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The Other Half of Macroeconomics and the Fate of Globalization


The Other Half of Macroeconomics and the Fate of Globalization presents a totally new approach to macroeconomics that offers a solution to the challenges of stagnation and worsening inequality that trouble so many advanced countries.

Since the Great Recession of 2008, most of the developed world has been mired in stagnation. The repeated failures of central banks and governments to meet inflation or growth targets, despite truly exorbitant levels of monetary accommodation, have left the public justifiably suspicious of the establishment and its economists.

The Other Half of Macroeconomics elucidates what was missing in economics all along and what changes are needed to make the profession relevant to the economic challenges of today.

In it, author Richard C. Koo, a leading economist and creator of the concept of balance sheet recessions – which triggered the current focus on debt in global policy debate – introduces the insightful new concept of pursued economies.

This concept shows that the effectiveness of monetary and fiscal policy changes as an economy undergoes different stages of development. It also identifies the core drivers of the economic and political predicaments advanced nations face today and shows how these countries can move forward in the new global environment.

Explaining the 200-year process of economic development and where that process is taking all of us, Koo explores how it should be possible to devise appropriate policy response to slow wage and productivity growth in these economies and argues that tax rules, regulations and even educational system must be revised to match the need of pursued (by emerging nations) countries.

The Other Half of Macroeconomics will be available wherever books and ebooks are sold.


About the author

RICHARD C. KOO is the Chief Economist of Nomura Research Institute, where he is responsible for providing independent economic and market analysis to Nomura Securities, the leading securities house in Japan, and its clients. Best known for his theory of balance sheet recessions, Koo has advised several Japanese prime ministers over the last thirty years, and for the past ten years, he has advised numerous Western governments and central banks on how best to address post-bubble economic and banking problems. Before joining Nomura in 1984, Richard, a US citizen, was an economist with the Federal Reserve Bank of New York. Prior to that, he was a Doctoral Fellow of the Board of Governors of the Federal Reserve System. In addition to being one of the first non-Japanese to participate in the development of Japan’s five-year economic plan, he taught at Waseda University in Tokyo as a visiting professor and is now a Senior Advisor to the Center for Strategic and International Studies in Washington, D.C.

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