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Money in a free society Keynes, Friedman, and the new crisis in capitalism

Tim Congdon

New York Encounter Books 2011

Disponible en FEA - Fac. Econ. Adm. Contab. e Atuária  ACERVO DELFIM NETTO  (B19.24.23 )(Obténgalo)

  • Título:
    Money in a free society Keynes, Friedman, and the new crisis in capitalism
  • Autor: Tim Congdon
  • Materias: Friedman, Milton, 1912-2006; Friedman, Milton, 1912-2006; Money; Quantity theory of money; Fiscal policy; Banks and banking; Macroeconomics; Keynesian economics; MOEDA (ECONOMIA); POLÍTICA FISCAL; Finanzkrise; Geldpolitik
  • Notas: Includes bibliographical references (pages 407-472) and index.
  • Descripción: List of figures -- List of tables -- Foreword -- Summary of key messages -- Acknowledgments -- Introduction -- Part 1: Did His Disciples Betray Keynes? -- Preface -- Essay 1: Were the Keynesians loyal followers of Keynes? -- Essay 2: What was Keynes' best book? -- Essay 3: Keynes, the Keynesians and the exchange rate -- Essay 4: Keynes, Bernanke and Krugman, and the pathologies of capitalism -- Part 2: Is "The Keynesian Revolution" A Factoid? -- Preface -- Essay 5: Did Britain have a "Keynesian revolution"? -- Statistical appendix: Testing the Keynesian-Revolution hypothesis -- Essay 6: Keynesianism, monetarism, and two concepts of the output gap -- Essay 7: Was the U K's great moderation due to Keynesianism, monetarism or what? -- Appendix: What about the United States' great moderation? -- Part 3: Does Fiscal Policy Work?: -- Preface -- Essay 8: Friedman (1948), Friedman (1996) and the effectiveness of fiscal policy in the United States -- Essay 9: Does fiscal policy work? -- Essay 10: Did the 1981 budget refute naive Keynesianism? -- Statistical appendix: Does naive fiscalism or naive monetarism fit the U K data better? -- Essay 11: Do changes in the quantity of money smother fiscal policy? -- Part 4: Was There A "Monetarist Counterrevolution"? -- Preface -- Essay 12: Political economy of monetarism -- Essay 13: How do British and American monetarism compare? -- Essay 14: Criticizing the critics of monetarism -- Part 5: How Does The Economy Work?: -- Preface -- Essay 15: Money, asset prices, and economic activity in the U K -- Essay 16: Money and asset prices in the U S -- Essay 17: Did Bernanke break his promise to Friedman? -- Essay 18: Role of creditism in the great recession -- Statistical appendix: Is fiscal policy effective? -- Notes -- Index.
    Overview: In the 15 years to mid-2007 the world economy enjoyed unparalleled stability (the so-called "Great Moderation"), with steady growth and low inflation. But the period since mid-2007 ("the Great Recession") has seen the worst macroeconomic turmoil since the 1930s. A dramatic plunge in trade, output and employment in late 2008 and 2009 has been followed by an unconvincing recovery. How is the lurch from stability to instability to be explained? What are the intellectual origins of the policy mistakes that led to the Great Recession? What theories motivated policies in the USA and other leading nations? Which ideas about economic policy have proved right? And which have been wrong? Money in a Free Society contains 18 provocative essays on these questions from Tim Congdon, an influential economic adviser to the Thatcher government in the UK and one of the world's leading monetary commentators. Congdon argues that academic economists and policy-makers have betrayed the intellectual legacy of both Keynes and Friedman. These two great economists believed if in somewhat different ways in the need for steady growth in the quantity of money. But Keynes has been misunderstood as advocating big rises in public spending and large budget deficits as the only way to defeat recession. That has led under President Obama to an unsustainable explosion in American public debt. Meanwhile the Fed has ignored extreme volatility in the rate of money growth, contrary to the central message of Friedman's analytical work. In his 1923 Tract on Monetary Reform Keynes said, "The Individualistic Capitalism of today, precisely because it entrusts saving to the individual investor and production to the individual employer, presumes a stable measuring-rod of value, and cannot be efficient-perhaps cannot survive-without one." In Money in a Free Society Congdon calls for a return to stable money growth and sound public finances, and argues that these remain the best answers to the
  • Editor: New York Encounter Books
  • Fecha de creación: 2011
  • Formato: xxxii, 486 pages illustrations 24 cm.
  • Idioma: Inglés

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