- The book uses a fictional fishing economy called Usonia to explain how the US economy grew through technological developments and the roles of government, central banking, and private sector investment and savings.
- It shows how excess investment in real estate and a decline in the real value of money can cause economic disasters. It also portrays how corrupt governments can create illusionary wealth through artificial assets.
- The book warns that easy monetary policies can lead to inflation, job losses, and business failures. It expresses concern that US fiscal deficits and a questionable currency could put the US on a path similar to past economic collapses in other nations if not addressed.
IN THIS SUMMARY
Animal Spirits dissects standard economic theories and demonstrates their failure to account for human emotion, even though emotions have a large impact on the economy. George A. Akerlof and Robert J. Shiller state that there are five key “animal spirits” which influence global economics: confidence, fairness, corruption, money illusion, and storytelling. They begin by explaining each animal spirit in detail, and continue on to apply these animal spirits to historic economic examples and traditional economic theories. Economic depressions, the current financial crisis, unemployment, and inflation are a few of the economic aspects examined within.
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http://www.bizsum.com/summaries/animal-spirits
A detailed review of the causes and effects of income inequality. Details on how extreme it is. Citation of many authors suggesting how it came about and what to do about it.
IN THIS SUMMARY
Animal Spirits dissects standard economic theories and demonstrates their failure to account for human emotion, even though emotions have a large impact on the economy. George A. Akerlof and Robert J. Shiller state that there are five key “animal spirits” which influence global economics: confidence, fairness, corruption, money illusion, and storytelling. They begin by explaining each animal spirit in detail, and continue on to apply these animal spirits to historic economic examples and traditional economic theories. Economic depressions, the current financial crisis, unemployment, and inflation are a few of the economic aspects examined within.
SUBSCRIBE TODAY
http://www.bizsum.com/summaries/animal-spirits
A detailed review of the causes and effects of income inequality. Details on how extreme it is. Citation of many authors suggesting how it came about and what to do about it.
An Examination of the CCP’s Strategies to Alleviate Discontent After the Grea...Sahaj Sood
The following research project examines the various strategies of the Chinese Communist Party in the aftermath of the Great Recession of 2008, to reduce the discontent of the population.
It is short presentation to explain velocity of money in Nigeria context and also suggest the immediate approaches to increase velocity and by implication enhance economic growth
arifanee.com is world's leading website on the hottest financial news, perspectives and behind the scenes stories. arifanees.com brings you insight and information to inspire and transform your paradigm by enriching your with the best of facts and the vision.
arifanees.com
Information-Inspiration-Transformation
An examination of the ccp’s strategies to alleviate discontent after the grea...Luigi Caloi
Despite the fact that the impact of the 2008 recession was bigger on the coastal regions, the CP's stimulus package went primarily to the rural regions in China. On the other hand, our tests show that urban provinces in China are more unstable than their rural counterparts.
We provide a theoretical framework and empirical evidence to explain the geographic direction of the CP's stimulus package. In short, we show that the CP's goal was to minimize political instability, by crating an incentive scheme to further encourage the reverse-migration of the “temporary population” back to their Hukou-based jurisdictions.
THE DIGITAL DIVIDE
Indian courts are getting digitised but there are hiccups on the way—slow conversion of case records, red tape, incompetently executed renovations, clients who aren’t tech savvy...
Instructions1. On the top of the page, provide the article citat.docxnormanibarber20063
Instructions
1. On the top of the page, provide the article citation in current APA format.
On the next line down, type the topic of your articles: (Gross Domestic Product (GDP)
in all caps and bold format.
2. In a double-spaced document, briefly explain the author’s purpose for writing the article. One way to understand the author’s purpose is to ask yourself why he or she wrote it. (For example, consider current and future events, politics, or anything else that may have inspired the article.)
3. Summarize the article(The criminality of Wall Street), focusing on the discussion of the topic the article addresses. Incorporate relevant economic theory that is present so that discussion of the article content is clear.
Article: The Criminality of Wall Street
Tabb, William K. Monthly Review66.4 (Sep 2014): 13-22.
