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In this, the sixth year of global expansion, the crisis of 2008 is slipping into history, and steady but unsatisfying growth has become the new norm. Wolf brings a clarity to the discussion of economic issues that has been sorely lacking in the United States. Wolf starts by emphasizing two facts that were largely ignored in the political dickering between 2008 and 2011 in Europe as well as in the United States. Leaving central banks to fight the downturn with easy money while tightening fiscal policy has brought only a sluggish economic revival. Wolf’s argument is controversial, but it is rigorous and coherent, and it laments a kind of fatalism among policymakers. Fraser displays a longing for the good old days and a great deal of condescension toward the members of the U.S. Each of these books aims to jolt readers out of complacency about economic growth, albeit for different reasons: that there is too little (as Wolf argues), that it is shared too unequally (as Fraser laments), or that it is too reckless (as Philipsen charges).
Articles published in strategy+business do not necessarily represent the views of the member firms of the PwC network. The Progressive Economics Forum aims to promote the development of a progressive economics community in Canada. Here are, in no particular order, my picks for the four best books of 2012 from a progressive economics perspective. Related Questions:Names of best books of economics for NET exam?How should I prepare for NET exam?
Could you please suggest a good book for Managerial Economics for UGC NET management paper II? One is the sheer scale of the catastrophe, a scale that public officials and central bankers were slow to recognize and to admit. Yet in almost all the high-income countries, governments were spooked by large budget deficits.
In The Age of Acquiescence: The Life and Death of American Resistance to Organized Wealth and Power, Steve Fraser, a historian who specializes in Wall Street and the labor movement, likewise finds the political response to rapidly changing economic conditions lacking. But The Age of Acquiescence is not up to the standards of Fraser’s previous work, which includes a biography of labor leader Sidney Hillman and a history of Wall Street.
Philipsen, a fellow in ethics at Duke University, purports to be writing a history of national income accounting. The quest for ever-higher GDP, in his view, rewards activities that are not sustainable (drilling for oil) and discourages activities that are sustainable (walking to work). But improving the way we measure a nation’s economic health is harder than Philipsen suggests. Each is pessimistic about the ability of the political system to address the problems it highlights.

Reviews and mentions of publications, products, or services do not constitute endorsement or recommendation for purchase. All opinions belong to the writer; however, writers are expected to adhere to our guidelines. The PEF brings together over 200 progressive economists, working in universities, the labour movement and activist research organizations. Offering clear-eyed assessments of these developments along with compelling profiles and muckraking reports, the incisive articles in this volume provide an essential guide for understanding business's influence on economics, politics, and culture. This was no ordinary recession; 2009 was the first year since World War II in which the global economy shrank. And when they avoided additional spending, they helped drag out the very economic conditions that were depressing tax revenues. Most major economies are growing more slowly than they did in the years prior to 2007, far too slowly to recover the output lost in the depths of the downturn.
Some central banks have made use of monetary policies that are quite radical, at least by conventional standards, but in no wealthy country is the government using its spending powers as aggressively as Wolf would like to see.
It contains no primary research, and the author’s secondary sources are heavily slanted toward historians who are sympathetic to his thesis. Vehicle repairs following a car wreck make GDP bigger, but, unless they result in loss of work, the pain and suffering of the driver do not make GDP smaller.
More recently, statistical services in a number of countries have tried to figure out how GDP might reflect the loss of species and the use of nonrenewable resources. The debacles of 2008 and 2009 gave rise to scores of well-written, passionately argued books that described those debacles’ origins, documented their fallout, and provided advice on how to prevent the next crisis. As the chief economics commentator of the Financial Times (and an especially trenchant one), he holds no particular brief for political parties, on either the right or the left. In both the United States and the United Kingdom, Wolf points out, gross domestic product in 2011 was a whopping 13 percent less than it would have been had economic growth continued at its average rate from 1980 to 2007.
The governments left it to central banks to fight the downturn with easy money while tightening fiscal policy. On the contrary, the ruling orthodoxy everywhere has called for fiscal rectitude, and governments are striving to bring their budget deficits under control.
The first half of the book offers a thorough explanation of how the statistical concepts behind GDP were developed, mainly in the 1930s and 1940s. What they have in common is that they require weighting variables whose importance is highly subjective and quite individual. This turns out to be all but impossible to do in any rigorous way: Given that planet Earth contains a very large amount of iron, it is not obvious that mining a ton of iron today affects the amount available tomorrow and, if it does, it is not clear how that effect should be quantified. It may not be feasible to achieve the faster economic growth Martin Wolf would like to see. The stories in this volume explore new frontiers in the way we do chores, eat takeout, order online, and dumpster-dive, showcasing business's rapid evolution under the influence of new technologies.
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Wolf’s general view is that President Obama and his counterparts in other wealthy countries were far too timid in confronting the crisis and its lingering effects. This, Wolf asserts, has brought only a sluggish economic revival while potentially creating dangerous new financial excesses. Back in the Gilded Age, the expansion of corporate power brought a popular reaction that led to the reforms of the Progressive Era, such as the income tax and antitrust laws, and a suspicion of big business that endured long enough to enable Franklin Delano Roosevelt to push through Social Security, the National Labor Relations Act, and a host of other measures intended to aid workers. But after pointing out many of the conceptual problems with GDP, he climbs on a high horse. Simon Kuznets, the economist who developed many of the statistical series underlying GDP, frequently spoke of the concept’s limitations. A variety of factors, including globalization and technological change, may have made it impossible for government to divide income gains as equally as Steven Fraser might like without driving capital away.
While the general thrust of the argument is now familiar, this book is a formidable synthesis and meticulously sourced.
This year’s lot, it must be said, does not measure up to the standards of previous years. This is implausible, particularly because low rates of labor-force expansion and an aging population are likely to bring slower economic growth in the future. Progress in addressing the causes of climate change is more likely to come in dribs and drabs than with the sort of sweeping reforms Dirk Philipsen thinks appropriate. Best coaching class in Mumbai for preparation of NET(Economics)?Which is the best author book of economics for preparation of NET examList of good books and study materials for UGC NET Economics?
Claire Suddath adds her take on corporate America's broken maternity-leave system (Businessweek), and Charles Levinson reminds us of Wall Street's close ties to Washington in a probing look at the making (and unmaking) of the Dodd-Frank financial reform act (Reuters). Are mock test papers best for the preparation?What is the chance to get M.A in economics after completing B.A in economicsWhat is the detailed syllabus for PSI and STI mains? The world of the 21st century is the only one we have, and it is futile to wish for another. Rogoff in their 2009 book, This Time Is Different: Eight Centuries of Financial Folly, economic downturns associated with financial crises tend to hit government finances much harder than garden-variety recessions. It may well be that workers in the service and information industries, where much employment is now concentrated, don’t see a solution to their workplace problems in a union contract that sets staffing levels and protects less able colleagues from dismissal. Which books are useful for me?Previous years NET economics question papers with answer key? Tax revenues plummet, even as spending for bank bailouts, unemployment benefits, and income-support programs expands. While written from a critical perspective and while the authors are well aware of the many contradictions of neoliberal capitalism in the wake of the crisis, they struggle to end on a hopeful note.
And so we’ve seen a notable increase in books that aim to tell politicians what they should do about the greatest economic challenges we face, and that point out fissures over economics within countries, and within political parties.

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