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How the Economy Works: Confidence, Crashes and Self-Fulfilling Prophecies, by Roger E. A. Farmer
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"Of all the economic bubbles that have been pricked," the editors of The Economist recently observed, "few have burst more spectacularly than the reputation of economics itself." Indeed, the financial crisis that crested in 2008 destroyed the credibility of the economic thinking that had guided policymakers for a generation. But what will take its place?
In How the Economy Works, one of our leading economists provides a jargon-free exploration of the current crisis, offering a powerful argument for how economics must change to get us out of it. Roger E. A. Farmer traces the swings between classical and Keynesian economics since the early 20th century, gracefully explaining the elements of both theories. During the Great Depression, Keynes challenged the longstanding idea that an economy was a self-correcting mechanism; but his school gave way to a resurgence of classical economics in the 1970s - a rise that ended with the current crisis.
Rather than simply allowing the pendulum to swing back, Farmer writes, we must synthesize the two. From classical economics, he takes the idea that a sound theory must explain how individuals behave - how our collective choices shape the economy. From Keynesian economics, he adopts the principle that markets do not always work well, that capitalism needs some guidance. The goal, he writes, is to correct the excesses of a free-market economy without stifling entrepreneurship and instituting central planning.
Recent events have shown that we cannot afford to treat economics as an ivory-tower abstraction. It has a direct impact on our lives by guiding regulators and policymakers as they make decisions with far-reaching practical consequences. Written in clear, accessible language, How the Economy Works makes an argument that no one should ignore.
- Sales Rank: #120854 in Audible
- Published on: 2015-12-29
- Format: Unabridged
- Original language: English
- Running time: 275 minutes
Most helpful customer reviews
21 of 23 people found the following review helpful.
Excellent economic work for the layman
By Barb Caffrey
"How the Economy Works: Confidence, Crashes and Self-Fulfilling Prophecies" is an excellent summation of the current problems with the world-wide economy (paying close attention to the American economy), summed up well for the layman. Roger E. A. Farmer is a professor at the University of California-Los Angeles, and perhaps because he's worked so often with students, he did his best to stay away from jargon (as he said in his preface) in order to sum up the best-known economic ideas since the mid-1700s through today and give some idea of what the best course of action might be to alleviate further pain and confusion in the future.
Farmer talked about Adam Smith ("On the Wealth of Nations"), David Hume (Scottish philosopher, who wrote a witty piece about how money is used toward the end of the 18th century that still stands up today), Keynes and Keynesian theory (or, put simply, "Why markets don't always work the way they should"), the turn away from Keynesian economics in the late 1970s-early 1980s, and the "New Keynesianism" that has turned up today that is prevalent in the Obama Administration that is trying to take the best of both classical economics (as seen by Smith, et. al.) and Keynes in order to prevent a second Great Depression.
Does this book succeed? Yes, it does; I am not an economist, but I understood every word of this book, and I believe anyone sufficiently motivated can as well. The main issues -- unemployment and why we have it even in a booming economy (which the current one in the US of A _isn't_), the flow of money from consumers to producers and back again as wages and why that doesn't always work to keep the markets going (which is why governments must get involved to regulate in order to prevent certain collapse -- the main idea of Keynesian economics), why the banks failed from 2006-on and had to be propped up world-wide (it wasn't just an American phenomenon by any means, as Farmer points out) . . . it's all here, in a fairly short, 200-some page book.
Note that while the language isn't pedantic, there are some things that are tougher to understand than others -- such as why the unemployment rate remains no matter how well the economy might be doing, and on the uses of the Federal Reserve ("the Fed"). I appreciated his insights; one of the best, and wittiest, that I found was about "the Fed" and how they try to regulate markets -- but as Farmer dryly said, at this point, "the Fed" can't do much to stimulate the economy -- as the interest rate they use to loan money to banks is already zero, they can't go under that. (I laughed out loud at that line; I gave a paraphrase, as I don't have the book in front of me.)
