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      • Annual Conference
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Reading Room
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Book reviews

…And the Pursuit of Happiness

Reviewer: Henry Stuart, Happy Computers

In spite of general reductions in government spending, the prime minister has found room in the government's budget to spend money on a major survey of what makes the British people happy.Tthis monograph provides a substantial challenge to those who want to put the explicit pursuit of well-being at the heart of government policy.

Economics After the Crisis

Reviewer: Bill Allen, Formerly Deputy Director, Bank of England

The global economic crisis of 2008–2009 seemed a crisis not just of economic performance but also of the system's underlying political ideology and economic theory. But a second Great Depression was averted, and the radical shift to New Deal-like economic policies predicted by some never took place. Perhaps the correct response to the crisis is simply careful management of the macroeconomic challenges as we recover, combined with reform of financial regulation to prevent a recurrence. In Economics After the Crisis, Adair Turner offers a strong counterargument to this somewhat complacent view.

Paper Money Collapse

The Folly of Elastic Money and the Coming Monetary Breakdown

Reviewer: Dave Birch, Consult Hyperion

Drawing upon novel new research, Paper Money Collapse conclusively illustrates why paper money systems—those based on an elastic and constantly expanding supply of money as opposed to a system of commodity money of essentially fixed supply—are inherently unstable and why they must lead to economic disintegration.

Exceptional People

How Migration Shaped Our World and Will Define Our Future

Reviewer: Chola Mukanga, The Zambian Economist

In Exceptional People, the authors carry out an even-handed assessment of the costs and benefits of international migration. They find that all involved - the countries that receive immigrants, those that send them, and immigrants most of all - prosper when movement across borders is allowed without hindrance.

The Evolution of Great World Cities

Reviewer: Professor Henry Overman, London School of Economics

The Evolution of Great World Cities unfolds through the tales of several urban centres - including Venice, Amsterdam, London, and New York City - at key junctures in their histories.

Environmental Economics

A Very Short Introduction

Reviewer: Benedikt Koehler

In this Very Short Introduction, Stephen Smith discusses environmental issues including pollution control, reducing environmental damage, and global climate change policies.

Beyond Our Means

Why America Spends While the Rest of the World Saves

Reviewer: Stephen King, Group Chief Economist, HSBC

Professor Garon offers brilliant scholarship, engaging reading, and some practical insights for dealing with our current financial crisis worldwide.

Paper Promises

Money Debt and the New World Order

Reviewer: John Whitley, Senior Global Economist, Unilever

In this fascinating look at money through the ages - including our own unstable future - award-winning financial journalist Philip Coggan examines the flawed structure of the global finance systems as they exist today, and asks, with deeper imbalances that the world is currently facing, what's actually at stake.

Keynes Hayek

The Clash That Defined Modern Economics

Reviewer: Diane Coyle, Enlightenment Economics

From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.

Safe as Houses?

A Historical Analysis of Property Prices

Reviewer: Ian Harwood, Global Economist, Redburn

Neil Monnery looks at house prices over the long term in several countries - including the UK, the US, France, Holland, Norway, Germany and Australia – to find out what has happened to house prices and why.

Expectations, Employment and Prices

Reviewer: Diane Coyle, Enlightenment Economics

The book fills in logical gaps that were missing from Keynes' General Theory of Employment Interest and Money by reconciling some of its key ideas with modern economic theory.

The Heart of Teaching Economics

Lessons from Leading Minds

Reviewer: Wayne Geerling, La Trobe University

This unique monograph comprises a collection of interviews conducted face-to-face with leading economists at universities throughout the United States.

The Fish Rots from the Head

Developing Effective Board Directors

Reviewer: Vicky Pryce

As a Chinese proverb says 'The fish rots from the head' and so it is with businesses and other organisations - the buck starts and stops in the boardroom. This third edition of Bob Garratt'sbestselling book that highlights the importance of effectivecorporate governance has been extensively updated following the corporate scandals of the early 2000s - Enron, WorldCom, Tyco - and the abysmal boardroom standards that the recent credit crunch and ensuing global financial crisis brought to light.

The Bank of England 1950s to 1979

Reviewer: Bill Allen, Formerly Deputy Director, Bank of England

This history of the Bank of England takes its story from the 1950s to the end of the 1970s.

The Future of Finance

Reviewer: Charles Dumas, Chairman, Lombard Street Research

"The Future of Finance: The LSE Report" is the work of a group of leading academics, financiers, journalists and officials from the UK's Financial Services Authority, the Bank of England and the Treasury.

A Call for Judgment

Reviewer: Ian Harwood, Global Chief Economist, Redburn

A Call for Judgment explains in a clear way how bad theories and mis-regulation have caused a dangerous divergence between the real economy and finance.

Global Challenges

Reviewer: Benedikt Koehler

This volume of presentations and discussions from a conference on the intersection of trade, energy and the environment addresses the international or cross-border problems that arise at this intersection, the current international regulatory framework and how this framework could be improved.

The New Lombard Street

How the Fed Became the Dealer of Last Resort

Reviewer: Larry Hatheway, Chief Economist, UBS Investment Bank

In The New Lombard Street, Mehrling persuasively argues for a return to the classic central bankers' "money view," which looks to the money market to assess risk and restore faith in our financial system.

How Big Banks Fail

Reviewer: Saxon Brettell, Head of Research, City of London

In sharp, clinical detail, Darrell Duffie walks readers step-by-step through the mechanics of large-bank failures.

The Fearful Rise of Markets

Reviewer: Ian Harwood, Chief Economist, Evolution Securities

In his book, The Fearful Rise of Markets, John Authers examines global bubbles and how they occur, offering ways to predict and even prevent them.

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Articles reflect the authors’ views which are not necessarily shared by the Society or the Editor. The Editor welcomes comments, ideas and articles on a wide range of applied economics topics and related issues of more general interest.

For Books and Reviews contact:
Ian Harwood
Book Reviews Editor, The Society of Professional Economists
harwoodfive@btinternet.com

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