Hubris : why economists failed to predict the crisis and how to avoid the next one / Meghnad Desai.

Format:

Book

Author/Creator:

Desai, Meghnad, author.

Language:

English

Subjects (All):

Economic forecasting.

Financial crisis.

Physical Description:

1 online resource (304 p.)

Place of Publication:

New Haven, [Connecticut] ; London, [England] : Yale University Press, 2015.

Language Note:

English

Summary:

A frank assessment of economists’ blindness before the financial crash in 2007–2008 and what must be done to avert a sequel The failure of economists to anticipate the global financial crisis and mitigate the impact of the ensuing recession has spurred a public outcry. Economists are under fire, but questions concerning exactly how to redeem the discipline remain unanswered. In this provocative book, renowned economist Meghnad Desai investigates the evolution of economics and maps its trajectory against the occurrence of major political events to provide a definitive answer. Desai underscores the contribution of hubris to economists’ calamitous lack of foresight, and he makes a persuasive case for the profession to re-engage with the history of economic thought. He dismisses the notion that one over-arching paradigm can resolve all economic eventualities while urging that an array of already-available theories and approaches be considered anew for the insights they may provide toward preventing future economic catastrophes. With an accessible style and keen common sense, Desai offers a fresh perspective on some of the most important economic issues of our time.

Contents:

""Cover page""; ""Halftitle page""; ""Title page""; ""Copyright page""; ""CONTENTS""; ""FIGURES""; ""PREFACE""; ""ACKNOWLEDGEMENTS""; ""INTRODUCTION Unraveling the Threads""; ""What Happened?""; ""Why Was It Not Anticipated?""; ""An Economic Crisis or a Crisis of Economics?""; ""The Role of Globalization""; ""Where to Next?""; ""PART ONE""; ""Chapter One THE BUILDING BLOCKS""; ""Determining the Wealth of Nations""; ""The “Principle of Motion�""; ""The Certainties of David Ricardo""; ""Had the Bank Issued Excess Currency?""; ""A Dismal Science?""; ""Mathematics of the Markets""

""Chapter Two CYCLES FOR THE CURIOUS""""Where Do Cycles Come From?""; ""A Revolution in Thinking""; ""The Trouble Maker""; ""Creative Destruction""; ""The Long and Short""; ""Chapter Three NEW TOOLS FOR A NEW PROFESSION""; ""Alfred Marshall and the Professionalization of Economics""; ""The Quantity Theory of Money""; ""The Messenger of Market Failure""; ""The Great War and the End of the Steadily Growing Economy""; ""The Great Depression""; ""The False Dawn""; ""A New Toolbox for Economists""; ""The Riddle of Income Growth""; ""Riding the Waves with Eugen Slutsky""

""The Rocking Horse of Ragnar Frisch""""PART TWO""; ""Chapter Four CAUSING A STIR""; ""The Keynesian Revolution""; ""The Model""; ""Keynes�s Argument""; ""Rejectionists Fight Back""; ""The Crippling Embrace""; ""The Policy Legacy of Keynes""; ""The Highpoint of Keynesian Triumph""; ""But Was It Really All Due to Keynes?""; ""Renewal of Attack on Keynesian Economics""; ""Keynesian Economics in Action""; ""The Specter of Inflation""; ""Chapter Five DECLINING FORTUNES""; ""The Oil Shock""; ""Stagflation and the Return of Unorthodox Economics""; ""New Classical Economics""

""The Indeterminacy of Econometric Models""""The New Classical Model""; ""PART THREE""; ""Chapter Six THE NEW GLOBALIZATION""; ""The Long Boom""; ""The Asian Crisis of 1997""; ""The Rise and Collapse of the Great Moderation""; ""Can Capital Be Fairly Valued?""; ""Recession and the Prospect of Recovery""; ""The Crisis in the Eurozone""; ""Chapter Seven THE SEARCH FOR AN ANSWER""; ""The Importance of the Long Perspective""; ""Is the Future Bleak?""; ""NOTES""; ""BIBLIOGRAPHY""; ""INDEX""

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (ebrary, viewed April 11, 2015).

ISBN:

0-300-21607-6

OCLC:

1162220998