The Bubble Economy: Is Sustainable Growth Possible?

The Bubble Economy: Is Sustainable Growth Possible?

by Robert U. Ayres

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Product Details

ISBN-13: 9780262027434
Publisher: MIT Press
Publication date: 05/30/2014
Series: The MIT Press
Pages: 392
Product dimensions: 6.10(w) x 9.00(h) x 1.10(d)
Age Range: 18 Years

About the Author

Robert U. Ayres, an American-born physicist and economist, is Emeritus Professor of Economics and Political Science at INSEAD, the international graduate business school. He is the author or coauthor of many books, including (with Benjamin Warr) The Economic Growth Engine: How Energy and Work Drive Prosperity.

Table of Contents

Preface vii

Acknowledgments xv

1 Background 1

2 On the Role(s) of Energy in the Economy 49

3 A Brief History of Bubbles and Busts through 1933 75

4 Post-World War II 107

5 After the End of Glass-Steagall 157

6 The Role of Misbehavior 203

7 Where Do We Stand Today? 217

8 A Policy Agenda for Stabilization 259

9 Economic Growth 277

10 Concluding Thoughts on Bubbles and Energy 307

Appendix: Two More Digressions 315

Notes 329

References 337

Index 351

What People are Saying About This

From the Publisher

In an era of monistic specialization, Robert U. Ayres brings us this integrative command of the variables, evidence, and remedies in one grounded and optimistic volume. Written in a personal style, interspersed with instructive stories and academic rigor, The Bubble Economy shows the pathways to equitable, sustainable economies. A book for everyone who wants to help shape that stable future.

Ralph Nader, author of The Seventeen Solutions

This is an excellent book on economics because it is not written by an academic economist—but by one of the world's most committed interdisciplinarians who has spent a lifetime of thinking and writing about the behavior of complex systems and about their fundamental (i.e., energetic) determinants. This means that it looks at the real world and that it makes inquiries into the real causes of growth, bubbles, and prosperity. For me, there is no better recommendation than this.

Vaclav Smil, Distinguished Professor Emeritus, University of Manitoba, and author of 35 books on interdisciplinary topics

This book provides an insightful account of the global financial crisis and its aftermath, placing the events of the late 2000s in a historical, political, and social context. It makes compelling reading, analyzing some very complex events and financial transactions with a clarity that makes them accessible to all readers.

Bruce Cowley, Chairman, Minter Ellison

This is a critical re-examination of the functioning of capitalism that integrates various important themes, such as financial markets, energy, and sustainable growth. The analysis of the financial crisis is nuanced and penetrating. The insights into the role of energy as a fundamental factor of economic growth will force all of us to re-think economic development and sustainability.

Lan Xue, Dean, School of Public Policy and Management, Tsinghua University, China; and Co-Chair of the Leadership Council, United Nations Sustainable Development Solutions Network

Endorsement

This is a critical re-examination of the functioning of capitalism that integrates various important themes, such as financial markets, energy, and sustainable growth. The analysis of the financial crisis is nuanced and penetrating. The insights into the role of energy as a fundamental factor of economic growth will force all of us to re-think economic development and sustainability.

Lan Xue, Dean, School of Public Policy and Management, Tsinghua University, China; and Co-Chair of the Leadership Council, United Nations Sustainable Development Solutions Network

Lan Xue

This is a critical re-examination of the functioning of capitalism that integrates various important themes, such as financial markets, energy, and sustainable growth. The analysis of the financial crisis is nuanced and penetrating. The insights into the role of energy as a fundamental factor of economic growth will force all of us to re-think economic development and sustainability.

Bruce Cowley

This book provides an insightful account of the global financial crisis and its aftermath, placing the events of the late 2000s in a historical, political, and social context. It makes compelling reading, analyzing some very complex events and financial transactions with a clarity that makes them accessible to all readers.

Ralph Nader

In an era of monistic specialization, Robert U. Ayres brings us this integrative command of the variables, evidence, and remedies in one grounded and optimistic volume. Written in a personal style, interspersed with instructive stories and academic rigor, The Bubble Economy shows the pathways to equitable, sustainable economies. A book for everyone who wants to help shape that stable future.

Vaclav Smil

This is an excellent book on economics because it is not written by an academic economist—but by one of the world's most committed interdisciplinarians who has spent a lifetime of thinking and writing about the behavior of complex systems and about their fundamental (i.e., energetic) determinants. This means that it looks at the real world and that it makes inquiries into the real causes of growth, bubbles, and prosperity. For me, there is no better recommendation than this.

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