Crisis Economics
A Crash Course in the Future of Finance
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- 23,99 €
Descrição da editora
Nouriel Roubini was right �
Roubini warned that there was a monstrous bubble in the housing market and that the bursting of that bubble would cause much of the financial system to collapse. And so it has turned out, with even the most seemingly outlandish of Roubini's predictions matched or even exceeded by reality.
How did he do it? For the first decade of his career, Roubini, 51, was a well-regarded but hardly renowned macroeconomist. When the Asian financial crisis struck in 1997, however, he created a Web page � the forerunner of his subscription service, RGE Monitor � that became the go-to place for anyone trying to keep up with the flood of news, data and economic analysis �
His warnings are based on sophisticated modeling and careful data analysis and have often proved right � not just in general but in detail �.
Remember, people dismissed Cassandra's dire prophecies � until they all came true.'
Paul Krugman, Time '100 Most Influential People in the Word 2009
PUBLISHERS WEEKLY
Roubini (Bailouts or Bail-ins), a professor of economics at NYU, was greeted with skepticism when he warned a 2006 meeting of the IMF that a deep recession was imminent. Along with economics historian Mihm, (A Nation of Counterfeiters) Roubini provides an in-depth analysis of the role of crises in capitalist economies from a historical perspective. With thumbnail sketches of nineteenth and twentieth century economic thought from Smith, Keynes, and others, they provide a context for understanding financial markets and the ways in which bankers and politicians relate to them. The authors also offer a theoretical context for understanding the current economic crisis and for using it as "an object lesson... , prevent them, weather them, and clean up after them." Dismissing the "quaint beliefs" that markets are "self-regulating," they take issue with the simplistic populist assumption that the present crisis was caused by greed or something "as inconsequential as subprime mortgages." They blame Alan Greenspan's refusal to use the power of the Fed to dampen unbridled speculation, choosing instead to pump "vast quantities of easy money into the economy and it there for too long." This will be a useful guide for readers attempting to get a handle on the present crisis.
