{"title":"Richard C. Koo","description":"\u003cp\u003eRichard C. Koo offers insightful analyses into complex economic phenomena, particularly focusing on the dynamics of modern economies and financial crises. His works delve into the mechanisms behind economic stagnation and recovery, providing readers with a clear understanding of macroeconomic principles and their real-world applications.\u003c\/p\u003e\n\n\u003cp\u003eReaders can expect thoughtful explorations of contemporary economic challenges, enriched with rigorous research and practical perspectives. Ideal for those interested in \u003cem\u003eEducation \u0026amp; Reference\u003c\/em\u003e, Koo’s books illuminate the intricate interplay between policy decisions and economic outcomes.\u003c\/p\u003e","products":[{"product_id":"the-holy-grail-of-macroeconomics-by-richard-c-koo-9780470824948","title":"The Holy Grail of Macroeconomics","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003eThe revised edition of this highly acclaimed work presents crucial lessons from Japan's recession that could aid the US and other economies as they struggle to recover from the current financial crisis.\u003c\/p\u003e\n\n\u003cp\u003eThis book is about Japan's 15-year long recession and how it affected current theoretical thinking about its causes and cures. It includes a detailed explanation of what happened to Japan, but the discoveries made are so far-reaching that a large portion of economics literature will have to be modified to accommodate another half to the macroeconomic spectrum of possibilities that conventional theorists have overlooked.\u003c\/p\u003e\n\n\u003cp\u003eThe author developed the idea of yin and yang business cycles where the conventional world of profit maximisation is the yang and the world of balance sheet recession, where companies are minimising debt, is the yin. Once so divided, many varied theories developed in macroeconomics since the 1930s can be nicely categorised into a single comprehensive theory—\u003ci\u003eThe Holy Grail of Macroeconomics\u003c\/i\u003e.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Unknown","offers":[{"title":"Default Title","offer_id":47464356708588,"sku":"9780470824948","price":56.99,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/9780470824948-the-holy-grail-of-macroeconomics.jpg?v=1775048035"},{"product_id":"pursued-economy-by-richard-c-koo-9781119984276","title":"Pursued Economy","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003eIn \u003cem\u003ePursued Economy: Understanding and Overcoming the Challenging New Realities for Advanced Economies\u003c\/em\u003e, celebrated economist and thought leader Richard C. Koo dives deep into the failure of traditional economic solutions to address the economic and social problems of post-Great Recession and post-pandemic economies. Starting with the original concepts of balance sheet recessions and global competition for capital, the author explains why the Great Recession lasted for so long and why well-intentioned policies that worked so well in the past are no longer working today.\u003c\/p\u003e\n\n\u003cp\u003eReaders will discover that advanced economies moved from what the author calls the \"golden era\" to the \"pursued era\" of economic development long ago, but the policy debate in these countries continues to be informed by golden era assumptions that are no longer relevant but are still taught in universities. That mismatch has led to an over-reliance on monetary policy and an under-reliance on fiscal policy that are distorting economies and worsening inequality in a profoundly transformed world.\u003c\/p\u003e\n\n\u003cp\u003eWith many real-world examples from the author's extensive involvement in the policy debate on economic, banking and trade issues in several countries, including the U.S., the book describes the correct policy mix in the pursued era as distinct from that in the golden era. It also explains the challenges central banks face in fighting inflation after a decade of over-reliance on monetary policy that flooded the world's economies with unprecedented liquidity.\u003c\/p\u003e\n\n\u003cp\u003eInstead of simply assuming the existence of \"trend growth rates\", this book tackles the issue of economic growth head-on so as to elucidate the symmetry between the drivers of growth and the drivers of recession. It also argues that the fundamental disconnect between free trade and free capital movements must be addressed in order to maximize the gains from globalization while minimizing its costs. Written in simple language and with a great sense of urgency, \u003cem\u003ePursued Economy\u003c\/em\u003e should be of interest to anyone who is concerned about the global economy, financial stability and geopolitics.\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Unknown","offers":[{"title":"Default Title","offer_id":47471418048748,"sku":"9781119984276","price":71.99,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/9781119984276-pursued-economy.jpg?v=1775242505"}],"url":"https:\/\/bookhero.co.nz\/collections\/richard-c-koo.oembed","provider":"Book Hero","version":"1.0","type":"link"}