Başlık:
A life of experimental economics : The next fifty years
Yazar:
Smith, Vernon L.. author
ISBN:
9783319984247
Yazar Ek Girişi:
Fiziksel Tanımlama:
xx, 243 pages : illustrations (black and white, and colour) ; 24 cm.
İçerik:
Intro; Preface; Acknowledgements; Praise for A Life of Experimental Economics, Volume II; Contents; List of Figures; Part III East, Southwest, East Again; 13 Yankee Land; 14 West with the Night; 15 Arizona and E-Commerce in the Laboratory; Some Early Intellectual History; 16 My Friends Were Finally Right; 17 Wives, Daughters, and Sons; Part IV Rethinking Recessions, Markets, Adam Smith and Religion; 18 Home Again: Chapman University; 19 Economic Collapse 2007-2008: Would 1929 Be Reborn in Anemic Growth? Proposition 1: Severe Economic Recessions Have Their Origin in Household and Bank Balance Sheet CrisesProposition 2: Standard Economic Models Do Not Contain Balance Sheets; Proposition 3: The Great Recession-A Balance Sheet Crisis; Proposition 4: The Depression-A Balance Sheet Crisis?; Proposition 5: Policy Experts, Economists, Consumers, and Businesses Were Blindsided by the Great Recession; Proposition 6: Bernanke's 14 Months of "Liquidity Enhancement"-A Test of the Friedman-Schwartz Hypothesis that Liquidity Expansion Can Prevent Depression-Like Episodes? Proposition 7: Monetary Policy Is Ineffective in a Balance Sheet CrisisProposition 8: When Monetary Policy Is an Ineffective Economic Stimulant, So Is Government Deficit Spending, and for the Same Reason; Proposition 9: Housing Expenditures Are a Leading Indicator of Most Economic Recessions; in Only the Depression and Great Recession Was the End of the Recession Not Accompanied by a Housing Recovery; Instead, We Remained Stuck in Low Growth; Proposition 10: Stock Market Crashes Do Not Impact Household and Bank Balance Sheets the Way Housing-Mortgage Market Crashes Do Consequently, Loss in Stock Market Value Is Not a Good Indicator of Potential Damage to the Economy from Losses in Housing ValProposition 11: Bankruptcy Facilitates Recovery from Negative Equity Balance Sheet Recessions; Artificial Avoidance of Bankruptcy Delays Recovery: The Primary Mechanism of Recovery Involves the Repair and Rebooting of Damaged Balance Sheets from New Sourc; Proposition 12: Rules That Focus on Incentive Compatibility Alone Carry the Realistic Hope That Stability Can Replace the Historical Instability That Has Been the Hallmark of Housing-Mortgage Markets; In Summary 20 Markets: The Good, the Volatile and the Sometimes Ugly21 Reconnecting Modern Economics with Its Classical Origins: Discovering Adam Smith; 22 Faith and the Compatibility of Science and Religion; Author Index; Subject Index
Özet:
This sequel to A Life of Experimental Economics, Volume I, continues the intimate history of Vernon Smith's personal and professional maturation after a dozen years at Purdue. The scene now shifts to twenty-six transformative years at the University of Arizona, then to George Mason University, and his recognition by the Nobel Prize Committee in 2002. The book ends with his most recent decade at Chapman University. At Arizona Vernon and his students studied asset trading markets and learned how wrong it had been to suppose that price bubbles could not occur where markets were full-information transparent. Their work in computerization of the lab facilitated very complex supply and demand experiments in natural gas pipeline, communication and electricity markets that paved the way for implementing, through decentralized market processes, the liberalization of industries traditionally believed to be "natural" monopolies. The "Smart Computer Assisted Market" was born. Smith's move to George Mason University greatly facilitated government and industry work in tandem with various public and private entities, whereas his relocation to Chapman University coincided with the Great Recession, whose similarity with the Depression was evident in his research. There he integrated two fundamental kinds of markets with laboratory experiments: Consumer non-durables, the supply and demand for which was stable in the lab and in the economy, and durable assets whose bubble tendencies made them unstable in the lab as well as in the economy--witness the great housing-mortgage market bubble run-up of 1997-2007. This book's conversational style and emphasis on the backstory of research accomplishments allows readers an exclusive peak into how and why economists pursue their work. It's a must-read for those interested in experimental economics, the housing crisis, and economic history.-- Provided by publisher.
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Library | Materyal Türü | Demirbaş | Yer Numarası | Durumu / Lokasyon / İade Tarihi |
|---|---|---|---|---|
Arıyor... | Kitap | EKOBKN0012266 | 330.092 SMİ 2018 | Arıyor... |