Tyler Cowen's The Great Stagnation, the eSpecial heard round the world that ignited a firestorm of debate and redefined the nature of our economic malaise, is now-at last-a book. America has been thr
A renowned economist describes the post-recession job market that is erasing the middle range, leaving only high-earning jobs that utilize machine intelligence and data analysis and low-earning jobs f
A renowned economist describes the post-recession job market that is erasing the middle range, leaving only high-earning jobs that utilize machine intelligence and data analysis and low-earning jobs f
As the global Great Recession continues, policymakers, economists, and the public are turning to Japenses economic revitalization for answers. Paul Krugman, Nobel laureate in Economics, once said that
After experiencing spectacular economic growth and industrial development for much ofthe postwar era, Japan plunged abruptly into recession in the early 1990s and since then hassuffered a prolonged pe
The days of boom and bubble are over, and the time has come to understand the long-term economic reality. Although the Great Recession officially ended in June 2009, hopes for a new phase of rapid eco
The US economy today is confronted with the prospect of extended stagnation. This book explores why. Thomas I. Palley argues that the Great Recession and destruction of shared prosperity is due to flawed economic policy over the past thirty years. One flaw was the growth model adopted after 1980 that relied on debt and asset price inflation to fuel growth instead of wages. A second flaw was the model of globalization that created an economic gash. Third, financial deregulation and the house price bubble kept the economy going by making ever more credit available. As the economy cannibalized itself by undercutting income distribution and accumulating debt, it needed larger speculative bubbles to grow. That process ended when the housing bubble burst. The earlier post-World War II economic model based on rising middle-class incomes has been dismantled, while the new neoliberal model has imploded. Absent a change of policy paradigm, the logical next step is stagnation. The political chall
The US economy today is confronted with the prospect of extended stagnation. This book explores why. Thomas I. Palley argues that the Great Recession and destruction of shared prosperity is due to flawed economic policy over the past thirty years. One flaw was the growth model adopted after 1980 that relied on debt and asset price inflation to fuel growth instead of wages. A second flaw was the model of globalization that created an economic gash. Third, financial deregulation and the house price bubble kept the economy going by making ever more credit available. As the economy cannibalized itself by undercutting income distribution and accumulating debt, it needed larger speculative bubbles to grow. That process ended when the housing bubble burst. The earlier post-World War II economic model based on rising middle-class incomes has been dismantled, while the new neoliberal model has imploded. Absent a change of policy paradigm, the logical next step is stagnation. The political chall
The shift in the institutional logics of corporate governance towards shareholder value ('Great Reversal in Corporate Governance') coupled with shareholdership's increasing short-termism ('Great Rever
After decades of stagnation during the reign of his father, the 'Barracks King', the performing arts began to flourish in Berlin under Frederick the Great. Even before his coronation in 1740, the crow
The severity of the Great Recession and the subsequent stagnation caught many economists by surprise. But a group of Keynesian scholars warned for some years that strong forces were leading the US toward a deep, persistent downturn. This book collects essays about these events from prominent macroeconomists who developed a perspective that predicted the broad outline and many specific aspects of the crisis. From this point of view, the recovery of employment and revival of strong growth requires more than short-term monetary easing and temporary fiscal stimulus. Economists and policy makers need to explore how the process of demand formation failed after 2007 and where demand will come from going forward. Successive chapters address the sources and dynamics of demand, the distribution and growth of wages, the structure of finance and challenges from globalization, and inform recommendations for monetary and fiscal policies to achieve a more efficient and equitable society.
The severity of the Great Recession and the subsequent stagnation caught many economists by surprise. But a group of Keynesian scholars warned for some years that strong forces were leading the US toward a deep, persistent downturn. This book collects essays about these events from prominent macroeconomists who developed a perspective that predicted the broad outline and many specific aspects of the crisis. From this point of view, the recovery of employment and revival of strong growth requires more than short-term monetary easing and temporary fiscal stimulus. Economists and policy makers need to explore how the process of demand formation failed after 2007 and where demand will come from going forward. Successive chapters address the sources and dynamics of demand, the distribution and growth of wages, the structure of finance and challenges from globalization, and inform recommendations for monetary and fiscal policies to achieve a more efficient and equitable society.
This book provides an alternative foundation for the measurement of the production of nations, and applies it to the US economy for the postwar period. The patterns which result are significantly different from those derived within conventional systems of national accounts. Conventional national accounts seriously distort basic economic aggregates, because they classify military, bureaucratic and financial activities as creation of new wealth, when in fact they should be classified as forms of social consumption which, like personal consumption, actually use up social wealth in the performance of their functions. The difference between the two approaches has an impact not only on basic aggregate economic measures, but also on the very understanding of the observed patterns of growth and stagnation. In a world of burgeoning militaries, bureaucracies, and sales forces, such matters can assume great importance at the levels of both theory and policy.
A decade after the Global Financial Crisis and Great Recession, developed economies continue to struggle under excessive household debt. While exacerbating inequality and political unrest, this debt - when combined with wage stagnation and a shrinking welfare state - has played a key role in maintaining economic growth and allowing households faced with rising costs of living to make ends meet. In Bankruptcy: The Case for Relief in an Economy of Debt, Joseph Spooner examines this economic model and finds it increasingly unsustainable. In a call to action to reduce debt burden, he turns to bankruptcy law, which is uniquely situated as a mechanism of social insurance against the risks of a debt-dependent economy. This book should be read by anyone interested in understanding the problem of consumer debt and how best to address it.
This book offers an analytic history of Britannia (first England and Wales and then Great Britain) over eight hundred years of political turmoil, intermingled with economic stagnation, followed by the
Since its founding in 1954, the National People's Congress of China (NPC) has followed a difficult course of development, a course which has been characterized by periods of limited progress intermingled with periods of stagnation and regression. Political campaigns from the Anti-Rightist Movement (1957–1958) to the Great Leap Forward (1958–1960) to the Cultural Revolution (1966–1976) frustrated the establishment of any consistent policy concerning the appropriate role of the legislature within the one-party, Maoist regime. Mao's death in 1976, however, ushered in a new era of political reform which has included the strengthening of the NPC. In this detailed study of the NPC, Kevin O'Brien examines how the NPC has changed from its founding under Mao through the regime of Deng Xiaoping. He describes the various functions it has served, from the management of intra-elite relations; to the incorporation, and co-optation, of criticisms of regime policies into regime debates; to legislation
Since its founding in 1954, the National People's Congress of China (NPC) has followed a difficult course of development, a course which has been characterized by periods of limited progress intermingled with periods of stagnation and regression. Political campaigns from the Anti-Rightist Movement (1957–1958) to the Great Leap Forward (1958–1960) to the Cultural Revolution (1966–1976) frustrated the establishment of any consistent policy concerning the appropriate role of the legislature within the one-party, Maoist regime. Mao's death in 1976, however, ushered in a new era of political reform which has included the strengthening of the NPC. In this detailed study of the NPC, Kevin O'Brien examines how the NPC has changed from its founding under Mao through the regime of Deng Xiaoping. He describes the various functions it has served, from the management of intra-elite relations; to the incorporation, and co-optation, of criticisms of regime policies into regime debates; to legislation
One of the most influential economists of the decade-and the New York Times bestselling author of The Great Stagnation-boldly argues that just about everything you've heard about food is wrong. Foo
