- Hardcover: 486 pages
- Publisher: Encounter Books (November 1, 2011)
- Language: English
- ISBN-10: 1594035245
- ISBN-13: 978-1594035241
- Product Dimensions: 6.4 x 1.5 x 9.3 inches
- Shipping Weight: 1.8 pounds (View shipping rates and policies)
- Average Customer Review: 1 customer review
- Amazon Best Sellers Rank: #853,845 in Books (See Top 100 in Books)
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Money in a Free Society: Keynes, Friedman, and the New Crisis in Capitalism Hardcover – November 1, 2011
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About the Author
He was a member of the Treasury Panel of Independent Forecasters (the so-called ?wise men) between 1992 and 1997, which advised the Chancellor of the Exchequer on economic policy. Lombard Street Research, one of the City of Londons leading economic research consultancies, was founded by him in 1989. He was its Managing Director from 1989 to 2001 and its Chief Economist from 2001 to 2005.
He has been a visiting professor at the Cardiff Business School and the City University Business School (now the Cass Business School). He was awarded the CBE for services to economic debate in 1997. A collection of his papers, with the title Keynes, the Keynesians and Monetarism, was published in September 2007. His latest work, on Central Banking in a Free Society, a response to the current banking crisis, was published by the Institute of Economic Affairs in March 2009. He writes columns on economics for Standpoint and the IEAs journal, Economic Affairs, contributes to newspapers, and appears frequently on radio and television.
Tim has recently set up a new economics consultancy business, International Monetary Research Ltd., which surveys monetary developments in the worlds leading economies and draws conclusions about their investment implications. He is chief executive of the company, which is his latest venture.
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He also shows that deficit spending doesn't work to stimulate the economy. What matters is monetary (Federal Reserve) policy, specifically the quantity of money. The recent Quantitative Easings (QE) are the correct response to the Great Recession, not jobs programs or even tax cuts.
Congdon argues convincingly that the US government was actually responsible for much of the Great Recession, by mistakenly trying to get banks to lend more (a policy that failed), and other misbegotten policies. Overall, this is a must-read for anyone who wants to understand the sorry state of our current economic policies (both government and academic) and how the economy actually works, what is needed to stimulate the economy.
The basic recipe for economic growth is actually pretty simple. First of all, to prevent or correct a recession, the Federal Reserve needs to monitor the quantity of money (not just interest rates): buying and selling bonds in order to inject money into economy, and tighten money when inflation gets too high. Second, keep the budget deficit and government spending under control. Government spending does not create wealth, and monopolizes investment money that could go to more productive uses. Third, let the free market work. The Federal Government shouldn't play favorites. Special-interest groups currently dominate Federal spending. Government regulations and bureaucracy are an enormous drag on growth.