Narrative and Numbers: The Value of Stories in Business (Columbia Business School Publishing) | Can We Avoid Another Financial Crisis? (The Future of Capitalism) | After Piketty: The Agenda for Economics and Inequality | Adaptive Markets: Financial Evolution at the Speed of Thought | The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction | Expectations, Employment and Prices | Macroeconomics in Times of Liquidity Crises | Macroeconomics of Self-Fulfilling Prophecies | How the Economy Works
But Farmer eschews both these schools of thought, arguing instead that in order to mitigate current financial crises-and prevent future ones-macroeconomic theory must become attuned to present-day conditions. Governments need to intervene in asset markets in a manner similar to the recent behavior of central banks, and principal actors in the international economy need to pursue financial stability. The primary mechanism for securing such stability would be for sovereign nations to create sovereign wealth funds backed by the present value of future tax revenues. These funds would function along the lines in which exchange-traded funds currently operate, and in time, they would become the backbone for stabilizing financial markets.
Written in clear, accessible language by a prominent macroeconomic theorist, Prosperity for All proposes a paradigm shift and policy changes that could successfully raise employment rates, keep inflation at bay, and stimulate growth.
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