Consequences of Economic Downturn: Beyond the Usual by Martha A. Starr (eds.)

By Martha A. Starr (eds.)

The 2007-09 monetary quandary and financial downturn inflicted massive difficulty at the U.S. inhabitants. This e-book argues that the monetary obstacle and resulting recession mirrored not only a malfunctioning of the economic system - but additionally inequalities and insecurities in entry to livelihoods that want well-off teams and depart traditional humans shouldering undue burdens of draw back probability. This booklet, a suite of unique papers by means of major social economists and students in similar fields, examines social, distributional, and moral dimensions of the downturn. it may be of huge curiosity to the social-science and economic-policy groups.

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Other programs developed by nonprofit organizations and governments still share the basic assumption that the end-goal of all economic activity is consumption; as such, instead of encouraging people to think broadly about their value systems and helping them devise life plans and financial strategies consistent B E YO N D T H E U S UA L E C O N O M I C S 19 therewith, they focus narrowly on transmitting skills that would enable people to conform to the neoclassical ideal of the deliberative, forward-looking consumer.

Borrowers have more choices and greater access to credit; lenders and investors are better able to measure and manage risk; and, because of the dispersion of financial risks to those more willing and able to bear them, the economy and financial system are more resilient. 4 In response to a question about whether there was need for increased regulation of hedge funds Bernanke told Congress on July 20, 2006 that the best way to achieve good oversight of hedge funds is through market discipline, through the counterparties, through the investors .

Hence, consideration of the consequences of policy failure was deemed to be beside the point. Revolutionaries typically embrace the maxi-max decision rule, to be sure, so convinced are they that they have in hand the uniquely correct blueprint for society that will bring about the utopia that they seek. Were we discussing revolutionary ethics (if there is such a thing) we might conclude that maxi-max is an entirely appropriate decision rule. Moreover, it is entirely appropriate for individuals to embrace maxi-max in deciding their own, private affairs (provided their resulting behaviors do not put others at appreciable risk).

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