Macroeconomics Books

Book SynopsisModels for Dynamic Macroeconomics provides the advanced student with key methodological tools for the dynamic analysis of a core selection of macroeconomic phenomena, including consumption and investment choices, employment and unemployment outcomes, and economic growth. The technical treatment of these tools will enable the student to handle current journal literature, while not assuming any particular familiarity with advanced analytical tools or mathematical notions. As these tools are introduced, they are related to particular applications to illustrate their use. Each chapter includes exercises which propose extensions to the model discussed in the text as well as end of chapter review exercises designed to consolidate learning. All exercise solutions are provided at the end of the book and further reading is discussed at the end of each chapter.By bridging the gap between undergraduate economics and modern microfounded macroeconomic research, this book will be of interest to gradTrade Review'This excellent book, written by two leaders of their field, provides a rigorous introduction to modern dynamic macroeconomics. It provides the modern perspective on consumption, investment and labor markets before putting it all together in models of general equilibrium as well as models of coordination failures. The book provides a much needed stepping stone so that students can cross the gap between undergraduate textbooks and the modern literature. I recommend it highly for serious advanced undergraduate courses, as a basic text for graduate courses, and as a reference text.' * Harald Uhlig, Humboldt-Universität zu Berlin *Table of ContentsPreface ; 1. Dynamic Consumption Theory ; 1.1 Permanent Income and Optimal Consumption ; 1.2 Empirical Issues ; 1.3 The Role of Precautionary Saving ; 1.4 Consumption and Financial Returns ; Appendix A1: Dynamic Programming ; Review Exercises ; Further Reading ; References ; 2. Dynamic Models of Investment ; 2.1 Convex Adjustment Costs ; 2.2 Continuous-Time Optimization ; 2.3 Steady-State and Adjustment Paths ; 2.4 The Value of Capital and Future Cash Flows ; 2.5 Average Value Capital ; 2.6 A Dynamic IS-LM Model ; 2.7 Linear Adjustment Costs ; 2.8 Irreversible Investment Under Certainty ; Appendix A2: Hamiltonian Optimization Methods ; Review Exercises ; Further Readings ; References ; 3. Adjustment Costs in the Labor Market ; 3.1 Hiring and Firing Costs ; 3.2 The Dynamics of Employment ; 3.3 Average Long-Run Effects ; 3.4 Adjustment Costs and Labor Allocation ; Appendix A3: (Two-State) Markov Processes ; Review Exercises ; Further Reading ; References ; 4. Growth in Dynamic General Equilibrium ; 4.1 Production, Savings, and Growth ; 4.2 Dynamic Optimization ; 4.3 Decentralized Production and Investment Decisions ; 4.4 Measurement of "Progress": the Solow Residual ; 4.5 Endogenous Growth and Market Imperfections ; Review Exercises ; Further Exercises ; References ; 5. Coordination and Externalities in Macroeconomics ; 5.1 Trading Externalities and Multiple Equilibria ; 5.2 A Search Model of Money ; 5.3 Search Externalities in the Labor Market ; 5.4 Dynamics ; 5.5 Externalities and Efficiency ; Review Exercises ; Further Reading ; References ; Answers to Exercises

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Book SynopsisBayesian econometric methods have enjoyed an increase in popularity in recent years. Econometricians, empirical economists, and policymakers are increasingly making use of Bayesian methods. This handbook is a single source for researchers and policymakers wanting to learn about Bayesian methods in specialized fields, and for graduate students seeking to make the final step from textbook learning to the research frontier. It contains contributions by leading Bayesians on the latest developments in their specific fields of expertise. The volume provides broad coverage of the application of Bayesian econometrics in the major fields of economics and related disciplines, including macroeconomics, microeconomics, finance, and marketing. It reviews the state of the art in Bayesian econometric methodology, with chapters on posterior simulation and Markov chain Monte Carlo methods, Bayesian nonparametric techniques, and the specialized tools used by Bayesian time series econometricians such as Trade ReviewThis Handbook is an excellent piece of scholarly work that displays the full power of the Bayesian method. * Gael Martin *Table of ContentsPART I: PRINCIPLES ; PART II: METHODS ; PART III: APPLICATIONS

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Book SynopsisFixed Income Modelling offers a unified presentation of dynamic term structure models and their applications to the pricing and risk management of fixed income securities. It explains the basic fixed income securities and their properties and uses as well as the relations between those securities. The book presents and compares the classical affine models, Heath-Jarrow-Morton models, and LIBOR market models, and demonstrates how to apply those models for the pricing of various widely traded fixed income securities. It offers a balanced presentation with both formal mathematical modelling and economic intuition and understanding. The book has a number of distinctive features including a thorough and accessible introduction to stochastic processes and the stochastic calculus needed for the modern financial modelling approach used in the book, as well as a separate chapter that explains how the term structure of interest rates relates to macro-economic variables and to what extent the conTrade ReviewI enjoyed reading the book. Claus Munk manages to present many demanding topics in a very clear and understandable way. The book is well suited as a textbook on fixed income for advanced finance students. I also recommend reading to researchers and finance professionals. * Antje Mahayni, Journal of Economics October 2012, Volume 107, Issue 2, pp 195-197 *Table of ContentsPreface ; 1. Introduction and overview ; 2. Extracting Yield Curves from Bond Prices ; 3. Stochastic Processes and Stochastic Calculus ; 4. A Review of General Asset Pricing Theory ; 5. The Economics of the Term Structure of Interest Rates ; 6. Fixed Income Securities ; 7. One-factor Diffusion Models ; 8. Multi-factor Diffusion Models ; 9. Calibration of Diffusion Models ; 10. Heath-Jarrow-Morton Models ; 11. Market models ; 12. The Measurement and Management of Interest Rate Risk ; 13. Defaultable Bonds and Credit Derivatives ; 14. Mortgages and Mortgage-backed Securities ; 15. Stock and Currency Derivatives when Interest Rates are Stochastic ; 16. Numerical Techniques ; Appendix: Results on the Lognormal Distribution

