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The Money Illusion
Market Monetarism, the Great Recession, and the Future of Monetary Policy
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The Money Illusion
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Book Hero Magic created this recommendation. While it's new and still learning, it may not be perfect - your feedback is welcome! IS THIS YOUR NEXT READ?
Ideal for students of economics, policymakers, and anyone interested in monetary theory and the causes of economic crises, particularly those seeking a fresh perspective on recent macroeconomic history.
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Description
Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It’s happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of this century.
Forgoing the usual relitigating of the problems of housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays a groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.
Book Hero Magic summarised reviews for this book. While it's new and still learning, it may not be perfect - your feedback is welcome! HOW HAS THIS BEEN REVIEWED?
Praised for its insightful critique and originality, the book is recommended by leading economists such as Kenneth Rogoff and George Selgin. Reviewers highlight its relevance to current economic challenges and commend its capacity to provoke independent thought and deepen understanding of monetary policy beyond traditional textbooks.
Book Details
INFORMATION
ISBN: 9780226773681
Publisher: The University of Chicago Press
Format: Hardback
Date Published: 03 September 2021
Country: United States
Imprint: University of Chicago Press
Illustration: 78 line drawings, 10 tables
Audience: Professional and scholarly
DIMENSIONS
Spine width: 46.0mm
Width: 152.0mm
Height: 229.0mm
Weight: 739g
Pages: 392
About the Author
Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center at George Mason University. He is the author of The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression and the economics blog TheMoneyIllusion.
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The Money Illusion
The first book-length work on market monetarism, written by its leading scholar. Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It’s happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be...Paperback$4799Unit price /UnavailableAvailableShips in 3-4 weeks -
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