For as long as many can remember, the United States has been the country with money, influence, and power. But all that is changing, write Brad DeLong and Stephen Cohen in their new book, The End of Influence. FPexcerpts exclusively here.
Carmen Reinhart and Kenneth Rogoff know financial crises. In the preamble to their book, recommended by FP Big Thinkers Willem Buiter and Mohamed El-Erian, the two trace back the history of how, with each shock and economic trouble, the world believes that this time is different. It's not.
BY CARMEN M. REINHART, KENNETH ROGOFF|DECEMBER 3, 2009
In a chapter of their new book, recommended by FP Big Thinker Paul Collier, George A. Akerlof and Robert Shiller explain why stories -- the human narratives we use to make sense of a complicated world -- are vital to understanding economics.
BY GEORGE A. AKERLOF, ROBERT J. SHILLER|DECEMBER 3, 2009
Last year had more than its share of vertigo-inducing headlines: major
banks suddenly disappearing, the Dow plunging day after day, and
billion-dollar bailouts failing to make a dent in the worst financial
crisis since the Great Depression.