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Book SynopsisCarlin and Soskice integrate the financial system with a model of the macro-economy. In doing this, they take account of the gaps in the mainstream model exposed by the financial crisis and the Eurozone crisis. This equips the reader with a realistic modelling framework to analyse the economy both in crisis times and in periods of stability.Trade ReviewThis new book is almost enough to make me wish I was still teaching Macroeconomics. It gives finance the position in macro that recent events suggest it deserves * Simon Wren-Lewis professor at Oxford University and a Fellow of Merton College. *Carlin and Soskice have produced a gem of a book. The teaching of macroeconomics after the crisis has changed surprisingly little, limiting itself to incorporating 'frictions' into otherwise standard models that failed during the crisis. Carlin and Soskice embark on a much more ambitious venture. They show how the financial cycle and macroeconomics are inextricably linked, with the risk-taking channel as the linchpin. Their exposition is refreshingly original and yet lucid and accessible. This book will appeal to serious students of economics and to all inquiring minds who have wondered about the role of the financial cycle in macroeconomics. * Hyun Song Shin, Economic Adviser and Head of Research, Bank for International Settlements and Hughes-Rogers Professor of Economics, Princeton University *This is, I believe, the first macro-economic textbook effectively to incorporate the lessons of the Great Financial Crisis and to describe how financial frictions can impact the macro-economy. The authors weave together the old mainstream, three equation, model with the newer account of potential financial disturbances in a lucid and efficient manner. As such, it has a major advantage over almost all other extant textbooks, and will be a boon not only for undergraduates, but also for graduates and those wishing to understand the current working of our macro-economic system, beset as it has been with financial strains. * Professor Charles Goodhart, Director of the Financial Regulation Research Programme, The London School of Economics and Political Science *This illuminating book introduces the reader to macroeconomics in a revolutionary fashion. Namely, by means of very elegant and accessible models that are always based on sound microfoundations and developed against a narrative of the performance and policy regimes of the advanced economies over the post war period. Unlike most other macro textbooks, this book builds on the most recent research and debates to teach macroeconomics the way it should now be taught: by emphasizing the interplay between macro and finance; by linking growth to innovation, market structure and firm dynamics; and more generally by taking institutions seriously into account when looking at growth, business cycles, and unemployment and the interplay between them. This book is an absolute must read for students and policy makers, even those with little initial background, who need to be fully acquainted with modern macroeconomics. * Philippe Aghion, Robert C. Waggoner Professor of Economics, Harvard *This is an exciting new textbook. It offers a clear and cogent framework for understanding not only the traditional macroeconomic issues of business cycles, inflation and growth, but also the financial crisis and ensuing Great Recession that have recently shaken the world economy. The paradigm it offers is highly accessible to undergraduates. Yet at the same time it is consistent with what goes on at the frontiers of the field. Overall, the book confirms my belief that macroeconomics is alive and well! * Mark Gertler, Henry and Lucy Moses Professor of Economics, New York University *To be relevant, economics need to help society understand those phenomena which do it greatest harm - unemployment, inflation and deflation, financial instability, fiscal and banking crisis. Pre-crisis, mainstream economic models failed that societal test and therefore failed society. Wendy Carlin and David Soskice's important new book is the first step towards redemption, providing students and scholars with a rigorous but accessible framework for understanding what troubles society most. * Andrew G Haldane, Chief Economist, Bank of England *The Carlin and Soskice book does a wonderful job of covering the economics behind macroeconomics and the financial system, alongside presenting the latest research on this and the drivers of the great recession. It also has an impressive array of data and examples woven in with theory explained in a beautifully intuitive way. For any student interested in a refreshingly modern take on the financial crisis and the economics that underlie this, this book is invaluable. * Nicholas Bloom, Professor of Economics, Stanford University *One of the first macro textbooks to integrate the lessons of the crisis. An elegant bridge between introductory undergraduate and graduate macro texts * Olivier Blanchard, Chief Economist, IMF, and Professor of Economics, MIT *In the light of the events of the past decade, it is important that a new macroeconomics text attempts to satisfy the demands of those learning and using macroeconomics to be able to access relatively simple models which reflect the ways in which the financial sector interacts with the real economy. This is by no means an easy task. The new Carlin and Soskice book represents a significant step forward in this regard. Consequently undergraduates, post-graduates and their teachers should be grateful that they can now access teaching materials which have something useful to say about the financial crisis. * Professor Stephen Nickell, CBE, FBA. Honorary Fellow of Nuffield College, Oxford *Table of Contents1. The demand side ; 2. The supply side ; 3. The 3-equation model and macroeconomic policy ; 4. Expectations ; 5. Money, banking and the macro-economy ; 6. The financial sector and crises ; 7. The global financial crisis: applying the models ; 8. Growth, fluctuations and innovation ; 9. The 3-equation model in the open economy ; 10. The open economy: the demand and supply sides ; 11. Extending the open economy model: oil shocks and imbalances ; 12. The Eurozone ; 13. Monetary policy ; 14. Fiscal policy ; 15. Supply-side policy, institutions and unemployment ; 16. Real Business Cycle and New Keynesian models

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Book SynopsisBayesian econometric methods have enjoyed an increase in popularity in recent years. Econometricians, empirical economists, and policymakers are increasingly making use of Bayesian methods. This handbook is a single source for researchers and policymakers wanting to learn about Bayesian methods in specialized fields, and for graduate students seeking to make the final step from textbook learning to the research frontier. It contains contributions by leading Bayesians on the latest developments in their specific fields of expertise. The volume provides broad coverage of the application of Bayesian econometrics in the major fields of economics and related disciplines, including macroeconomics, microeconomics, finance, and marketing. It reviews the state of the art in Bayesian econometric methodology, with chapters on posterior simulation and Markov chain Monte Carlo methods, Bayesian nonparametric techniques, and the specialized tools used by Bayesian time series econometricians such as Trade ReviewThis Handbook is an excellent piece of scholarly work that displays the full power of the Bayesian method. All chapters, whilst reasonably self-contained, also serve as springboards to the broader literature, with extensive referencing being a feature of all. Access to specialized computer code is provided in some cases, serving to aid in the wider dissemination and use of the paradigm. * Gael Martin, The Econometrics Journal *Table of ContentsPART I: PRINCIPLES ; PART II: METHODS ; PART III: APPLICATIONS

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Book SynopsisHelps you explore the possibilities for advancing macroeconomic modeling in order to achieve more accurate measurement. This book includes essays that focus on the development of models capable of highlighting the vulnerabilities that have never been systematically measured before.

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Book SynopsisOffers a review of the methodologies for collecting consumer expenditure data. This book includes chapters that highlight the range of different objectives that expenditure surveys may satisfy, compare the data available from consumer expenditure surveys with that available from other sources, and more.

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Book SynopsisThe essays contained in this text highlight the problems that the European pension reform process faces and how it differs from that of the US. A range of European nations are about to implement mixed social security systems that combine pay-as-you-go with an individual retirement account.

