Prosperity for All How to Prevent Financial Crises 1st Edition Roger E.A. Farmer 0190621451 9780190621452

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Product details:

• ISBN 10: 0190621451
• ISBN 13: 9780190621452
• Author: Roger E.A. Farmer

In the aftermath of the 2008 financial crisis, economists around the world have advanced theories to explain the persistence of high unemployment and low growth rates. According to Roger E. A. Farmer, these theories can be divided into two leading schools of thought: the ideas of pre-Keynesian scholars who blame the recession on bad economic policy, and the suggestions of “New Keynesian” scholars who propose standard modifications to select assumptions of Keynes’ General Theory.But Farmer eschews both these schools of thought, arguing instead that in order to mitigate current financial crises-and prevent future ones-macroeconomic theory must become attuned to present-day conditions.

Table of contents:

1 Prosperity for All

2 Keynes Betrayed

3 The Demise of the Natural Rate Hypothesis

4 Let’s Stop Pretending Unemployment Is Voluntary

5 Five Problems with New Keynesian Economics

6 Why Unemployment Persists: The Keynesian Search Model Explained

7 Wall Street and Main Street

8 The New Keynesian Model Explained

9 The Farmer Monetary Model Explained

10 Keynesian Economics without the Consumption Function

11 How to Prevent Financial Crises

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