Biggs as "one of the five best, most dispassionate, erudite analysts in the world"
As the global economy continues the long climb out of recession, it's imperative that central bankers and other economic decision-makers not repeat the mistakes of the past. The Road to Recovery offers prescriptive guidance on redesigning an economic system that is healthy, stable, and beneficial to all.
Autoren/Hrsg.
Fachgebiete
- Sozialwissenschaften Politikwissenschaft Regierungspolitik Wirtschafts- und Finanzpolitik
- Wirtschaftswissenschaften Wirtschaftswissenschaften Wirtschaft: Sachbuch, Ratgeber
- Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzkrisen
- Wirtschaftswissenschaften Volkswirtschaftslehre Finanzkrisen, Wirtschaftskrisen
- Wirtschaftswissenschaften Volkswirtschaftslehre Wirtschaftspolitik, politische Ökonomie
Weitere Infos & Material
Foreword ix
Chapter 1 Introduction 1
Chapter 2 Why the Recovery Has Been So Weak 3
Chapter 3 Alternative Explanations for Today's Low Business Investment and High Profit Margins 47
Chapter 4 Forecasting Errors in the UK and the US 61
Chapter 5 Cyclical or Structural: The Key Issue for Policy 69
Chapter 6 The Particular Problem of Finance and Banking 81
Chapter 7 Japan Has a Similar Problem with a Different Cause 107
Chapter 8 The End of the Post-War Era 125
Chapter 9 Misinformation as a Barrier to Sound Policy Decisions 149
Chapter 10 Avoiding Future Financial Crises 169
Chapter 11 The Current High Level of Risk 179
Chapter 12 Inflation 195
Chapter 13 Prospects Not Forecasts 219
Chapter 14 Tackling the Bonus Culture 229
Chapter 15 The Need for Change in Economic Theory and the Resistance to It 237
Chapter 16 Summary and Conclusions 255
Appendix 1 Mean Reversion of US Profit Margins 259
Appendix 2 Goods' Output Requires Much More Capital Than Service Output 261
Bibliography 263
Acknowledgements 269
Index 271