The current stage of capitalism is characterized by the increased power of finance capital. How to understand the economics of this shift and its political implications is now central for both the left and the larger society. There can be little doubt that a signature development of our time is the growth of finance and monopoly power.1
In 1980 the nominal value of global financial assets almost equaled global GDP. In 2005 they were more than three times global GDP.2 The nominal value of foreign exchange trading increased from eleven times the value of global trade in 1980 to seventy-three times in 2009.3 Of course it is not certain what this increase means, since such nominal values can fluctuate widely, as we saw in the Great Financial Crisis. They cannot be compared directly and without all sorts of qualifications to the value added in the real economy. But they do give an impressionistic sense of the enormous magnitude by which finance grew and came to dominate the economy. Between 1980 and 2007, derivative contracts of all kinds expanded from $1 trillion globally to $600 trillion.4 Hedge funds and private equity groups, special investment vehicles, and mega-bank holding companies changed the face of Western capitalism. They also brought on the collapse from which we still suffer. Ordinary people may not be acquainted with the numbers (and even those best informed are not sure of their significance), but people generally understand in different and often deep ways what has been happening: namely, an ongoing process of financialization that has come to dwarf production.
What is particularly important is that despite the huge bubble created by this metastasizing growth of finance, the economy did not expand as rapidly as it had in the postwar years, before the goods producing industries lost ground in terms of employment to other sectors of the economy, and when government spending was used actively to promote growth. While the nature of much of the growth that occurred then is certainly open to criticism from all sorts of standpoints, at the time there was widespread understanding in policy circles that government spending was.
An Examination of the CCP’s Strategies to Alleviate Discontent After the Grea...Sahaj Sood
The following research project examines the various strategies of the Chinese Communist Party in the aftermath of the Great Recession of 2008, to reduce the discontent of the population.
It is short presentation to explain velocity of money in Nigeria context and also suggest the immediate approaches to increase velocity and by implication enhance economic growth
arifanee.com is world's leading website on the hottest financial news, perspectives and behind the scenes stories. arifanees.com brings you insight and information to inspire and transform your paradigm by enriching your with the best of facts and the vision.
arifanees.com
Information-Inspiration-Transformation
An examination of the ccp’s strategies to alleviate discontent after the grea...Luigi Caloi
Despite the fact that the impact of the 2008 recession was bigger on the coastal regions, the CP's stimulus package went primarily to the rural regions in China. On the other hand, our tests show that urban provinces in China are more unstable than their rural counterparts.
We provide a theoretical framework and empirical evidence to explain the geographic direction of the CP's stimulus package. In short, we show that the CP's goal was to minimize political instability, by crating an incentive scheme to further encourage the reverse-migration of the “temporary population” back to their Hukou-based jurisdictions.
THE DIGITAL DIVIDE
Indian courts are getting digitised but there are hiccups on the way—slow conversion of case records, red tape, incompetently executed renovations, clients who aren’t tech savvy...
Instructions1. On the top of the page, provide the article citat.docxnormanibarber20063
Instructions
1. On the top of the page, provide the article citation in current APA format.
On the next line down, type the topic of your articles: (Gross Domestic Product (GDP)
in all caps and bold format.
2. In a double-spaced document, briefly explain the author’s purpose for writing the article. One way to understand the author’s purpose is to ask yourself why he or she wrote it. (For example, consider current and future events, politics, or anything else that may have inspired the article.)
3. Summarize the article(The criminality of Wall Street), focusing on the discussion of the topic the article addresses. Incorporate relevant economic theory that is present so that discussion of the article content is clear.
Article: The Criminality of Wall Street
Tabb, William K. Monthly Review66.4 (Sep 2014): 13-22.
The current stage of capitalism is characterized by the increased power of finance capital. How to understand the economics of this shift and its political implications is now central for both the left and the larger society. There can be little doubt that a signature development of our time is the growth of finance and monopoly power.1
In 1980 the nominal value of global financial assets almost equaled global GDP. In 2005 they were more than three times global GDP.2 The nominal value of foreign exchange trading increased from eleven times the value of global trade in 1980 to seventy-three times in 2009.3 Of course it is not certain what this increase means, since such nominal values can fluctuate widely, as we saw in the Great Financial Crisis. They cannot be compared directly and without all sorts of qualifications to the value added in the real economy. But they do give an impressionistic sense of the enormous magnitude by which finance grew and came to dominate the economy. Between 1980 and 2007, derivative contracts of all kinds expanded from $1 trillion globally to $600 trillion.4 Hedge funds and private equity groups, special investment vehicles, and mega-bank holding companies changed the face of Western capitalism. They also brought on the collapse from which we still suffer. Ordinary people may not be acquainted with the numbers (and even those best informed are not sure of their significance), but people generally understand in different and often deep ways what has been happening: namely, an ongoing process of financialization that has come to dwarf production.