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Book SynopsisThis volume brings together nine papers from a conference on international macroeconomics sponsored by the NBER in 1985. International economists as well as graduate students in the fields of global monetary economics, finance, and macroeconomics will find this an outstanding contribution to current research. It includes two commentaries for each paper, written by experts in the field, and Frenkel's detailed introduction, which serves as a reader's guide to the arguments made, the models employed, and the issues raised by each contributor. The studies analyze national fiscal policies within the context of the international economic order. Malcolm D. Knight and Paul R. Masson use an empirical model to show that fiscal changes in recent years in the United States, West Germany, and Japan have caused major disturbances in net savings and investment flows. Linda S. Kole uses a two-country simulation model to examine the effects of a large nation's expansion on exchange rates, interest rate

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Book SynopsisWhile financial deregulation has taken place worldwide, this pattern is most pronounced in East Asia, where it has influenced the behaviour of exchange rates, interest rates and capital flows. This text analyzes the effects of financial deregulation and integration on East Asian markets.

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Book SynopsisThe volume of capital flow between industrial and developing countries has grown and become a major issue in a world that is increasingly globalized. In this text, Takatoshi Ito and Anne Krueger have assembled a group of scholars who address different types of capital flows.

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Book SynopsisThe thirty-first edition of the NBER Macroeconomics Annual features theoretical and empirical research on central issues in contemporary macroeconomics. The first two papers are rigorous and data-driven analyses of the European financial crisis. The third paper introduces a new set of facts about economic growth and financial ratios as well as a new macrofinancial database for the study of historical financial booms and busts. The fourth paper studies the historical effects of Federal Reserve efforts to provide guidance about the future path of the funds rate. The fifth paper explores the distinctions between models of price setting and associated nominal frictions using data on price setting behavior. The sixth paper considers the possibility that the economy displays nonlinear dynamics that lead to cycles rather than long-term convergence to a steady state. The volume also includes a short paper on the decline in the rate of global economic growth.

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Book SynopsisMerton Miller, winner of the 1990 Noble Prize for Economics, is the Robert R. McCormick Distinguished Service Professor in the Graduate School of Business at the University of Chicago.

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Book SynopsisA Rational Expectations Approach to Macroeconometrics pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program.

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Book SynopsisArguing that parental actions are important sources of wealth inequality, this book examines the transmission of economic status from one generation to another by constructing a model of parental preferences. It offers evidence on the intergenerational transfer of consumption, earnings and wealth.

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Book SynopsisOver the past few decades, US business and industry have been transformed by the advances and redundancies produced by the knowledge economy. The workplace has changed, and much of the work differs from that performed by previous generations. Can human capital accumulation in the United States keep pace with the evolving demands placed on it, and how can the workforce of tomorrow acquire the skills and competencies that are most in demand?Education, Skills, and Technical Change explores various facets of these questions and provides an overview of educational attainment in the United States and the channels through which labor force skills and education affect GDP growth. Contributors to this volume focus on a range of educational and training institutions and bring new data to bear on how we understand the role of college and vocational education and the size and nature of the skills gap. This work links a range of research areassuch as growth accounting, skill development, higher edu

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Book SynopsisVolume 32 of the NBER Macroeconomics Annual features six theoretical and empirical studies of important issues in contemporary macroeconomics, and a keynote address by former IMF chief economist Olivier Blanchard. In one study, SeHyoun Ahn, Greg Kaplan, Benjamin Moll, Thomas Winberry, and Christian Wolf examine the dynamics of consumption expenditures in non-representative-agent macroeconomic models. In another, John Cochrane asks which macro models most naturally explain the post-financial-crisis macroeconomic environment, which is characterized by the co-existence of low and nonvolatile inflation rates, near-zero short-term interest rates, and an explosion in monetary aggregates. Manuel Adelino, Antoinette Schoar, and Felipe Severino examine the causes of the lending boom that precipitated the recent U.S. financial crisis and Great Recession. Steven Durlauf and Ananth Seshadri investigate whether increases in income inequality cause lower levels of economic mobility and opportunity. Charles Manski explores the formation of expectations, considering the efficacy of directly measuring beliefs through surveys as an alternative to making the assumption of rational expectations. In the final research paper, Efraim Benmelech and Nittai Bergman analyze the sharp declines in debt issuance and the evaporation of market liquidity that coincide with most financial crises. Blanchard's keynote address discusses which distortions are central to understanding short-run macroeconomic fluctuations.

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Book SynopsisThe population base in both the USA and Japan is growing older and, as these populations age, they provoke unexamined economic consequences. This text explores those consequences, specifically four key areas including wealth and asset allocation over the life cycle, health care and reform.

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Book SynopsisPresents evidence that most Americans favor free enterprise and practical government programs to distribute wealth more equitably. This book provides a popular mandate to combat the economic inequity that plagues the nation.Trade Review"Innovative and fascinating, Class War? is the only book I know of that investigates public attitudes about inequality with an open mind. Benjamin Page and Lawrence Jacobs make a sensible, lucid, and broadly persuasive argument that although Americans tend to identify with conservative philosophies, they also favor egalitarian policies when those policies are presented in pragmatic terms." - James K. Galbraith, author of The Predator State"

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Book SynopsisPresents evidence that most Americans favor free enterprise and practical government programs to distribute wealth more equitably. This book provides a popular mandate to combat the economic inequity that plagues the nation.Trade Review"Innovative and fascinating, Class War? is the only book I know of that investigates public attitudes about inequality with an open mind. Benjamin Page and Lawrence Jacobs make a sensible, lucid, and broadly persuasive argument that although Americans tend to identify with conservative philosophies, they also favor egalitarian policies when those policies are presented in pragmatic terms." - James K. Galbraith, author of The Predator State"

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Book SynopsisThis volume contains six studies on current topics in macroeconomics. The first shows that while assuming rational expectations is unrealistic, a finite-horizon forward planning model can yield results similar to those of a rational expectations equilibrium. The second explores the aggregate risk of the U.S. financial sector, and in particular whether it is safer now than before the 2008 financial crisis. The third analyzes factorless income, output that is not measured as capital or labor income. Next, a study argues that the financial crisis increased the perceived risk of a very bad economic and financial outcome, and explores the propagation of large, rare shocks. The next paper documents the substantial recent changes in the manufacturing sector and the decline in employment among prime-aged Americans since 2000. The last paper analyzes the dynamic macroeconomic effects of border adjustment taxes.

