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The Financial Crisis Reconsidered

Aronoff proposes a novel theory to account for the ultimate origins of secular stagnation and economic volatility. He shows how accumulation, which occurs when a person or country earns more than it ever plans to spend, generates both an excess of saving and a deficiency in demand. While savings provide the funds to promote booms, under-consumption ensures that these booms will turn bust and that the economy will fall short of its potential growth rate. Aronoff argues that mercantilists and top income earners engage in accumulation, and that the influence of both types has grown in recent decades. Combining economic theory and historical narrative, this book offers a new perspective of the housing boom and the financial crisis, concluding with innovative policy proposals to reduce accumulation without compromising the benefits of a market economy.

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Detail Information
Series Title
The Financial Crisis Reconsidered
Call Number
-
Publisher
‎ Palgrave Macmillan : ‎ Palgrave Macmillan.,
Collation
‎ 308 pages
Language
English
ISBN/ISSN
978-1349575473
Classification
NONE
Content Type
text
Media Type
computer
Carrier Type
-
Edition
-
Subject(s)
Financial Crisis
Specific Detail Info
-
Statement of Responsibility
Other Information
Cataloger
Suwardi
Source
https://www.amazon.co.uk/Financial-Crisis-Reconsidered-Mercantilist-Stagnation/dp/134957547X
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-
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  • The Financial Crisis Reconsidered
    Aronoff proposes a novel theory to account for the ultimate origins of secular stagnation and economic volatility. He shows how accumulation, which occurs when a person or country earns more than it ever plans to spend, generates both an excess of saving and a deficiency in demand. While savings provide the funds to promote booms, under-consumption ensures that these booms will turn bust and that the economy will fall short of its potential growth rate. Aronoff argues that mercantilists and top income earners engage in accumulation, and that the influence of both types has grown in recent decades. Combining economic theory and historical narrative, this book offers a new perspective of the housing boom and the financial crisis, concluding with innovative policy proposals to reduce accumulation without compromising the benefits of a market economy.
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