The road to recovery : how and why economic policy must change / Andrew Smithers ; [foreword by Martin Wolf].

Format:

Book

Author/Creator:

Smithers, Andrew.

Language:

English

Subjects (All):

Economic policy.

Financial crises--Prevention.

Financial crises.

Physical Description:

xiii, 279 p. : col. ill.

Edition:

1st edition

Place of Publication:

Chichester, West Sussex : John Wiley & Sons Ltd., 2013.

Language Note:

English

System Details:

text file

Summary:

Renowned economist Andrew Smithers offers prescriptive advice and economic theory on avoiding the next financial crisis 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.

Contents:

Cover

Title page

Copyright page

Contents

Dedication

Foreword

1: Introduction

2: Why the Recovery Has Been So Weak

3: Alternative Explanations for Today's Low Business Investment and High Profit Margins

4: Forecasting Errors in the UK and the US

5: Cyclical or Structural: The Key Issue for Policy

6: The Particular Problem of Finance and Banking

7: Japan Has a Similar Problem with a Different Cause

8: The End of the Post-War Era

9: Misinformation as a Barrier to Sound Policy Decisions

10: Avoiding Future Financial Crises

11: The Current High Level of Risk

12: Inflation

13: Prospects Not Forecasts

14: Tackling the Bonus Culture

15: The Need for Change in Economic Theory and the Resistance to It

16: Summary and Conclusions

Appendix 1: Mean Reversion of US Profit Margins

Appendix 2: Goods' Output Requires Much More Capital Than Service Output

Bibliography

A Note on Data Sources

Acknowledgements

Index.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references and index.

Description based on print version record and CIP data provided by publisher.

ISBN:

9781118515693

1118515692

9781118745243

1118745248

9781118515679

1118515676

OCLC:

852763675