What is particularly important is that despite the huge bubble created by this metastasizing growth of finance, the economy did not expand as rapidly as it had in the postwar years, before the goods producing industries lost ground in terms of employment to other sectors of the economy, and when government spending was used actively to promote growth. While the nature of much of the growth that occurred then is certainly open to criticism from all sorts of standpoints, at the time there was widespread understanding in policy circles that government spending was.
My Mother Essay | Essay on My Mother for Students and Children in .... 11 Best Written Essays On My Mother For Everyone! [ 2023 ]. Narrative essay: My mother short essay in english. Write My Mother Essay – My Mother Essay In English For Class 1. Mothers Essay. Essay on My Mother - YouTube.
Why another oil shock wave will lead to economic doomsday?SUN&FZ Associates
The world had survived the first Oil Embargo ShockWave. It has survived the second Oil Price ShockWave. Will it be able to absorb the third? I don’t think so. The first ShockWave was unexpected. The second was engineered. And… the third will be well planned, far more precise, smooth and flawless.
A country’s failure is mostly due to its extractive institutions. Extractive institutions stifle economic growth and maintain inequality by consolidating power and wealth in the hands of a select few. By taking resources from the majority and impeding the growth of a diversified and competitive economy, they serve the interests of a governing elite. Corruption, favouritism, and the repression of personal freedoms and rights are frequently attributes of extractive institutions.
one hedge fund manager can pocketed $ 1,3 bio (2014)!
This reminded me of a famous Wall Street joke – about a visitor to New York who admired the gorgeous yachts of the richest bankers and brokers. After gazing long and thoughtfully at these beautiful boats, the visitor asked wryly: “Where are the customers’ yachts?” Of course, the customers could not afford yachts, even though they dutifully followed the advice of their bankers and brokers.
BOOK DISCUSSION : NEW CONFESSIONS OF AN ECONOMIC HITMANRiri Satria
My presentation on book review discussion "The New Confessions of An Economic Hitman", organized by Indonesian Economics Scholars Assocation (Ikatan Sarjana Ekonomi Indonesia), Jakarta chapter (20/05/2016)
19 November 2008--The Root of Corruption in Government
Book Review on How an Economy Grows and why it crashes
1. Book Review
How an Economy Grows and Why it Crashes by Peter D. Schiff and Andrew J Shiff
Finance India, March 2015 By Yamini Agarwal
Book Review on
How an Economy grows and Why it Crashes by Yamini Agarwal
Crash or scam; natural death or murder; coincidence or conspiracy; growth or illusion; the real
difference lies in the honesty and integrity with which investigations about truth is carried out. A
world where vested interests are supreme; corruption rampant and investigation marred, the
honest and truthful has to fear. Fear for his life. Life that would not be spared by the dishonest
especially those who enjoy the fruits of the scam/ scandal, scavenging the hard earned money of
the common man. Growth in any economy is consequential to the economic hardships that a
common man faces and turns them around into prosperous opportunities by his hard work and
ingenuity. Progress and prosperity is then shared with a hope for cooperation and
interdependence that would translate into higher economic and social growth payoffs. A world
would then become a paradise but when have the fairy tales been devoid of the demons that steal
away prosperity and happiness with their dishonesty and corrupt actions. And every time demons
set their foot in such an economy we would often be reminded of a saying in hindi “Shehar base
nahi doku pehla aa geya usse luthana ke liya” meaning that the economy has not started to
progress and robbers have already arrived. The robbers are often not outsiders but insiders who
on the exteriors indicate to be guardian angels or well-wishers or friends or sympathizers and in
real sense are none of the above and seek every possible opportunity to attack and eat the
economy like termites or the cancerous cells. Just like termites or cancerous cells group
themselves so do such dishonest individuals with ulterior motives group themselves to plague
every bit of the economy’s progress and potential. It is difficult to detect and eradicate such
termites or cancerous cells for it may demand an entire overhauling or reconstruction of the
economy which is impossible, for any exercise of eradication may evoke growth of termites or
cancerous cells leading to death or policy paralysis of the economy. More unfortunate is that
termites and cancerous cells lead everyone to believe in the illusionary effects of wealth and well
being while finishing the economy from within. Only a thorough inspection into the origins and
growth of such things would yield the possible methods of eradicating such fast growing
diseases. Unless detected and eradicated completely they would ultimately lead to death of a
prosperous economy just like a sudden illness befallen on a human being or a sudden collapse of
a house.