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Book SynopsisMost economists would agree that a thriving economy is synonymous with GDP growth. The more we produce and consume, the higher our living standard and the more resources available to the public. This means that our current era, in which growth has slowed substantially from its postwar highs, has raised alarm bells. But should it? Is growth actually the best way to measure economic success--and does our slowdown indicate economic problems? The counterintuitive answer Dietrich Vollrath offers is: No. Looking at the same facts as other economists, he offers a radically different interpretation. Rather than a sign of economic failure, he argues, our current slowdown is, in fact, a sign of our widespread economic success. Our powerful economy has already supplied so much of the necessary stuff of modern life, brought us so much comfort, security, and luxury, that we have turned to new forms of production and consumption that increase our well-being but do not contribute to growth in GDP. Trade Review"For the past decade, Robert Gordon has written about the rise and fall of American growth, praising the first in our past that was and lamenting the second in our present that is. Now comes Vollrath with a lively, accurate, and essential corrective to Gordon's pessimism: growth is slow today, he demonstrates, not because our economy is failing but because our economy has succeeded."--Brad DeLong, University of California, Berkeley "Vollrath offers a provocative new explanation of the slowdown in economic growth experienced by the US economy during the past two decades: we are a victim of our own success. Rising leisure, declining fertility, and the shift out of manufacturing into services explain the bulk of the slowdown in aggregate income growth. Each is a feature of a mature, developed economy, and in that sense, the slowdown may be a symbol of success rather than a sign of failure. Brilliantly supported by the latest research and engagingly presented, Fully Grown provides a startling, novel assessment of economic growth in the 21st century." --Chad Jones, Stanford University

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Book SynopsisAn analysis of international trade and investment in the 1990s. The text lays out a US trade strategy for the future, examines the influence of the World Trade Organization, argues for and against economic globalization, and offers a critique of US multilateral and regional free trade.

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Book SynopsisMeasuring innovation is a challenging task, both for researchers and for national statisticians, and it is increasingly important in light of the ongoing digital revolution. National accounts and many other economic statistics were designed before the emergence of the digital economy and the growth in importance of intangible capital. They do not yet fully capture the wide range of innovative activity that is observed in modern economies. This volume examines how to measure innovation, track its effects on economic activity and on prices, and understand how it has changed the structure of production processes, labor markets, and organizational form and operation in business. The contributors explore new approaches to and data sources for measurement, such as collecting data for a particular innovation as opposed to a firm and using trademarks for tracking innovation. They also consider the connections between university-based R&D and business start-ups and the potential impacts of innoTrade Review"For those of us interested in the need to measure better—which means understanding better—the increasingly intangible economy, this is a really interesting book. It covers the waterfront from conceptual frameworks down to nitty gritty measurement questions." * Diane Coyle, Enlightened Economist *"Despite their wide range, the essays in this book add up to a fascinating glimpse of an emerging new understanding of the twenty-first century economy, like a distant building taking shape as you approach it on a foggy day. They also underline the importance of research on statistics describing the economy. . . . A valuable contribution to the task of understanding the world innovation is creating." * Business Economics *Table of ContentsPrefatory NoteIntroduction Carol Corrado, Jonathan Haskel, Javier Miranda, and Daniel Sichel I. Expanding Current Measurement Frameworks1. Expanded GDP for Welfare Measurement in the Twenty-First Century Charles Hulten and Leonard I. Nakamura2. Measuring the Impact of Household Innovation Using Administrative Data Javier Miranda and Nikolas Zolas3. Innovation, Productivity Dispersion, and Productivity Growth Lucia Foster, Cheryl Grim, John C. Haltiwanger, and Zoltan Wolf II. New Approaches and Data4. How Innovative Are Innovations? A Multidimensional, Survey-Based Approach Wesley M. Cohen, You-Na Lee, and John P. Walsh5. An Anatomy of US Firms Seeking Trademark Registration Emin M. Dinlersoz, Nathan Goldschlag, Amanda Myers, and Nikolas Zolas6. Research Experience as Human Capital in New Business Outcomes Nathan Goldschlag, Ron Jarmin, Julia Lane, and Nikolas Zolas III. Changing Structure of the Economy7. Measuring the Gig Economy: Current Knowledge and Open Issues Katharine G. Abraham, John C. Haltiwanger, Kristin Sandusky, and James R. Spletzer8. Information and Communications Technology, R&D, and Organizational Innovation: Exploring Complementarities in Investment and Production Pierre Mohnen, Michael Polder, and George van Leeuwen9. Digital Innovation and the Distribution of Income Dominique Guellec IV. Improving Current Measurement Frameworks10. Factor Incomes in Global Value Chains: The Role of Intangibles Wen Chen, Bart Los, and Marcel P. Timmer11. Measuring Moore’s Law: Evidence from Price, Cost, and Quality Indexes Kenneth Flamm12. Accounting for Innovations in Consumer Digital Services: IT Still Matters David Byrne and Carol Corrado13. The Rise of Cloud Computing: Minding Your Ps, Qs, and Ks David Byrne, Carol Corrado, and Daniel Sichel14. BEA Deflators for Information and Communications Technology Goods and Services: Historical Analysis and Future Plans Erich H. Strassner and David B. Wasshausen Contributors Author Index Subject Index

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Book SynopsisTrade Review"The reader comes away persuaded that GNP, although an imperfect summary indicator of the state of an economy, plays an outsize role in contemporary conceptions of economic policy and performance." * Foreign Affairs *“This book asks a profoundly important question: What counts as progress? Since the mid-twentieth century, the answer has been the narrow one: economic growth as measured by GDP. Although there have been genuine gains from higher incomes and innovation, this has undermined progress by undervaluing many kinds of work, increasing inequality to a socially intolerable degree, and hastening climate change and environmental degradation. Macekura argues convincingly that we need a better future and better measures.” -- Diane Coyle, University of Cambridge“The Mismeasure of Progress is a highly readable and informative book about the champions and critics of the idea of economic growth over the last several decades. Macekura writes with the kind of urgency and engagé spirit that makes this book not only good scholarship but an important public intervention.” -- Quinn Slobodian, Wellesley College"What he brings is a unified story about the critics of GDP and the System of National Accounts told from the 1940s on, and particularly including the perspective of the economists and statisticians working on or in developing economies.” * Enlightened Economist *"Macekura does an impressive job surveying the critique of ‘growth as progress’ from the earliest days to the present, and then showing how it was largely ignored. His argument is beautifully written and compelling." * Survival: Global Politics and Strategy *Table of ContentsIntroduction: The Meaning and Measurement of Economic Growth 1 Standard of Living, GNP, and the Narrowing of National Statistics 2 Decolonization and the Limits of Economic Measurement 3 The Growth Critics 4 The Growth Paradigm in Crisis 5 The Search for Alternatives 6 Revival and Debate at the End of the Twentieth Century Conclusion: History, Narrative, and Contemporary Growth Critics Acknowledgments Notes Bibliography Index

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Book SynopsisAsking the question Do deficits matter?, this text answers both yes and no. Yes, because fiscal policy affects generational distribution, national saving and the level of government spending. And no, because the deficit is an inaccurate measure with little economic content.

