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Author: Nicola Gennaioli Publisher: Princeton University Press ISBN: 0691182507 Category : Business & Economics Languages : en Pages : 264
Book Description
How investor expectations move markets and the economy The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today’s most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today’s unpredictable financial waters.
Author: Nicola Gennaioli Publisher: Princeton University Press ISBN: 0691182507 Category : Business & Economics Languages : en Pages : 264
Book Description
How investor expectations move markets and the economy The collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today’s most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks. Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people—and how financial and economic instability persist. A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today’s unpredictable financial waters.
Author: Moritz Schularick Publisher: University of Chicago Press ISBN: 022681694X Category : Business & Economics Languages : en Pages : 318
Book Description
An authoritative guide to the new economics of our crisis-filled century. Published in collaboration with the Institute for New Economic Thinking. The 2008 financial crisis was a seismic event that laid bare how financial institutions’ instabilities can have devastating effects on societies and economies. COVID-19 brought similar financial devastation at the beginning of 2020 and once more massive interventions by central banks were needed to heed off the collapse of the financial system. All of which begs the question: why is our financial system so fragile and vulnerable that it needs government support so often? For a generation of economists who have risen to prominence since 2008, these events have defined not only how they view financial instability, but financial markets more broadly. Leveraged brings together these voices to take stock of what we have learned about the costs and causes of financial fragility and to offer a new canonical framework for understanding it. Their message: the origins of financial instability in modern economies run deeper than the technical debates around banking regulation, countercyclical capital buffers, or living wills for financial institutions. Leveraged offers a fundamentally new picture of how financial institutions and societies coexist, for better or worse. The essays here mark a new starting point for research in financial economics. As we muddle through the effects of a second financial crisis in this young century, Leveraged provides a road map and a research agenda for the future.
Author: Bethany McLean Publisher: Penguin ISBN: 1101551054 Category : Business & Economics Languages : en Pages : 503
Book Description
Hailed as "the best business book of 2010" (Huffington Post), this New York Times bestseller about the 2008 financial crisis brings the devastation of the Great Recession to life. As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, many devils helped bring hell to the economy. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the financial meltdown and its consequences.
Author: Philip Mirowski Publisher: Verso Books ISBN: 1781683026 Category : Political Science Languages : en Pages : 497
Book Description
At the onset of the Great Recession, as house prices sank and joblessness soared, many commentators concluded that the economic convictions behind the disaster would now be consigned to history. Yet in the harsh light of a new day, attacks against government intervention and the global drive for austerity are as strong as ever. Never Let a Serious Crisis Go to Waste is the definitive account of the wreckage of what passes for economic thought, and how neoliberal ideas were used to solve the very crisis they had created. Now updated with a new afterword, Philip Mirowski’s sharp and witty work provides a roadmap for those looking to escape today’s misguided economic dogma.
Author: Neil Levy Publisher: Oxford University Press ISBN: 0192648519 Category : Philosophy Languages : en Pages : 240
Book Description
This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Bad beliefs - beliefs that blatantly conflict with easily available evidence - are common. Large minorities of people hold that vaccines are dangerous or accept bizarre conspiracy theories, for instance. The prevalence of bad beliefs may be politically and socially important, for instance blocking effective action on climate change. Explaining why people accept bad beliefs and what can be done to make them more responsive to evidence is therefore an important project. A common view is that bad beliefs are largely explained by widespread irrationality. This book argues that ordinary people are rational agents, and their beliefs are the result of their rational response to the evidence they're presented with. We thought they were responding badly to evidence, because we focused on the first-order evidence alone: the evidence that directly bears on the truth of claims. We neglected the higher-order evidence, in particular evidence about who can be trusted and what sources are reliable. Once we recognize how ubiquitous higher-order evidence is, we can see that belief formation is by and large rational. The book argues that we should tackle bad belief by focusing as much on the higher-order evidence as the first-order evidence. The epistemic environment gives us higher-order evidence for beliefs, and we need to carefully manage that environment. The book argues that such management need not be paternalistic: once we recognize that managing the epistemic environment consists in management of evidence, we should recognize that such management is respectful of epistemic autonomy.
