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Getting It Wrong How Faulty Monetary Statistics Undermine the Fed, the Financial System, and the Economy

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ISBN-10: 0262516888

ISBN-13: 9780262516884

Edition: 2011

Authors: William A. Barnett

List price: $41.00
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Blame for the recent financial crisis and subsequent recession has commonly been assigned to everyone from Wall Street firms to individual homeowners. It has been widely argued that the crisis and recession were caused by "greed" and the failure of mainstream economics. In Getting It Wrong, leading economist William Barnett argues instead that there was too little use of the relevant economics, especially from the literature on economic measurement. Barnett contends that as financial instruments became more complex, the simple-sum monetary aggregation formulas used by central banks, including the U.S. Federal Reserve, became obsolete. Instead, a major increase in public availability of…    
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Book details

List price: $41.00
Copyright year: 2011
Publisher: MIT Press
Publication date: 12/16/2011
Binding: Paperback
Pages: 360
Size: 6.00" wide x 9.25" long x 1.00" tall
Weight: 1.100
Language: English

Axel Seemann is Associate Professor in the Department of Philosophy at Bentley University.William A. Barnett is Oswald Distinguished Professor of Macroeconomics at the University ofKansas, Director at the Center for Financial Stability in New York City, and Senior Fellow at theIC2 Institute at the University of Texas at Austin. He is Editor of the eminent journalMacroeconomic Dynamics and is coauthor with Nobel Laureate Paul A. Samuelson ofthe book Inside the Economist's Mind, translated into seven languages. He was onthe staff of the Federal Reserve Board from 1974 to 1982.