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Book SynopsisDrawing on their experience as government insiders, the authors of this book show how economic policy is shaped at the highest levels of government. They reveal the interconnections between economic, social and international policy, covering such issues as the advocacy system.

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Book SynopsisDeirdre Nansen McCloskey's latest meticulous work examines how economics can become a more human science. Economic historian Deirdre Nansen McCloskey has distinguished herself through her writing on the Great Enrichment and the betterment of the poornot just materially but spiritually. In Bettering Humanomics she continues her intellectually playful yet rigorous analysis with a focus on humans rather than the institutions. Going against the grain of contemporary neo-institutional and behavioral economics which privilege observation over understanding, she asserts her vision of humanomics, which draws on the work of Bart Wilson, Vernon Smith, and most prominently, Adam Smith. She argues for an economics that uses a comprehensive understanding of human action beyond behaviorism. McCloskey clearly articulates her points of contention with believers in imperfections, from Samuelson to Stiglitz, claiming that they have neglected scientific analysis in their haste to diagnose the ills of the system. In an engaging and erudite manner, she reaffirms the global successes of market-tested betterment and calls for empirical investigation that advances from material incentives to an awareness of the human within historical and ethical frameworks. Bettering Humanomics offers a critique of contemporary economics and a proposal for an economics as a better human science.Trade ReviewDeirdre Nansen McCloskey latest meticulous work examines how economics can become a more "human" science"Can we have economic thought that focuses on people and tries to understand rather than merely observe? Rejecting contemporary trends, McCloskey paves the way to an economics dedicated to the betterment of human lives." * The Bookseller *“There is no doubting the extraordinary breadth and depth of [McCloskey’s] knowledge... A critique by someone who knows what she’s talking about.” * The Enlightened Economist *“This book presents a series of arguments for improving academic enquiry through the lens of 'humanomics.' For economists, or other academics, who haven’t come across humanomics before, it is in essence a combination of the rigorous tools of economics with more human elements such as the critical perspectives that are often found in the humanities. Pioneers of this approach include 'the father of economics,' Adam Smith, Nobel prizewinner Vernon Smith and experimental economist Bart Wilson. . . McCloskey presents compelling arguments that economic agents are not merely attempting to maximise their utility, but are influenced by other factors such as the power of words.” * Times Higher Education *Best Summer Books of 2021 "What economics needs to fulfil its unparalleled potential as the premier science of human progress, [McCloskey] insists, is the rediscovery of its origins as the discipline that successfully marries the methods of the sciences and the humanities. In Bettering Humanomics, a sparkling cameo of a book, she offers a summary of this, her life-long project. The result is a richly allusive account of what such a combination — 'humanomics', as she calls it — looks like, and why it offers a better guide to understanding where prosperity ultimately comes from and what policymakers can do to help it on its way." * Financial Times *“This new book quite seriously advances the continuing conversation in humanomics. It discovers Adam Smith and resumes a path that McCloskey has so magnificently helped to reinvigorate in the last half century.” -- Vernon Smith, Chapman University and 2002 Nobel Laureate in Economics“How is economic science going to progress? By embracing ethics, the humanities, and language as part of the tool kit alongside mathematics—and recognizing that economists should never try to be social engineers because they are part of the societies they study. McCloskey makes a compelling case for economics for humans—and offers some hope that the discipline is tilting in that direction.” -- Diane Coyle, University of Cambridge"Provocative, bold, ironic, erudite, and above all, well-written." * Metascience *Table of ContentsPreface Part I. The Proposal Chapter 1. Humanomics and Liberty Promise Better Economic Science Chapter 2. Adam Smith Practiced Humanomics, and So Should We Chapter 3. Economic History Illustrates the Problems with Nonhumanomics Chapter 4. An Economic Science Needs the Humanities Chapter 5. It’s Merely a Matter of Common Sense and Intellectual Free Trade Chapter 6. After All, Sweet Talk Rules a Free Economy Chapter 7. Therefore We Should Walk on Both Feet, Like Ludwig Lachmann Chapter 8. That Is, Economics Needs Theories of Human Minds beyond Behaviorism Part II. The Killer App Chapter 9. The Killer App of Humanomics Is the Evidence That the Great Enrichment Came from Ethics and Rhetoric Chapter 10. The Dignity of Liberalism Did It Chapter 11. Ideas, Not Incentives, Underlie It Chapter 12. Even as to Time and Location Chapter 13. The Word’s the Thing Part III. The Doubts Chapter 14. Doubts by Analytic Philosophers about the Killer App Are Not Persuasive Chapter 15. Nor by Sociologists or Political Philosophers Chapter 16. Nor Even by Economic Historians Notes Works Cited Index

