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Prosperity For All: How To Prevent Financial Crises Reprint Edition
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Review
ways to think about macroeconomics." - Journal of Economic Literature"Though Farmer's argument is never cuddly, it accounts for the human emotion that mathematically driven models overlook: when businesspeople feel nervous, they don't invest, resulting in low values and volatile prices-and nervousness is the key emotion of our time. Technical but rarely arid and of interest to economists, investors, and policymakers." - Kirkus Reviews
"This is an ambitious, thought-provoking and well-written book that addresses the big macroeconomic questions of the day from an authoritative voice outside the mainstream. You may or may not agree with the conclusions, but it makes for a great, rewarding and stimulating read." - Claudio Borio, Head of the Monetary and Economic Department, Bank for International Settlements"Unafraid of challenging conventional macroeconomics, Farmer is second to none for presenting his views in a pedagogical way without sacrificing their sharpness." - Michel De Vroey, Professor Emeritus, University of Louvain"In this book, Professor Farmer challenges contemporary macroeconomic analysis. This book will no doubt generate debate, from which our profession will surely gain an improved understanding of economic processes." - Arnold Harberger, Distinguished Professor Emeritus, University of California Los Angeles and University of Chicago"Roger Farmer is an exceptional macroeconomist, whose contributions span the range from deep theory to high policy relevance. He argues that beliefs should be as fundamental as preferences, technology, and endowments. Roger's delightful examples and metaphors deepen understanding and add 'fun' to reading the book. His questions and arguments make the book as fascinating to read as a detective story." - William A. Barnett, Oswald Distinguished Professor of Macroeconomics, University of Kansas and Center for Financial Stability"Farmer sees a future free from stock market crashes and deep recessions, problems that he traces to financial panics fed by lender mischief and by abrupt swings in investor psychology. Inventing policies to manage market psychology will be no cakewalk but the task is important, and a serious public conversation about it seems long overdue. Policymakers, academics and informed citizens who want to join this conversation will find lots of help in Farmer's book." - Costas Azariadis, Edward Mallinckrodt Distinguished Professor in Arts & Sciences, Washington University, and Federal Reserve Bank of St. Louis"If you are looking for a lively sketch of mainstream macroeconomics spiced with a provocative alternative model and proposal for achieving full employment by stabilizing asset prices, this is the book you need. Here is the rare treat of an economist who both knows his field and has contributed to it standing back and writing about it in an accessible, non-technical way." - Michael Parkin, Professor Emeritus of Economics, University of Western Ontario
Book Description
About the Author
- ISBN-100190922400
- ISBN-13978-0190922405
- EditionReprint
- PublisherOxford University Press
- Publication dateAugust 29, 2018
- LanguageEnglish
- Dimensions0.6 x 7.9 x 5.1 inches
- Print length296 pages
Product details
- Publisher : Oxford University Press; Reprint edition (August 29, 2018)
- Language : English
- Paperback : 296 pages
- ISBN-10 : 0190922400
- ISBN-13 : 978-0190922405
- Item Weight : 11.4 ounces
- Dimensions : 0.6 x 7.9 x 5.1 inches
- Best Sellers Rank: #5,774,659 in Books (See Top 100 in Books)
- #1,082 in Macroeconomics (Books)
- #1,501 in Econometrics & Statistics
- Customer Reviews:
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About the author

Professor Farmer, a world-leading macro-economist is currently a Distinguished Professor of Economics at UCLA.
Professor Farmer is a high profile and award winning economist. He was the Senior Houblon-Norman fellow at the Bank of England in 2013 and has published numerous scholarly articles in leading academic journals as well as books which have been translated into several languages. He is a Fellow of the Econometric Society, Research Associate of the National Bureau of Economic Research, Research Associate of the Centre for Economic Policy Research, Fellow Commoner of Cambridge University and co-editor of the International journal of Economic Theory.
He has also served as a consultant to the Federal Reserve Bank of Atlanta, the Reserve Bank of Australia, the European Central Bank and the Bank of England and is a Visiting Scholar at the Federal Reserve Bank of San Francisco. He is a co-winner of the 2013 Maurice Allais Prize in Economic Science for his work on the inefficiency of financial markets; and in 2000, he received the University of Helsinki Medal in recognition of his work on self-fulfilling prophecies.
Also prolific in the media, Professor Farmer has written op eds for the Financial Times, The Guardian, Project Syndicate and VoxEu, among others.
Recent books include Prosperity for All: How to Prevent Financial Crises, How the Economy Works: Confidence, Crashes and Self-fulfilling Prophecies and Expectations, Employment and Prices. His books and recent academic papers provide a new macroeconomic paradigm and monetary and fiscal framework for economic stability in the 21st Century.
His research interests include the causes of unemployment; the role of the confidence; market psychology and self-fulfilling prophecies; the stock market and business cycle; new approaches to monetary and fiscal policy; and the role of the Fed.
Professor Farmer writes a top blog http://rogerfarmerblog.blogspot.co.uk/ and you can also follow him on twitter @farmerrf
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Using a vocabulary and formalism easily accessible by the broad public, the book analyzes the reasons behind the failure of mainstream theories, urges for a change in economic perspectives and transparently proposes an appealing and coherent alternative.
In his book, Farmer shows his admirable effort of spreading knowledge and, even more importantly, of creating knowledge by fearlessly evading the cage defined by the existing theories and exploring the inspiring territory of his paradigm.
While being a pleasant and approachable reading for those who aim at deepening their understanding of the current debate in the field of macroeconomics, this book also establishes foundations and ideas that main exponents in the academic world and policy environment will find fascinating and sound.
