From the Inside Flap
Financial decisions are not made in a vacuum, yet most books on decision making in finance and economics fail to look at the bigger picture. In order to make sound choices, now and for the future, it is essential that anyone tasked with making them be equipped with the tools to anticipate all possible outcomes and responses.
Drawing on the many changes in economic growth, finance, and globalization the international market has experienced over the last few years, Dynamic Economic Decision Making: Strategies for Financial Risk, Capital Markets, and Monetary Policy provides an overview of a framework for decision making, diverting from the traditional, overlysimplistic, and often misleading short-term view that is widely used today. Dealing with uncertainty and risk, monetary policy and credit conditions, the impact of financial regulation, and other major trends, it offers a comprehensive analysis of the macro-economic and financial forces influencing the contemporary economic landscape.
The book details how decision making responds to actual changes in the economic environment, but that once a choice has been made, decision makers need to consider the implications of their actions, as well as the possible responses and implications that should be anticipated.
Highly relevant to both general readers and professionals, the book offers realistic approaches and applications. Combining three intellectual disciplines—economics, business, and decision making—which have tradition-ally been taught separately, Dynamic Economic Decision Making forges a new path that redefines how we view business choices.
From the Back Cover
"John's book emphasizes the importance of understanding the dynamic nature of the decision process with insightful applications to issues of innovation, growth, and fiscal and monetary policy. This book should be required reading for any decision maker who wishes to understand the framework for decisions and the biases that we all have that may influence our choices."—Arthur B. Laffer, former advisor to President Reagan, coauthor of Return to Prosperity: How America Can Regain Its Economic Superpower Status
"While everywhere based on solid theory, this book is loaded with straightforward heuristics, or rules of thumb, for effective decision making that sweep away the academic gobbledygook that too often clouds forecasting and strategic decision making. In a refreshing commingling of economic principles with real-world business scenarios, Dr. Silvia unravels both the distorting biases and fallacies to which decision makers unwittingly fall prey. For practitioners interested in improving their decision-making skills and for students desiring to acquire them, this book should be a welcome companion."—Edward W. McLaughlin, Robert G. Tobin Professor of Marketing and Director, Undergraduate Program, Charles H. Dyson School of Applied Economics and Management, Cornell University
"With the experience of the Great Recession still fresh in our minds, it's easy to see how most economic problems are the result of intertwined systems. As John Silvia's Dynamic Economic Decision Making makes clear, successful decision making is a process, not an event. While most business texts are filled with complex formulas and abstract theories, what we have here is a balanced explanation that facilitates real-world analysis."—Kermit Baker, PhD, Senior Research Fellow, Joint Center for Housing Studies, Harvard University
"John Silvia's observations about the changes in the economy of the past fifty years are thought-provoking and challenge run-of-the-mill thinking. Rather than using the typical equations found in any macroeconomics textbook, Silvia examines the actual economic data that are used to evaluate the economy. Silvia does not provide the reader with a hammer in search of the perfect nail. He introduces several hammers, all of which can be used to make dynamic economic decisions."—William Davis, PhD, SPHR, Associate Dean of Working Professional Programs, Professor of the Practice of Management, Wake Forest University, Schools of Business
"Few experts understand the economy as much as John Silvia. This book offers a valuable piece of John's expertise that can help business leaders and investors navigate through the economy and the data in an increasingly uncertain world."—Steve Liesman, Senior Economics Reporter, CNBC