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Book SynopsisTrade Review“A wide-ranging and original study of the slowdown in economic growth in America in recent decades.” * Economist, Best Books of the Year for 2020 *"An impressive survey of the economics literature on US productivity. For those interested in the subject, it is a must-read." * Financial Times *“Fully Grown makes a coherent and compelling argument that American productivity growth has only mildly faltered.” * Wall Street Journal *“For Dietrich Vollrath of the University of Houston, low growth is reason for cheer. In a new book he argues that America’s growth has slowed because so much in the economy has gone so well. . . . His triumph is in showing the degree to which these [GDP numbers] make economic growth an unreliable measure of success. Attempting to capture progress in a single number is a fool’s errand.” * Economist *"Taken together, slower growth in the labor force and the shift to services can explain almost all the recent slowdown, according to Vollrath. He’s unimpressed by many other explanations that have been offered, such as sluggish rates of capital investment, rising trade pressures, soaring inequality, shrinking technological possibilities, or an increase in monopoly power. In his account, it all flows from the choices we’ve made: 'Slow growth, it turns out, is the optimal response to massive economic success.'” * New Yorker *"Given the likelihood of recession, some desperate West Wing scribe might want to sneak a few thoughts from Vollrath's Fully Grown: Why a Stagnant Economy Is a Sign of Success into the State of the Union speech. Challenging the automatic equation between economic health and a growing gross domestic product, the author argues that capitalism 'has already supplied so much of the necessary stuff of modern life--brought us so much comfort, security and luxury--that we have turned to new forms of production and consumption that increase our well-being but do not contribute to growth in GDP.'" * Inside HIgher Ed *"For the past decade, Robert Gordon has written about the rise and fall of American growth, praising the first in our past that was and lamenting the second in our present that is. Now comes Vollrath with a lively, accurate, and essential corrective to Gordon's pessimism: growth is slow today, he demonstrates, not because our economy is failing but because our economy has succeeded." -- Brad DeLong, University of California, Berkeley"Vollrath offers a provocative new explanation of the slowdown in economic growth experienced by the US economy during the past two decades: we are a victim of our own success. Rising leisure, declining fertility, and the shift out of manufacturing into services explain the bulk of the slowdown in aggregate income growth. Each is a feature of a mature, developed economy, and in that sense, the slowdown may be a symbol of success rather than a sign of failure. Brilliantly supported by the latest research and engagingly presented, Fully Grown provides a startling, novel assessment of economic growth in the 21st century." * Chad Jones, Stanford University *“Anybody who has followed Vollrath’s blog will have been eagerly waiting for this book. Fully Grown is essential reading for anybody interested in the future of the economy. It investigates why the United States and other advanced economies are growing more slowly than in the past. Contrary to conventional wisdom, it argues this slowdown is due to success, not failure. All the leading economies have aging populations, thanks to past gains in health, and are largely service-based, as material goods account for a shrinking share of spending. These two characteristics alone mean the economy will not expand as rapidly in the 21st century. There are plenty of other problems to tackle, from unequal opportunities to excessive market power; but, Vollrath argues convincingly, the growth rate is the wrong way to assess how well the economy is doing.” -- Diane Coyle, Bennett Professor of Public Policy, University of Cambridge“This book completes, for me, a series of books that have come out in the last couple of years that help to explain the current state of the US economy and why we can be optimistic about a lot of what is going on.” * Seeking Alpha *"Typically, lower economic growth is deplored because it squeezes private living standards and government programs. But in a fascinating new book, economist Dietrich Vollrath of the University of Houston challenges the conventional wisdom." -- Robert Samuelson * Washington Post *“Vollrath sets up a clear framework and expounds it lucidly.” * Inside Story *"But what if slow growth instead reflects great economic success? That’s the provocative thesis of a new book, cleverly titled “Fully Grown,” by economist Dietrich Vollrath...Vollrath not only offers the proverbial two cheers for slower growth rates, but also explains why many oft-proposed policy solutions are not likely to rekindle rapid growth." -- Charles Lane * Washington Post *"It is refreshing today to read that the U.S. economy is not weak because of a trade war with China or a failure of innovation. According to Vollrath, it is growing more slowly because families have made different decisions about how to live their lives, and those decisions were only possible because of the economy’s previous success. It is conceivable,perhaps even likely, that the U.S. will never again see such a period of supercharged growth as it did in the second half of the 20th century, when it benefited from the tailwinds of life-changing innovation and abundant labor. The lesson of Fully Grown is that perhaps it doesn’t need to." -- Mike Jakeman * Strategy + Business *"Why has the growth slowed in the high-income countries, notably the US? Is it a sign of failure or of success? Vollrath argues that it is the latter. Thus, the main reasons for the slowdown in the early 21st century are demographic - smaller family sizes and ageing - and the shift from goods to services. The failure to accelerate the overall rate of growth of productivity in the services is striking. Given that reality, Vollrath is right." * Financial Times *"A combination of admirably lucid, engaging exposition and well-informed synthesis, Vollrath’s book is a must read for anyone interested in long-term trends in the US economy. . . . Highly recommended." * Choice *"The post‐World War II years brought unprecedented economic growth to much of the world, resulting in massive declines in poverty and huge wealth. How long can this go on? In the United States and other highly developed countries, economic growth has slowed significantly after 2000. This book examines the fundamental causes of this slowdown...[Its] findings are important because they imply a new normal of slower growth in the economically advanced countries." * Population and Development Review *"If you want to learn a great deal about frontier research in economic growth written in an accessible and engaging way, you will have a hard time finding a better read." * Economic Record *Table of ContentsPreface 1 Victims of Our Own Success 2 What Is the Growth Slowdown? 3 The Inputs to Economic Growth 4 What Accounts for the Growth Slowdown? 5 The Effect of an Aging Population 6 The Difference between Productivity and Technology 7 The Reallocation from Goods to Services 8 Baumol’s Cost Disease 9 Market Power and Productivity 10 Market Power and the Decline in Investment 11 The Necessity of Market Power 12 Reallocations across Firms and Jobs 13 The Drop in Geographic Mobility 14 Did the Government Cause the Slowdown? 15 Did Inequality Cause the Slowdown? 16 Did China Cause the Slowdown? 17 The Future of Growth Appendix: Data and Methods References Index

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Book SynopsisTrade ReviewDeirdre Nansen McCloskey latest meticulous work examines how economics can become a more "human" science"Can we have economic thought that focuses on people and tries to understand rather than merely observe? Rejecting contemporary trends, McCloskey paves the way to an economics dedicated to the betterment of human lives." * The Bookseller *“There is no doubting the extraordinary breadth and depth of [McCloskey’s] knowledge... A critique by someone who knows what she’s talking about.” * The Enlightened Economist *“This book presents a series of arguments for improving academic enquiry through the lens of 'humanomics.' For economists, or other academics, who haven’t come across humanomics before, it is in essence a combination of the rigorous tools of economics with more human elements such as the critical perspectives that are often found in the humanities. Pioneers of this approach include 'the father of economics,' Adam Smith, Nobel prizewinner Vernon Smith and experimental economist Bart Wilson. . . McCloskey presents compelling arguments that economic agents are not merely attempting to maximise their utility, but are influenced by other factors such as the power of words.” * Times Higher Education *Best Summer Books of 2021 "What economics needs to fulfil its unparalleled potential as the premier science of human progress, [McCloskey] insists, is the rediscovery of its origins as the discipline that successfully marries the methods of the sciences and the humanities. In Bettering Humanomics, a sparkling cameo of a book, she offers a summary of this, her life-long project. The result is a richly allusive account of what such a combination — 'humanomics', as she calls it — looks like, and why it offers a better guide to understanding where prosperity ultimately comes from and what policymakers can do to help it on its way." * Financial Times *“This new book quite seriously advances the continuing conversation in humanomics. It discovers Adam Smith and resumes a path that McCloskey has so magnificently helped to reinvigorate in the last half century.” -- Vernon Smith, Chapman University and 2002 Nobel Laureate in Economics“How is economic science going to progress? By embracing ethics, the humanities, and language as part of the tool kit alongside mathematics—and recognizing that economists should never try to be social engineers because they are part of the societies they study. McCloskey makes a compelling case for economics for humans—and offers some hope that the discipline is tilting in that direction.” -- Diane Coyle, University of Cambridge"Provocative, bold, ironic, erudite, and above all, well-written." * Metascience *Table of ContentsPreface Part I. The Proposal Chapter 1. Humanomics and Liberty Promise Better Economic Science Chapter 2. Adam Smith Practiced Humanomics, and So Should We Chapter 3. Economic History Illustrates the Problems with Nonhumanomics Chapter 4. An Economic Science Needs the Humanities Chapter 5. It’s Merely a Matter of Common Sense and Intellectual Free Trade Chapter 6. After All, Sweet Talk Rules a Free Economy Chapter 7. Therefore We Should Walk on Both Feet, Like Ludwig Lachmann Chapter 8. That Is, Economics Needs Theories of Human Minds beyond Behaviorism Part II. The Killer App Chapter 9. The Killer App of Humanomics Is the Evidence That the Great Enrichment Came from Ethics and Rhetoric Chapter 10. The Dignity of Liberalism Did It Chapter 11. Ideas, Not Incentives, Underlie It Chapter 12. Even as to Time and Location Chapter 13. The Word’s the Thing Part III. The Doubts Chapter 14. Doubts by Analytic Philosophers about the Killer App Are Not Persuasive Chapter 15. Nor by Sociologists or Political Philosophers Chapter 16. Nor Even by Economic Historians Notes Works Cited Index

