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Table of Contents
Intro; Preface; Acknowledgements; Praise for A Life of Experimental Economics, Volume II; Contents; List of Figures; Part III East, Southwest, East Again; 13 Yankee Land; 14 West with the Night; 15 Arizona and E-Commerce in the Laboratory; Some Early Intellectual History; 16 My Friends Were Finally Right; 17 Wives, Daughters, and Sons; Part IV Rethinking Recessions, Markets, Adam Smith and Religion; 18 Home Again: Chapman University; 19 Economic Collapse 2007-2008: Would 1929 Be Reborn in Anemic Growth?
Proposition 1: Severe Economic Recessions Have Their Origin in Household and Bank Balance Sheet CrisesProposition 2: Standard Economic Models Do Not Contain Balance Sheets; Proposition 3: The Great Recession-A Balance Sheet Crisis; Proposition 4: The Depression-A Balance Sheet Crisis?; Proposition 5: Policy Experts, Economists, Consumers, and Businesses Were Blindsided by the Great Recession; Proposition 6: Bernanke's 14 Months of "Liquidity Enhancement"-A Test of the Friedman-Schwartz Hypothesis that Liquidity Expansion Can Prevent Depression-Like Episodes?
Proposition 7: Monetary Policy Is Ineffective in a Balance Sheet CrisisProposition 8: When Monetary Policy Is an Ineffective Economic Stimulant, So Is Government Deficit Spending, and for the Same Reason; Proposition 9: Housing Expenditures Are a Leading Indicator of Most Economic Recessions; in Only the Depression and Great Recession Was the End of the Recession Not Accompanied by a Housing Recovery; Instead, We Remained Stuck in Low Growth; Proposition 10: Stock Market Crashes Do Not Impact Household and Bank Balance Sheets the Way Housing-Mortgage Market Crashes Do
Consequently, Loss in Stock Market Value Is Not a Good Indicator of Potential Damage to the Economy from Losses in Housing ValProposition 11: Bankruptcy Facilitates Recovery from Negative Equity Balance Sheet Recessions; Artificial Avoidance of Bankruptcy Delays Recovery: The Primary Mechanism of Recovery Involves the Repair and Rebooting of Damaged Balance Sheets from New Sourc; Proposition 12: Rules That Focus on Incentive Compatibility Alone Carry the Realistic Hope That Stability Can Replace the Historical Instability That Has Been the Hallmark of Housing-Mortgage Markets; In Summary
20 Markets: The Good, the Volatile and the Sometimes Ugly21 Reconnecting Modern Economics with Its Classical Origins: Discovering Adam Smith; 22 Faith and the Compatibility of Science and Religion; Author Index; Subject Index
Proposition 1: Severe Economic Recessions Have Their Origin in Household and Bank Balance Sheet CrisesProposition 2: Standard Economic Models Do Not Contain Balance Sheets; Proposition 3: The Great Recession-A Balance Sheet Crisis; Proposition 4: The Depression-A Balance Sheet Crisis?; Proposition 5: Policy Experts, Economists, Consumers, and Businesses Were Blindsided by the Great Recession; Proposition 6: Bernanke's 14 Months of "Liquidity Enhancement"-A Test of the Friedman-Schwartz Hypothesis that Liquidity Expansion Can Prevent Depression-Like Episodes?
Proposition 7: Monetary Policy Is Ineffective in a Balance Sheet CrisisProposition 8: When Monetary Policy Is an Ineffective Economic Stimulant, So Is Government Deficit Spending, and for the Same Reason; Proposition 9: Housing Expenditures Are a Leading Indicator of Most Economic Recessions; in Only the Depression and Great Recession Was the End of the Recession Not Accompanied by a Housing Recovery; Instead, We Remained Stuck in Low Growth; Proposition 10: Stock Market Crashes Do Not Impact Household and Bank Balance Sheets the Way Housing-Mortgage Market Crashes Do
Consequently, Loss in Stock Market Value Is Not a Good Indicator of Potential Damage to the Economy from Losses in Housing ValProposition 11: Bankruptcy Facilitates Recovery from Negative Equity Balance Sheet Recessions; Artificial Avoidance of Bankruptcy Delays Recovery: The Primary Mechanism of Recovery Involves the Repair and Rebooting of Damaged Balance Sheets from New Sourc; Proposition 12: Rules That Focus on Incentive Compatibility Alone Carry the Realistic Hope That Stability Can Replace the Historical Instability That Has Been the Hallmark of Housing-Mortgage Markets; In Summary
20 Markets: The Good, the Volatile and the Sometimes Ugly21 Reconnecting Modern Economics with Its Classical Origins: Discovering Adam Smith; 22 Faith and the Compatibility of Science and Religion; Author Index; Subject Index