The book by Peter and Andrew offers the same theme in Flintstone comic set up with the tale of
Usonia that explains the development and growth of the US economy with new technological
developments and the role governments and central banks play in mobilizing investments and
saving in the real economy. The saving model of excessive investment in the real estate sector
and dimishing real value of money is explained in simple terms of a fishing economy. The
disasters of a dishonest and corrupt senate that creates illusionary wealth and virtual economies
with artificial assets is also explained in the book in the most simplistic manner. The division
between household and business sector, creation of government, money and central banks is also
2. Book Review
How an Economy Grows and Why it Crashes by Peter D. Schiff and Andrew J Shiff
Finance India, March 2015 By Yamini Agarwal
explained with the fish economy. Fishing net is symbolic of the technological developments that
can drive an economy to higher production possibility frontier that yield greater output and
incomes. Outputs larger than consumption would create savings that in the real sector as
indicated by the fish economy are fishes caught by the fishermen. Savings as fish in huts is
inefficient and dangerous indicating how cash economy needs banks to take care of issues of
savings, credit and theft with lending and its advice as a business model for the bank explained
using a concept of Goodbank. Investment vehicles and non bank financial intermediaries are
explained for the want of higher returns by Manny funds offered by a flamboyant fish tycoon.
With financial intermediation and the role of central bank and transactions that improve the
prosperity of the economy the need for infrastructure and trade is explained with the suffering of
droughts and technological development of rain water harvesting. With trade comes the need to
protect one’s sovereign rights and hence the need for governance and government machinery.
The book also portrays a psychological phenomenon of how people really pay for what in
illusion is for free. The role of government and its senators is most important in explaining
explains that politicians never let a crisis go to waste and so the innovation of fiat money is
explained with Fish Reserve Notes being exchanged fish reserves at the Goodbank. The political
compulsions on central bank for following an easy monetary stance to finance fiscal deficits and
introduction of innovative instrument that restructure offering without creating any real value.
Populist measure often corrupt the most meritorious or those who refuse to be corrupted would
often be murdered on the cover of a suicide note under the veil of unsound mind or their inability
to accept failures and that is what happened with Max Goodbank. Such deaths may never be
probed for there is little political will or support to investigate them. Economies have constantly
suffered from easy monetary stances that lead to loss of money value, jobs and businesses. Trade
nationally and internationally with its impact on balance of payment is also explained with new
economies accepting the good, services and even the Fish Reserve Notes. Financial
intermediation may soon face the wrath of economic downturns with defaulting loans, political
pressures and excesses of government. Governments may then devise means to introduce newer
agencies of credit ratings, guarantors, securitization companies or reconstruction companies.
Here the author with the hut economics introduces home loans, education loans or other social
loans that created value in the economy. He explains the US Subprime crisis and its present state
of possible hyperinflation, defaulted loans and political upheavals that have made the US$ a
questionable currency.
Takeways at the end of the each chapter offer the economic insights to the US economic system.
The author’s voice is patriotic in every takeaway for his country and pro government for he
recognizes the hardships of creating a nation that respects merit, innovation and freedom to
succeed. Establishment of the US economy, role of the Federal Reserve Bank and how it was to
operate on providing elastic money supplies is also explained. Lesson like longer you eat for
free, the harder it is feed yourself when the free food stops coming is a gainful insight.
International trade and its surpluses and movements in the currency that made the USA the
3. Book Review
How an Economy Grows and Why it Crashes by Peter D. Schiff and Andrew J Shiff
Finance India, March 2015 By Yamini Agarwal
richest economy by late 1960s is also well explained and how its positions changed in 1970s and
80s is also explained. Concerns on fiscal desperation being hitched on worthless currency
wagons as a big monetary experiment is extremely creatively defined in this book. Housing
bubble and loss of real perspective with economist, government officials and financial pundits on
housing boom is defined as a mirage that most economies including USA has suffered. The
mirage is likely to leave an economy in situation faced by France (1790), Confederate States of
America (1860s), Germany (1920), Hungary (1940), Argentina and Brazil (1970, 1980s),
Mexico (1989), Russia (1995), South East Asia (1997-98) and Argentina (2000). We hope that
United States of America or any other economy as expressed in the concerns of the author does
not meet the unfortunate end of tale of Usonia to join the above group but for we all know that
nothing is too big not to fail. For, we all believe USA continues to enjoy the synergies of
interdependence and international confidence despite its rising fiscal deficits, soft international
commodity prices and low oil prices.