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Author:   P. Lemieux
Publisher:   Palgrave Macmillan
Imprint:   Palgrave Macmillan
Dimensions:   Width: 14.00cm , Height: 1.70cm , Length: 21.60cm
Weight:   0.410kg
ISBN:  

9780230112698

ISBN 10:   0230112692
Pages:   208
Publication Date:   04 March 2011
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Introduction: Adult Supervision PART I: THE LIMITS OF AUTHORITY Social Complexity The Impossibility of Planning The Inconvenient Individual The Tribe and the Great Society PART II: ARE RECESSIONS POSSIBLE?   Business Cycles and Crashes An Economist in Wonderland Classical Economics Recessions Happen  PART III: MACROECONOMIC CONTROVERSIES The Old Idea of Underconsumption Keynes's Ideas: A Brief Summary Price Adjustments Multiplying Bread and Fish Meaningless Aggregates Information and Coordination Government Activism More Recent Theories of the Business Cycle PART IV: THE MIXED ECONOMY A Failure of Capitalism?  Government Revenues and Expenditures Regulation and Control The Welfare State Businessmen as Domestic Animals PART V: FINANCIAL DEREGULATION: AN URBAN LEGEND Lax Regulation Deregulation U.S. Banks in a World Perspective Necessary Regulation?  PART VI: THE CRIME SCENE: ENVY OF THE WORLD Residential Home Market Driven by Government A Half-nationalized Residential Mortgage Market Securitization Subsidization of Risk The Collapse of the House of Cards Larger Consequences PART VII: MONETARY MEDDLING The Austrian Theory of the Business Cycle Some Doubts on the Austrian Interpretation of the Crisis Monetary Policy Played a Role On Balance: A Contributing Factor PART VIII: STATE ANIMAL SPIRITS State Greed Faddish Behavior and State Bubbles Regulatory failure Collectivism Power and Hubris Systemic risk Conclusion: Something Must Be Done Bibliography Name Index Topics Index Charts

Reviews

Lemieux argues that the government's clumsy and ill-considered attempts to control market outcomes have often been at the heart of economic instability, and that the recent subprime crisis is a telling example of the costs of risky interventionism into the financial system. People who find that argument surprising may be even more surprised by how much their horizons will be broadened by reading this book. - Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University Graduate School of Business

<p> Lemieux&#160;argues that the government's clumsy and ill-considered attempts to control market outcomes&#160;have often been at the heart of economic instability, and that the recent subprime crisis is a telling example of&#160;the costs of risky interventionism&#160;into the financial system. People who find that argument surprising&#160;may be even more surprised by how much their horizons will be broadened by reading this book. &#160; &#8212;Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University Graduate School of Business<p> Most people think that the recent financial crisis is attributable to greedy bankers and low interest rates. The scientific literature suggests otherwise. I have worked on this issue, and read much about the argument (the work of Levine or Rajan to name a few), but I never saw it so eloquently put than by Pierre Lemieux in his ''Somebody in Charge''. It is a delight to go pages after pages and see how brilliantly the autho

Author Information

PIERRE LEMIEUX is a Research Fellow at The Independent Institute, Professor of Economics at the Université du Québec en Outaouais (Canada), and co-chairman of the GREL (Groupe de Recherche Économie et Liberté).

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