The End of Normal The End of Normal

The End of Normal

The Great Crisis and the Future of Growth

    • 4.0 • 4 Ratings
    • $9.99
    • $9.99

Publisher Description

From one of the most respected economic thinkers and writers of our time, a brilliant argument about the history and future of economic growth.

The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europe—and a stale argument between two false solutions, “austerity” on one side and “stimulus” on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000—interrupted only by the troubled 1970s—represented a normal performance. From this perspective, the crisis was an interruption, caused by bad policy or bad people, and full recovery is to be expected if the cause is corrected.

The End of Normal challenges this view. Placing the crisis in perspective, Galbraith argues that the 1970s already ended the age of easy growth. The 1980s and 1990s saw only uneven growth, with rising inequality within and between countries. And the 2000s saw the end even of that—despite frantic efforts to keep growth going with tax cuts, war spending, and financial deregulation. When the crisis finally came, stimulus and automatic stabilization were able to place a floor under economic collapse. But they are not able to bring about a return to high growth and full employment. In The End of Normal, “Galbraith puts his pessimism into an engaging, plausible frame. His contentions deserve the attention of all economists and serious financial minds across the political spectrum” (Publishers Weekly, starred review).

GENRE
Business & Personal Finance
RELEASED
2014
September 9
LANGUAGE
EN
English
LENGTH
304
Pages
PUBLISHER
Simon & Schuster
SELLER
Simon & Schuster Digital Sales LLC
SIZE
2
MB

Customer Reviews

Mchael B ,

Dismal Science

As a lay reader of economics over 30 years I found this work insightful and challenging. I certainly bought into the tenet that the assumption of growth is not a given and that our economic models have missed some very important parameters. However his conclusion is too dismal for me. His case on military might or its decline is inconclusive, I’m not sure even relevant. I feel he is blindsided on innovation especially the contribution it has (is and will make) made to the American empire. For me , I’d vote for the likes of George P Mitchell every time. My theis is his blindspot on innovation is no different to the thesis Galbraith asserts about the blindspot of resources restriction to growth shown by mainstream economists. Right or wrong this is the best book I’ve read about what happened in 2007/2008 and econimics in general in the last 15 years, at least.

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