Allan H. Meltzer - Böcker

The financial crisis caused many genuinely to reconsider the desirability and feasibility of capitalism. In Why Capitalism?, renowned economist Allan Meltzer addresses what he feels are key issues that critics of capitalism routinely fail to adequately recognize . These include the power of incentives and capitalism's adaptability to varying morals, ideals, and cultures. Meltzer argues that while capitalism is not perfect, it is the best option for providing growth and personal freedom. Citing Kant, he stresses that most of the faults and flaws on which critics dwell are human faults and are not systemically inherent to capitalism. Other topics he addresses include the regulated welfare state and how it invites corruption, arbitrary decisions, and circumvention; and irresponsible deficit spending and the unsustainable, unfunded promises by politicians eager to please. Why Capitalism? is a short, powerful book that will raise the level of the current debate among politicians, scholars in the political sciences, and general readers interested in the political issues brought to light by the recent financial crisis, written by one of the strongest voices the public dialogue on the fundamental economic ideas on which the United States economy is based.

Allan H. Meltzer's critically acclaimed history of the Federal Reserve is the most ambitious, most intensive, and most revealing investigation of the subject ever conducted. Its first volume, published to widespread critical acclaim, spanned the period from the institution's founding in 1913 to the restoration of its independence in 1951. Book I of the two-part second volume chronicles the evolution and development of the Federal Reserve from the Federal Reserve Accord in 1951 to the first phase of the Great Inflation in the 1960s, revealing the inner workings of the Fed during a period of rapid and extensive change. Book 2 chronicles the evolution and development of the Federal Reserve from the Nixon administration to the mid-1980s, when the Great Inflation ended.

Every decision made by the Federal Reserve instantly grabs headlines, yet it is one of the least understood of our public institutions. In this monumental history Allan H. Meltzer, one of the world's leading economists, tells the story of the Federal Reserve and the people who shaped it, from its founding in 1913 through the Treasury-Federal Reserve Accord of 1951. The first of two volumes, and including a foreword by Alan Greenspan, Meltzer's work has been acknowledged as one of the most important studies of an institution with a truly global impact.

Allan H. Meltzer's critically acclaimed history of the Federal Reserve is the most ambitious, most intensive, and most revealing investigation of the subject ever conducted. Its first volume, published to widespread critical acclaim, spanned the period from the institution's founding in 1913 to the restoration of its independence in 1951. Book 1 of the two-part second volume chronicles the evolution and development of the Federal Reserve from the Federal Reserve Accord in 1951 to the first phase of the Great Inflation in the 1960s, revealing the inner workings of the Fed during a period of rapid and extensive change. Book 2 chronicles the evolution and development of the Federal Reserve from the Nixon administration to the mid-1980s, when the Great Inflation ended.

The federal income tax exemption for state and local government securities has been a controversial issue for many years. Opponents of the exemption believe that it is inequitable, reduces risk investment by high-bracket taxpayers, and costs an excessive amount to the federal government. Proponents argue that elimination of the tax exemption would make the cost of borrowing money to many state and local governments prohibitive. The purpose of the study was to try to narrow down the differences among experts in taxation and the municipal bond market on the facts and analyses with regard to this matter of public policy.

In this rigorous 1989 study of John Maynard Keynes's views on economic theory and policy from 1920-46, Professor Meltzer argues that some of Keynes's main ideas have been ignored or misstated. While attention has focused on short-term countercyclical policies, the main policy implications have been neglected. Keynes placed great emphasis on rules, predictability, and reduction of uncertainty. In keeping with his theoretical work, he opposed discretionary fiscal changes and favored rules to reduce instability and increase the capital stock. These policies are consistent with, and provide evidence for, the interpretation of Keynes's theory developed here.

In this rigorous 1989 study of John Maynard Keynes's views on economic theory and policy from 1920-46, Professor Meltzer argues that some of Keynes's main ideas have been ignored or misstated. While attention has focused on short-term countercyclical policies, the main policy implications have been neglected. Keynes placed great emphasis on rules, predictability, and reduction of uncertainty. In keeping with his theoretical work, he opposed discretionary fiscal changes and favored rules to reduce instability and increase the capital stock. These policies are consistent with, and provide evidence for, the interpretation of Keynes's theory developed here.

This volume offers a unique perspective on a key issue of monetary economics: the effect of money on output. Karl Brunner and Allan Meltzer address the theoretical aspects of this issue with the purpose of understanding their policy implications. They offer an historical and at times provocative overview on the relationship between money and output, and go on to present their well-known model of a monetary economy, before examining the real sector. Throughout the volume, their views are confronted with competing explanations in order to highlight differences. The monetarist flavour of the volume emerges most clearly in frequent arguments pointing to the relative stability of the private sector.