Author: W. Edwards Deming Publisher: MIT Press ISBN: 0262350033 Category : Business & Economics Languages : en Pages : 450
Book Description
The classic and deeply influential work on business management, leadership, problem solving, and quality control—based on Denning’s famous 14 Points for Management. Now reissued for the managers and leaders of today! Translated into 12 languages and continuously in print since its original publication in 1982, this highly influential framework presents the foundations for a completely transformational way to lead and manage people, processes, and resources. According to Deming, American company management’s failure to plan for the future brings about loss of market, which brings about loss of jobs. Management must be judged not only by the quarterly dividend, but by innovative plans to: • Stay in business • Protect investment • Ensure future dividends • Provide more jobs through improved product and service In simple, direct language, Deming explains the principles of management transformation and how to apply them. This edition includes a foreword by Deming’s grandson, Kevin Edwards Cahill, and Kelly Allan, business consultant and Deming expert.
Author: Josh Diem Publisher: IAP ISBN: 1607525976 Category : Education Languages : en Pages : 320
Book Description
This volume explores issues involved with teaching social theory to preservice teachers pursuing degrees through teacher education programs and experienced teachers and administrators pursuing graduate degrees. The contributors detail their experiences teaching theoretical perspectives regarding race, gender, ethnicity, sexuality, power, and the construction of schools as an institution of the state. The editors and contributors hope to offer the beginning of a colleagial dialogue within the field of education (both inside and outside the academy) about the relevance and pedagogical issues associated with such material. Additionally, the contributors offer advice on missteps to avoid and provide success stories that give hope to those who also wish to engage in the practice of teaching theory to teachers.
Author: David Levi Strauss Publisher: David Zwirner Books ISBN: 9781644230473 Category : Photography Languages : en Pages : 0
Book Description
In this exploration of contemporary photography, David Levi Strauss questions the concept that “seeing is believing” Identifying a recent shift in the dominance of photography, David Levi Strauss looks at the power of the medium in the age of Photoshop, smart phones, and the internet, asking important questions about how we look and what we trust. In the first ekphrasis title on photography, Strauss challenges the aura of believability and highlights the potential dangers around this status. He examines how images produced on cameras gradually gained an inordinate power to influence public opinion, prompt action, comfort and assuage, and direct or even create desire. How and why do we believe technical images the way we do? Offering a poignant argument in the era of “fake news,” Strauss draws attention to new changes in the technology of seeing. Some uses of "technical images" are causing the connection between images and belief (between seeing and believing) to fray and pull apart. How is this shifting our relationship to images? Will this crisis in what we can believe come to threaten our very purchase on the real? This book is an inquiry into the history and future of our belief in images.
Author: J. Jeffrey Franklin Publisher: Cornell University Press ISBN: 1501715461 Category : History Languages : en Pages : 287
Book Description
Orthodox Christianity, scientific materialism, and alternative religions -- The evolution of occult spirituality in Victorian England and the representative case of Edward Bulwer-Lytton -- Anthony Trollope's religion : the orthodox/heterodox boundary -- The influences of Buddhism and comparative religion on Matthew Arnold's theology -- Interpenetration of religion and national politics in Great Britain and Sri Lanka : William Knighton's Forest life in Ceylon -- Identity, genre, and religion in Anna Leonowens' The English governess at the Siamese court -- Ancient Egyptian religion in late-Victorian England -- The economics of immortality : the demi-immortal Oriental, Enlightenment vitalism, and political economy in Bram Stoker's Dracula -- Conclusion : from Victorian occultism to new age spiritualities
Author: Hans-Werner Sinn Publisher: OUP Oxford ISBN: 0191006661 Category : Business & Economics Languages : en Pages : 417
Book Description
This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As private capital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, and subsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal structures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECB's Governing Council. This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europe's competitiveness problem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong political power centre and a uniform currency like the dollar.
Author: Nicola Gennaioli
Author: Nicola Gennaioli
Author: Moritz Schularick
Author: Bethany McLean
Author: Philip Mirowski
Author: Neil Levy
Author: W. Edwards Deming
Author: Josh Diem
Author: David Levi Strauss
Author: J. Jeffrey Franklin
Author: Hans-Werner Sinn