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The End of Alchemy: A Review Essay

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  • Roger E.A. Farmer

Abstract

I review The End of Alchemy by Mervyn King, published by W.W. Norton and Company in 2016. I discuss King's proposed regulatory reform, the ‘Pawn Broker for All Seasons’ (PFAS) and I compare it to an alternative solution developed in my own work. I argue that unregulated trade in the financial markets will not, in general, lead to Pareto optimal allocations. As a consequence, solutions like the PFAS that correct problems with existing institutions are likely to be circumvented by the development of new ones.

Suggested Citation

  • Roger E.A. Farmer, 2017. "The End of Alchemy: A Review Essay," NBER Working Papers 23156, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:23156
    Note: EFG ME POL
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    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy

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