Synopsis
Canterbery's latest literary effort provides a definitive account of the Great Recession of 2007-2010, which he named in 2010. It presents an output-employment framework for evaluating what become the global Great Recession. A chapter on the Great Depression provides a basis for comparison while outlining the institutions still intact that moderated that downturn. Canterbery explains why both unconventional monetary and fiscal policies were brought into play. Since conventional fiscal policy was inadequate, a federal funds rate near zero was sustained indefinitely. Gigantic inequalities in the income and wealth distributions became a legacy of the global Great Recession. In the aftermath, slow, halting economic growth and an unemployment rate well above 4 percent calls for some radical changes in public policy, outlined near the end of the book.
About the Author
E Ray Canterbery is Professor of Economics Emeritus, Florida State University (Tallahassee). He is the author of the classic The Making of Economics, the popular A Brief History of Economics, as well as the tour de force Wall Street Capitalism (WSC), Alan Greenspan: The Oracle Behind the Curtain (AG), The Literate Economist, F Scott Fitzgerald: Under the Influence (with Thomas D Birch), and the satirical novel, Black Box, Inc. Canterbery returns to a literate blend of economic history, financial markets, economic theory, and public policy in the current volume. He was one of the earliest critics of Alan Greenspan's monetary policy. He wrote of how Greenspan, as the most influential cheerleader of the "New Economy," helped to hype the NASDAG market into a giant bubble destined to burst. In this new book, Canterbery revisits some of the ground plowed in the Greenspan book and Wall Street Capitalism, and harvests new updated material. Canterbery served as President of the Eastern Economics Association in 1986- 87 and President of the International Trade and Finance Association in 1998-99. The International Biography Centre in Cambridge, England includes Canterbery among 500 persons worldwide in its Living Legends (2002), while The American Biographical Institute includes him in its Great Minds of the 21st Century (2002). In 2003 John Kenneth Galbraith, who knew both John Maynard Keynes and Michal Kalecki, called Canterbery "the best."
In January 1996, Prentice-Hall, Inc. selected Canterbery for their Hall of Fame Economist Baseball Cards for "significant contributions to the economics discipline", including developing one of the first complete mathematical theories of foreign exchange and a new theory of the labor market and of personal incomes (vita theory), and so on. Canterbery received a Scholar's Award, Harry S Truman Library Foundation, and recently published the timely biography Harry S Truman: The Economics of a Populist President.
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