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How the Economy Works
Roger E.A. Farmer
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How the Economy Works

3.28 of 5 stars 3.28  ·  rating details  ·  69 ratings  ·  9 reviews
"Of all the economic bubbles that have been pricked," the editors of The Economist recently observed, "few have burst more spectacularly than the reputation of economics itself." Indeed, the financial crisis that crested in 2008 destroyed the credibility of the economic thinking that had guided policymakers for a generation. But what will take its place?
In How the Econom
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Published April 8th 2010 by Oxford University Press, USA (first published 2010)
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This is a short book--maybe too short, since it would be hard to understand without some knowledge of economics. As usual with academic economists, the author is somewhat divorced from the real world, in that he attributes the housing crunch to the market being unable to "properly price toxic assets", rather than to greed and fraud. However, unlike those tenured academic economists who never tire of pontificating about how someone else should lose their job, Farmer seems genuinely aware of the c ...more
I felt lost and confounded through out the book. The author was unable to justify a single thesis and every chapter just looked like an economic history lesson where few sentences were taken from different books and combined together without any coherent explanation.
However, This book scores for the comparison the author draws between Free(Classical) Market Economics versus Keynesian economics and a brief introduction of how classical economics evolved.
Christopher Obert
Roger Farmer’s book is a little dry to read but I feel it is an important work to read and consider. Farmer starts the book with a history of Classical and Keynesian Economics then moves into, what I found most interesting, how all of this impacts our lives. The book speaks to the conflict of ideas and how the government works to try and understand and implement policy. Sometimes it works…
Short clear book about macro-economics. Main contribution for me was exposing New-Keynesianism as founded on a fairy story (the natural rate hypothesis) and as blatantly non-Keynesian to begin with. Farmer's own model is interesting and internally consistent, and should be refined, well thought through (I am somewhat sceptical about interfering with the stock market, and think Farmer may underestimate the repercussions) and considered to be used by central banks.
I would advise the book only to
Remarkably readable and understandable for a book on economics. I am convinced his observations are almost entirely accurate but I am not convinced that his solution is viable (either politically or economically). But a good effort to put extremely important issues out on the table.
Nice explanation of the history of economic thought, and an interesting proposal to reduce the number of financial crisi' (??). But I still believe that less involvement in the market is better than more...
Joel Justiss
One economist extends current macroeconomic theories to explain recent recessions and recommends an approach for addressing the current one.
for an introduction to the economy read Greg ip's 'little book' and save this one for later.
Yolanda Ruiz
Easy, clear and short! Interesting book for having a first perspective in economic thought!
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