Consequences of Economic Downturn: Beyond the Usual by Martha A. Starr (eds.) PDF

By Martha A. Starr (eds.)

The 2007-09 monetary predicament and monetary downturn inflicted massive hassle at the U.S. inhabitants. This e-book argues that the monetary predicament and resulting recession mirrored not only a malfunctioning of the economic system - but in addition inequalities and insecurities in entry to livelihoods that want well-off teams and go away traditional humans shouldering undue burdens of draw back possibility. This e-book, a suite of unique papers via top social economists and students in comparable fields, examines social, distributional, and moral dimensions of the downturn. it's going to be of wide curiosity to the social-science and economic-policy groups.

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Are Workers Permanently Scarred by Job Displacements? American Economic Review 81(1): 319–24. Sen, Amartya. 1999. Development as Freedom. Oxford: Oxford University Press. , and Rhonda M. Williams. 2000. What Do We Need to Explain About African American Unemployment? In Prosperity for All? The Economic Boom and African Americans. Eds. Robert Cherry and William M. Rodgers III, 188–207. New York: Russell Sage. Stiglitz, Joseph. 2010. Homo economicus: The Impact of the Economic Crisis on Economic Theory.

The EMH in particular seduced mainstream financial and macroeconomists over the past several decades. According to the EMH the market price of an asset at any moment reflects correctly all existing available information regarding its underlying fundamentals. From this perspective, asset price volatility is explained by reference to the arrival of new information that bears on these underlying fundamentals. Even if some market traders are irrational and fail to value assets properly, the market as a whole will correct for any temporary price distortions that result from irrational investing.

By 1970 or so . . the study of financial markets seemed to have been taken over by Voltaire’s Dr. Pangloss, who insisted that we live in the 34 GEORGE D EMA RT INO best of all possible worlds. Discussion of investor irrationality, of bubbles, of destructive speculation had virtually disappeared from academic discourse. (Krugman 2009b; see also Stiglitz 2009a, b)3 The consensus view on the virtues of financial market self-regulation informed the policy stance of Ben Bernanke once he took over as Chair of the Federal Reserve just as it had his predecessor.

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