By Peter de Haan
From Keynes to Piketty presents the reader with an obtainable and pleasing perception into the improvement of financial suggestion during the last century. beginning with John Maynard Keynes's bestseller, The monetary results of Peace (1919), and finishing with Thomas Piketty's blockbuster, Capital within the 21st Century (2014), the writer explains which dramatic political and financial occasions replaced the best way economists interpreted those occasions, and the way they revolutionized the industrial science.
The booklet includes biographies of Keynes, Schumpeter, Galbraith, Hayek, Friedman, Hirschman, North, and Piketty, along others, and highlights their amazing lives and works, anecdotes approximately them, and their frequently sharp adjustments of opinion. wide summaries in their major works give you the pupil and pupil with a correct presentation in their contents. A must-read for all those that ask yourself what occurred to economics in the past century, and why.
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Initially, the American economy went into recession. But by 1983 inflation rates began to fall. 2 % in 1987. Volcker’s successor at the Fed, Alan Greenspan, wrote about this episode in his memoirs: The consequences of his policy were even more severe than Volcker had expected. In April 1980, interest rates on Main Street USA climbed to more than 20 percent. Cars went unsold, houses went unbuilt, and millions of people lost their jobs—unemployment rose to near 9 percent in mid-1980s, on its way to near 11 percent by late 1982 … But by the middle of the year, after peaking at nearly 15 percent, inflation began gradually to decline.
Researchers recognised that developing countries had different political, cultural, technological and institutional environments. Therefore, the old growth theories, based on simple capital accumulation and the exogenous factor of technical progress, had to be amplified by endogenous environmental factors, like the ones just mentioned. Hence, explaining development involved understanding and mapping of the institutional setting of developing societies. Institutions are the rules of the game in a society.
38 The Shifts and the Shocks, 184. Just a few examples: Ha-Joon Chang (2010) 23 Things They Don’t Tell You about Capitalism. London: Penguin; Sedlacek, T. (2011) Economics of Good and Evil: The Quest for Economic Meaning from Gilgamesh to Wall Street. New York: Oxford University Press; Skidelsky, R. and Skidelsky, E. (2012) How Much is Enough? Money and the Good Life. New York: Other Press; Stiglitz, The Price of Inequality. 40 Piketty, T. (2014) Capitalism in the Twenty-First Century. Cambridge: Belknap Press of Harvard University Press.