Abstract
Harold L. Cole of University of Pennsylvania reviews “How the Economy Works: Confidence, Crashes and Self-Fulfilling Prophecies” by Roger E. A. Farmer. The EconLit Abstract of the reviewed work begins “Presents an introduction to macroeconomics for the general reader, examines the differences between the classical and Keynesian approaches, and considers policy solutions for the prevention of future financial crises. Discusses classical economics; the impact of John Maynard Keynes on the world economy; where the Keynesians lost their way; the rational expectations revolution; how central banks impact your life; why unemployment persists; why the stock market matters to us; whether there will be another Great Depression; whether monetary and fiscal policy will work; and how to solve a financial crisis. Farmer is Professor and Chair of the Economics Department at the University of California, Los Angeles. Glossary; bibliography; index.”
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