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Another cause of the government failure, as many critics of government intervention claim, is that politicians tend to look for short term fixes with instant and visible results that do not have to last, to difficult economic problems rather than making thorough analysis for solving long-term solutions. [14] [15]
Why Nations Fail: The Origins of Power, Prosperity, and Poverty, first published in 2012, is a book by economists Daron Acemoglu and James A. Robinson, who jointly received the 2024 Nobel Economics Prize (alongside Simon Johnson) for their contribution in comparative studies of prosperity between nations.
The title of the book points at the sharp decline in stock prices following the bankruptcy of the investment bank Lehman Brothers in September, 2008. Meanwhile, its subtitle reveals Stiglitz's conviction that free markets are at the bottom of the crisis, as he makes deregulation responsible for the rise of the shadow banking system, over-leveraged banks and subprime mortgages.
The book is a non-fiction economics novel that presents a simple, jargon free economic analysis of numerous historical financial crises across the world. Krugman provides an accessible read to a broad range of audiences, including academics and non-academics, as he compares the economic settings, policies and features that contributed to a ...
The book examines the history of economic theory and attempts to diagnose the recent rise and fall of markets, particularly the housing bubble and credit crisis (2007–2009). [ 1 ] How Markets Fail argues against unfettered free-market ideology and supports government regulation in the financial industry.
He asserts that the "depression is a failure of capitalism". [38] This is the second and most powerful shock. [3] The New York Times points out that: It comes as something of a surprise that Posner, a doyen of the market-oriented law-and-economics movement, should deliver a roundhouse punch to the proposition that markets are self-correcting.
Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...
In the book, Hoppe argues that democracy is a cause of civilizational decline. [3] The book "examines modern democracies in the light of various evident failures" which, in Hoppe's view, include rising unemployment rates, expanding public debt, and insolvent social security systems. He attributes democracy's failures to pressure groups seeking ...