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Home  strat-con The Origin of Financial Crises: Central Banks, Credit Bubbles, and the Efficient Market Fallacy (Vin Business strat-con |
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The Origin of Financial Crises: Central Banks, Credit Bubbles, and the Efficient Market Fallacy (Vin |
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Binding: Paperback
Dewey Decimal Number: 338.542
EAN: 9780307473455
ISBN: 0307473457
Label: Vintage
Manufacturer: Vintage
Number Of Items: 1
Number Of Pages: 208
Publication Date: October 29, 2008
Publisher: Vintage
Release Date: October 29, 2008
Studio: Vintage
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Editorial Review:
Product Description:
In a series of disarmingly simple arguments financial market analyst George Cooper challenges the core principles of today's economic orthodoxy and explains how we have created an economy that is inherently unstable and crisis prone. With great skill, he examines the very foundations of today's economic philosophy and adds a compelling analysis of the forces behind economic crisis. His goal is nothing less than preventing the seemingly endless procession of damaging boom-bust cycles, unsustainable economic bubbles, crippling credit crunches, and debilitating inflation. His direct, conscientious, and honest approach will captivate any reader and is an invaluable aid in understanding today's economy.
Average Rating: 
Rating:  -
Excellent overview of the credit cycle. Some reviewers complained about the lack of statisitcal rigor, but I found that to be the book's greatest strength. There are plenty of econ books that provide reems of equations & statistics - if that's what you're looking for, look elsewhere. In my opinion
Cooper sets out to provide a logical analysis of the credit boom/bust cycle that is accessible to a broad audience and succeeds exceedingly well.
Rating: -
This book is primarily written for the layman as opposed to those with extensive academic (i.e., BA in Economics or Finance and above) or professional backgrounds. For the latter the book contains material that should be well known and the critiques made by the book of "Efficient Market" based hypotheses should be fairly evident.
The book starts with a quote from the Nobel prize winner Paul Samuelson stating that supply and demand determine prices in all markets (including Both goods ... Read More
Rating:  -
If you look at the index of this book, the words "Austrian Economists" are not to be found. The Austrians are not once mentioned in the text. Since the author seems very well read in economics, I can only assume that he is aware of the Austrians and has basically plagiarized much of their work! The build up of debt through too much credit and the resulting misreading of true demand by economic participants is classic Austrian. He actually does a very good job of detailing the process, but again, the ... Read More
Rating:  -
Cooper covers the same subject as Kindleberger's Manias, Panics, and Crashes: A History of Financial Crises (Wiley Investment Classics); and that is Hyman Minsky theory that the credit cycle exacerbates both asset bubbles and crashes. Credit is too plentiful when the price of the collateral goes up; and too restrictive when the price of the collateral goes down. By doing so, creditors fuel both bubbles and crashes.
But, Cooper and Kindleberger treat the subject very differently. While ... Read More
Rating:  -
This book is intellectual trash. I highly dis-recommend it.
Economic theorists assume that a large group of emotional, irrational humans can be treated as a rational, monolithic entity that obeys statistical rules. Anyone with a grain of sense understands that this assumption is only an APPROXIMATION. The clearest place where this assumption fails is in the psychology of boom/bust cycles, where the economic "Efficient Market" hypothesis obviously breaks down. Boom and bust cycles are ruled by ... Read More
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