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How the Economy Works

How the Economy Works: Confidence Crashes and Self-Fulfilling Prophecies translates the scientific arguments of Expectations, Employment and Prices into English, and although the book was written for the general reader, there will also be much to interest those with a specialist knowledge of economics. It is more important than ever that the public understands the dominant schools of economic thought, how they developed in response to previous crises, and how contemporary economists’ beliefs are influencing the policies that have such a huge impact on peoples’ everyday lives. Many economists recognize that it is time for economics to change. The public is hungry to understand why recessions can be declared over and yet very high unemployment persists. Is inflation around the corner? Must we live with a jobless recovery? Is the fiscal stimulus plan working? What is the role of central banks in the 21st century? This book answers these questions from the perspective of anew theory that combines the best ideas from Keynesian and classical economics and offers a new tool that central banks can use to prevent future bubbles and crashes in the stock market.