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Serious Economics and Simple Books

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  • Gurbachan Singh

Abstract

Simple but serious books have an important role to play. So Krugman’s book on ‘depression’ is very welcome. The emphasis of this book is on unemployment (and distribution more generally, including high compensation for finance ‘experts’). The analysis is primarily Keynesian, left-leaning, ‘non-German’, and angry. Krugman argues that expansionary policies will work without endangering financial stability and that there is no need to shed tears on possible (nay, strongly recommended) higher inflation and depreciation of the currency. He advocates non-transparent default on public debt in real terms through higher inflation. Though he is very critical of Efficient Market Hypothesis, he is silent on advances in behavioural finance. We will inter-alia reconsider irrationality, consumer protection, implicit tax-subsidy in low interest rates, and detailed do’s and don’ts relative to higher capital and liquidity with banks. The book is strongly recommended—even for serious researchers and for republicans.

Suggested Citation

  • Gurbachan Singh, 2012. "Serious Economics and Simple Books," Review of Market Integration, India Development Foundation, vol. 4(1), pages 111-130, April.
    • Handle: RePEc:sae:revmar:v:4:y:2012:i:1:p:111-130
    DOI: 10.1177/097492921200400104
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    References listed on IDEAS

    as
    1. Barberis, Nicholas & Thaler, Richard, 2003. "A survey of behavioral finance," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 18, pages 1053-1128, Elsevier.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    3. Olivier Blanchard & Giovanni Dell’Ariccia & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 199-215, September.
    4. repec:rnp:ecopol:09111 is not listed on IDEAS
    5. Gurbachan Singh, "undated". "Lacunae in Financial Regulatory Framework Vis-?-Vis Financial Repression," Centre for International Trade and Development, Jawaharlal Nehru University, New Delhi Discussion Papers 09-10, Centre for International Trade and Development, Jawaharlal Nehru University, New Delhi, India.
    6. Gangopadhyay, Shubhashis & Singh, Gurbachan, 2000. "Avoiding bank runs in transition economies: The role of risk neutral capital," Journal of Banking & Finance, Elsevier, vol. 24(4), pages 625-642, April.
    7. Olivier Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2010. "Rethinking Macroeconomic Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 199-215, September.
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