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Book SynopsisIn this study of newborn weight and economic growth in Boston, Dublin, Edinburgh, Montreal and Vienna between 1850 and 1930, W. Peter Ward explores the relation between infant size, economic development, and living standards of working-class women in the industrializing West.

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Book SynopsisBy considering both the costs and benefits of potential policy solutions, the author stresses that real-world decision making is best served by an explicit recognition of as many trade-offs as possible. He incorporates developments in policy debates, including the rise of new paternalism, or policies designed to protect people from themselves.Trade Review"With shrewd verbal reasoning, Harold Winter brings home a number of concepts the general public has difficulty digesting.... This precious little book will become widespread reading in basic courses on economics, but every sensible person interested in societal matters and not familiar with law and economics issues should also read it." (History of Economic Ideas)"

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Book SynopsisOur social democracies and welfare states are facing challenges that threaten their very survival. Boyer argues that a true social democracy requires a clear definition and a refocusing of the roles of the public and private sectors in the provision of public and social goods and services – a reimagining that keeps citizens’ best interest in focus.Trade Review“This book is a spirited defence of capitalism , written by one of the leading authorities in the field. Its aim is to explain how economics, if used properly and fully understood, can enhance individual and social welfare. Social Democracy, Capitalism, and Competition will appeal to anyone interested in public policy and economics, and will be a very useful source of material for class discussion.” Michael Wickens, University of York

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Book SynopsisIntroduction Economics The Military Values Facts Theories Power and Money Producing Security Militarism Economic Concepts Uncertainty Economic-Security Interactions Security: Are we Safe? Individual Security National Security Global Security War Oil Arms Races and Arms Control Military Spending: How Much is Enough? Measures of Military Expenditure Motives for Arming Economic Functions of US Military Spending Hard Choices: UK and France An Arms Race: India and Pakistan Military Prices Military Balance Sheets Force Acquisition I, Demand: The Biggest Bang for a Buck? Labour Weapons Procurement Technology Force Acquisition II, Supply: The Merchants of Death? The Arms Industry Evolution of the Arms Trade Regulation Military Capability: How to Win? Force Employment Morale Logistics Peacekeeping Economic Choices: Swords or Plowshares? Budget Constraints Economic Effects Technological Spin-off Economic Warfare Understanding Military Economics Acknowledgements, Abbreviations, References, IndexTrade Review'The mathematical and statistical language of defence and peace economics has long been incomprehensible to many students of security and the military. In Military Economics, Britain's leading defence economist resolves this with an accessible synthesis of the technical literature and provides an authoritative survey of the key interactions between military power and money. This book is essential reading for academics and practitioners interested in relationships between the military dimensions of economics and conflict.' - Professor Matt Uttley, King's College London, UK 'This outstanding book makes an original contribution to the economic analysis of the military sector. The author uses his extensive knowledge of the field to present a highly readable, non-technical and scholarly treatment of why money matters to the military. This is a classic text in applied economics.' - Keith Hartley, University of York, UK 'This is an excellent and long needed book on the complex and important issues of military economics. It is comprehensive, accessible, well written and incisive, and will become an essential reference for professionals, politicians, activists, academics and students as well as the informed lay person. A real tour de force by an academic at the peak of his powers.' - J Paul Dunne, Professor of Economics, The British University, Egypt and UWE, BristolTable of ContentsIntroduction Economics The Military Values Facts Theories Power and Money Producing Security Militarism Economic Concepts Uncertainty Economic-Security Interactions Security: Are we Safe? Individual Security National Security Global Security War Oil Arms Races and Arms Control Military Spending: How Much is Enough? Measures of Military Expenditure Motives for Arming Economic Functions of US Military Spending Hard Choices: UK and France An Arms Race: India and Pakistan Military Prices Military Balance Sheets Force Acquisition I, Demand: The Biggest Bang for a Buck? Labour Weapons Procurement Technology Force Acquisition II, Supply: The Merchants of Death? The Arms Industry Evolution of the Arms Trade Regulation Military Capability: How to Win? Force Employment Morale Logistics Peacekeeping Economic Choices: Swords or Plowshares? Budget Constraints Economic Effects Technological Spin-off Economic Warfare Understanding Military Economics Acknowledgements, Abbreviations, References, Index

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Book SynopsisNils Gottfries is a Professor of Economics at Uppsala University, Sweden and former editor of The Scandinavian Journal of Economics. He has published extensively in journals including the QJE, JPE, EJ, EER. Most of his research has been concerned with the microeconomic foundations of macroeconomics, particularly the theory of the supply side: prices, wages, and unemployment. He was a member of the Swedish commission on the EMU. He has been teaching macroeconomics regularly at the intermediate and graduate levels.Trade ReviewNils Gottfries's thoughtful, consistent and lucid exposition breathes fresh air into a macroeconomics textbook. It balances descriptive realism with conceptual coherence judiciously, and its application of principles to the experiences of many countries over many decades is very welcome. * John Driffill, Birkbeck, University of London, UK *This is a great book. It uses a consistent theory throughout, explains it well, and does a tremendous job in confronting theory with data. * Steinar Holden, University of Oslo, Norway *Instead of presenting macroeconomics as separate pieces linked in an ad hoc way, Gottfries presents a consistent approach. This, in addition to the distinctly international approach to economic data and examples, will make the book very attractive to lecturers and to their students. * M.A. (Martin) van Tuijl, Tilburg University, the Netherlands *This is a superb book! It contains a rigorous treatment of the New Keynesian model combined with illustrative examples and interesting policy discussions. Students will find the book well-written and easily accessible. * Fredrik NG Andersson, Lund University, Sweden *This book is an excellent and innovative new textbook for intermediate macroeconomics, where conventional macroeconomics is explained with a deeper emphasis on the role of microfoundations. This allows students to be exposed to modern macroeconomic analysis in a rigorous yet still accessible way. * Gianluigi Vernasca, University of Essex, UK *Table of ContentsIntroduction PART I: THE LONG RUN Production, Prices and the Distribution of Income Interest Rates and Investment Consumption and the Natural Rate of Interest Capital Accumulation and Growth Wage Setting and Unemployment Money and Inflation in the Long Run PART II: THE SHORT RUN The Interest Rate and Production in the Short Run Economic Activity and Inflation in the Short Run PART III: ECONOMIC POLICY Monetary Policy Fiscal Policy PART IV: THE OPEN ECONOMY Exports, Imports, and International Financial Markets The Open Economy in the Long Run The Open Economy in the Short Run Exchange Rate Systems and Monetary Union PART V: BUSINESS CYCLES, POLICYMAKING, FINANCIAL MARKETS Business Cycles Institutions and Economic Policy Financial Markets.

