The End of Normal

The End of Normal

The Great Crisis and the Future of Growth

Book - 2014
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"The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europe--and a stale argument between two false solutions, "austerity" on one side and "stimulus" on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000--interrupted only by the troubled 1970s--represented a normal performance. From this perspective the crisis was an interruption, caused by bad policy or bad people, and full recovery is to be expected if the cause is corrected. The End of Normal challenges this view. Placing the crisis in perspective, Galbraith argues that the 1970s already ended the age of easy growth. The 1980s and 1990s saw only uneven growth, with rising inequality within and between countries. And the 2000s saw the end even of that--despite frantic efforts to keep growth going with tax cuts, war spending, and financial deregulation. When the crisis finally came, stimulus and automatic stabilization were able to place a floor under economic collapse. But they are not able to bring about a return to high growth and full employment. Today, four factors impede a return to normal. They are the rising costs of real resources, the now-evident futility of military power, the labor-saving consequences of the digital revolution, and the breakdown of law and ethics in the financial sector. The Great Crisis should be seen as a turning point, a barometer of the rise of unstable economic conditions, which should be regarded as the new normal. Policies and institutions going forward should be designed, above all, modestly, to cope with this fact, maintaining conditions for a good life in difficult times"--Provided by publisher.
Publisher: New York :, Simon & Schuster,, 2014
Edition: First Simon & Schuster hardcover edition
ISBN: 9781451644920
Branch Call Number: 330.9051 GAL
Characteristics: x, 291 pages ; 24 cm

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patcarstensen
Jul 05, 2015

The economics profession is like the blind guys describing the elephant, except they are sure they are surveying something in the plant kingdom. That is, there are a lot of different answers, but they all start with the wrong model of the economy since the growth model of the last 60 years no longer works. A little dense for summer reading.

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StarGladiator
Mar 08, 2015

Can't find any fault with this book, Prof. Galbraith is evidently an evolving economist, and has thus grown accordingly! Problem: when you read in Michael Hirsh's book, Capital Offense, how FRBNY chair, Timothy Geithner [recommended for that position by Rockefeller protege, Peter G. Peterson], fires advisor Prof. Shiller, for stating the obvious, and replaces him with Catherine Mann from the Peterson Institute [founded by David Rockefeller and Peter G. Peterson], and then you read Robert Scheer's book, They Know Everything About You, and note that Richard Perle connected Peter Thiel and his company Palantir with Adm. Poindexter for CIA funding, and realize that Richard Perle and Thiel sit on the board together of American Friends of Bilderberg, Inc., with David Rockefeller and Henry Kissinger, it really all appears by design?

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