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In this important and provocative reassessment of the causes and consequences of economic downturns and stagnation, Roger Farmer argues that the central problem is recurring and debilitating crises of confidence in the stock market. The instability caused by the animal spirits creates unemployment and disruptions that have long-term effects. To create stability Farmer proposes that governments intervene in asset markets in a manner similar to the recent behavior of
central banks. Written in clear, accessible language by a prominent macroeconomic theorist, Prosperity for All proposes a paradigm shift and policy changes that could successfully raise employment rates, keep inflation at bay, and stimulate growth.
Roger Farmer is Research Director at the National Institute of Economic and Social Research in London and a Professor of Economics at the University of Warwick.