Recession: The Real Reasons Economies Shrink and What to Do About It

ISBN: 1541704940

Author: Goodspeed, Tyler Beck

Condition: New

From a top economist, the real explanation for why recessions start, how long they last, and how to avoid them in the first placeSo vivid, and so unsettling Mr. Goodspeed presents a compelling argument that recessions are not fated. -Wall Street JournalWhat causes a recession? Do recessions end on their own, or do they require external intervention? Does a recession in one country mean the rest of the world will follow? Are we in a recession now?Economic expert Tyler Goodspeed answers these questions and many more in Recession, a groundbreaking new analysis of economic contractions over the last four centuries. Combining the historians extensive primary source material and the economists arsenal of statistical analysis, this book rewrites what we know about recessions. Contrary to popular perception, recessions are not the inevitable bust that follows an unsustainable boom, and they do not operate like wildfires that clear out economic deadwood. Recessions are caused by adverse shocks like war and energy price spikes; and far from unleashing gales of creative destruction, post-recession economic growth typically resumes the same trend as before-all pain, no gain. While recessions have become less frequent over time, decisions made by businesses and governments can prolong recessions, and Goodspeed offers guidance to avoid making recessions worse. Issuing an important corrective to economic thinking, Recession is essential reading for high-level policymakers and armchair economists alike.