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Book SynopsisThe human imprint on the biosphere has become so pronounced in recent years that there has been talk of a new geological era, the 'Anthropocene'. Gathering contributions from some of the world's foremost heterodox economists, this book explores the new economic directionsandparadigmsthat are required to respond to this crisis.Table of ContentsThe Integration of Social, Ecological and Economic Knowledge; C. Spash The Fog of Economics; R. Ayres New Narratives for Sustainability: The Red Pill for Economists; M. Giampietro & K. Mayumi Social Metabolism, Environmental Cost-Shifting and Valuation Languages; J. Martinez-Alier Meanings and Significance of Property with Reference to Today's Three Major Eco-Institutional Crises; R. Steppacher & J. Gerber An Institutional and Evolutionary Critique of Natural Capital; L. Krall & J. Gowdy From Utilitarianism to Evolution in Ecological Economics; G. Hodgson Economics: The Dismal Science? S. Marglin Moving from a Failed Growth Economy to a Steady-State Economy; H. Daly Global Poverty and Financial Crisis: Are We Trapped in an Obsolete Economic Order? D. Bromley

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Book SynopsisUsing Dominicans in New York City as a case study, Ramona Hernandez challenges the old belief that workers necessarily migrate from one region to another because of supply and demand or because of a de facto government policy to make people leave or stay. As a result, she shows that the traditional correlation between migration and economic progress does not always hold true.Trade ReviewA superb economic history... useful... excellent... highly recommended. Choice Hernandez succeeds in bringing to the reader's attention some of the very troubling dimensions of Dominican settlement and incorporation in New York City. This work provides a strong foundation for future research on Dominican immigration. -- Greta Gilbertson American Journal of Sociology Hernandez analyzes the data that document the reality that inspiredNueba Yol, arguing that many Dominicans know the harsh facts but come [to New York] anyway. Her book convincingly describes a troubling new scenario and gives a much-needed reality check. -- Michele Wucker Journal of American Ethnic History With the utmost civility, this volume takes to task truisms concerning immigration theory and Dominicans' purported middle-class status, entrepreneurial bent, and prosperity. -- Glenn Jacobs Latino Studies Hernandez's book is very well documented and returns to a range of structural factors that affect international migration but are commonly ignored in recent studies...This book is an important contribution to the literature on migration. -- Estela Rivero-Fuentes Journal of Ethnic and Migration Studies The Strength of Hernandez' book lies in her showing, on the one hand, the structural character of migration and, on the other, the fact that migration is not necessarily functional to the needs of the global economy. -- Jose Itzigsohn Centro Journal Hernandez provides a succinct and interesting overview of how the geopolitics of the Dominican Republic encouraged emigration. -- Gareth A. Jones Latin American Research ReviewTable of ContentsList of Tables Acknowledgments Introduction Part 1. Leaving the Land of the Few 1. The Great Exodus: Its Roots 2. Economic Growth and Surplus Population Part 2. Settling in the Land of Dreams 3. The Perception of a Migratory Movement 4. Dominicans in the Labor Market 5. On the International Mobility of Labor 6. Conclusion: Assessing the Present and Auguring the Future Appendix: Figures Notes Works Cited Index

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Book SynopsisMany of Wall Street's contemporary trends can be traced back to the work of fourteen critical figures who wrote, and occasionally broke, the rules of American finance. Edward Morris details Wall Street's transformation from a clubby enclave of financiers to a symbol of vast economic power.Trade ReviewWall Streeters is a long overdue book by a highly respected student of American finance. Readers of this book will develop a fuller understanding of how and why Wall Street has become what it is today. -- George H. Walker III, former chairman, Stifel, Nicolaus & Co. and former United States Ambassador to Hungary Enjoyable to read, easy to understand, Wall Streeters is a compendium of the last 150 years of ups and downs in American finance. Ed Morris uses the informative lens of biography to bring this history alive, and they are all here, from the saints to the sinners. Along the way readers will learn the value of finance to our nation, despite Wall Street's problems. -- David Cowen, president, Museum of American Finance Wall Streeters is a wonderful narrative review and an interesting read. This book will be very significant for students, academics, and investment professionals if they want to understand and learn from the mistakes of the past. -- Victor Ricciardi, Goucher College A worthwhile read for those looking to understand the roots of the financial crisis and the present state of the economy. Publishers Weekly [Morris] puts a human face on Wall Street... Experienced Wall Streeters will enjoy this book. Students of finance should be required to read it. -- Brenda Jubin Seeking Alpha [A] retelling of the careers and the personalities... who formed today's world of high finance. -- Dale Singer St. Louis Post-Dispatch A fast and timely primer on how the US got the financial markets it has today... [Wall Streeters] is a book that every college student, baby boomer and voter ought to read. -- Jim Prout Financial HistoryTable of ContentsAcknowledgments Preface 1. J. Pierpont Morgan: Jupiter Part I: Reformers 2. Paul M. Warburg: Daddy Warbucks 3. Carter Glass: Unreconstructed Rebel 4. Ferdinand Pecora: Hellhound of Wall Street Part II: Democratizers 5. Charles E. Merrill: The People's Capitalist 6. John C. Bogle: Saint Jack Part III: Academics 7. Georges F. Doriot: Dream Builder 8. Benjamin Graham: Dean of Wall Street 9. Myron S. Scholes: Professor of Derivatives Part IV: Financial Engineers 10. Alfred Winslow Jones: Financial Hippie 11. Michael R. Milken: Junk Bond King 12. Lewis Ranieri: Father of Securitization Part V: Empire Builders 13. William H. Donaldson: Entrepreneur 14. Sanford I. Weill: Conglomerateur Conclusion Notes Suggestions for Further Reading Index

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