If you've ever been frustrated at the current economy, this book is for you. If you've ever wanted to know what "the Fed" is, or why it does anything at all, this book is for you. If you want to know why it is that no current economy can approach full employment, this book is for you, and if you want to know why we had to have two TARP bills to bail out the banks -- what the rationale was for them, at any rate (Farmer gave the impression in this book that the jury is still out on whether or not the bills will help, though the intentions were good and the bills certainly staved off a direct and catastrophic collapse) -- this book is for you.
This is a book I'll remember for a long, long time; it's going to stay on my reference shelf, and I will be referring to it again and again. It's an excellent work, not overly pedantic, and it explains a great deal that had been opaque to me before.
Five stars. Highly recommended.
Barb Caffrey
15 of 19 people found the following review helpful.
Well Written Overview of Academic Economics
By Greg Nyquist
Roger Farmer is a professor of economics at UCLA. As such, he appears to accept many of main paradigms that define mainstream academic economics, including belief in the importance of mathematics and many of the constructs of Keynsian macroeconomics and Walrasian general equilibrium. What makes his book How the Economy Works particularly valuable is its overview of some of the main lines of thinking that define academic economics, starting with Hume and Adam Smith and concluding with excellent, brief discussions of Lucas, Prescott, and Kydland. Professor Farmer thankfully avoids any mathematics or pedantic jargon. Indeed, the book is quite well written, so that just about any intelligent reader, whether economically literate or not, can profit from reading it. For those interesting in imbibing a brief outline of mainstream academic economics, I cannot think of a better work.
In the second half of his brief tome, Professor Farmer introduces his own theory concerning the cause of business cycles. Farmer tries to synthesize the two main positions that have dominated modern economics: classical and Keynesian economics. He takes from Keynes the notion that markets do not always work. "In the real world, confidence determines wealth, wealth determines demand, and demand determines employment," Farmer tells us. This doesn't strike me as very convincing. Usually, there's a very good reason why investors and businessmen lose confidence: namely, because the fundamentals of the economy are so deplorable. I suspect that, like most academic economists, Professor Farmer's has only a superficial, over-generalized understanding of the pricing system, so that he doesn't entirely grasp what leads to the market failure he attempts to in his theory to explain. The trouble with the sort of mathematical and macroeconomic approaches popular in mainstream economics is that they create a kind of tunnel vision that blinds the individual to whatever phenomenon cannot be adequately understood by such constructs. The primary problem with the economy has little to do with Keynesian or Chicago-orientated constructs, both of which will mislead more than they enlighten. Nor does it have much to do with lack of confidence or a systematic disconnect between employers wishing to hire and the unemployed, as Farmer suggests. No, what ails the economy is all the toxic debt created by credit expansion and over-leveraged finance. It's very hard for investors, financiers, and businessmen to proceed with confidence when there exists trillions of dollars of suspect debt floating around, threatening to bring the entire financial system to its knees. I don't recall ever running across any mention in Professor Farmer's book of the massive credit bubble that fueled both the stock market and housing bubbles; nor does he have much to say regarding all the toxic debt which precipitated last years crisis in the markets. But therein lies the heart of the problem.
Still, it is interesting to get a glimpse into the mind and thought of one our best, and perhaps most readable, academic economists. Despite my reservations about Professor Farmer's business cycle theory, his book is well worth reading for those interested in the subject.
6 of 7 people found the following review helpful.
Great intro to economics: both theory and practice
By Jesse Walker
I really enjoyed reading this book. It's written for the non-economist, and no prior knowledge of economics is assumed or required. The author balances his time between explaining the history of economics, including key historical figures, key concepts, and (most importantly) how all of that "theory" stuff relates to what actually happens in the real world. There's plenty of discussion of our modern economic crisis, and the author proposes a solution that, while it seems novel, I'm not sure I'm willing to judge (it has to do with the central bank using index funds to prop up the economy in critical times). There's plenty of discussion of both classical and Keynesian economics (both the strengths and the weaknesses of each). Anyway, an excellent primer on economic thought and practice. Well-written, and not terribly long... makes for an informative and enjoyable read.
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