Background
Farmer, Roger Edward Alfred was born on April 4, 1955 in Enfield, Middlesex, England. Son of Edward Arthur.
( For many years it was fashionable to treat macroeconomi...)
For many years it was fashionable to treat macroeconomics and microeconomics as separate subjects without looking too deeply at the relationship between the two. But in the 1970s there occurred an episode of high inflation and high unemployment, which was inconsistent with orthodox theory. As a result, macroeconomists began to pay much greater attention to the microfoundations of their subject. In this book Roger E. A. Farmer takes a somewhat controversial point of view, arguing for the future of macroeconomics as a branch of applied general equilibrium theory. His main theme is that macroeconomics is best viewed as the study of equilibrium environments in which the welfare theorems break down. This approach makes it possible to discuss the role of government policies in a context in which policy may serve some purpose. Since the publication of the first edition in 1993, self-fulfilling prophecies has become a major competitor to the real business-cycle view of economic fluctuations. The second edition has been updated in three ways: (1) problems are included at the end of every chapter, and a study guide containing sample answers to all of the problems is available; (2) a new chapter discusses research from the past five years on business fluctuations in multisector models; and (3) the chapter on representative agent growth models now includes an appendix that explains the transversality condition.
http://www.amazon.com/gp/product/0262062038/?tag=2022091-20
("Of all the economic bubbles that have been pricked," the...)
"Of all the economic bubbles that have been pricked," the editors of The Economist recently observed, "few have burst more spectacularly than the reputation of economics itself." Indeed, the financial crisis that crested in 2008 destroyed the credibility of the economic thinking that had guided policymakers for a generation. But what will take its place? In How the Economy Works, one of our leading economists provides a jargon-free exploration of the current crisis, offering a powerful argument for how economics must change to get us out of it. Roger E. A. Farmer traces the swings between classical and Keynesian economics since the early twentieth century, gracefully explaining the elements of both theories. During the Great Depression, Keynes challenged the longstanding idea that an economy was a self-correcting mechanism; but his school gave way to a resurgence of classical economics in the 1970s-a rise that ended with the current crisis. Rather than simply allowing the pendulum to swing back, Farmer writes, we must synthesize the two. From classical economics, he takes the idea that a sound theory must explain how individuals behave-how our collective choices shape the economy. From Keynesian economics, he adopts the principle that markets do not always work well, that capitalism needs some guidance. The goal, he writes, is to correct the excesses of a free-market economy without stifling entrepreneurship and instituting central planning. Recent events have shown that we cannot afford to treat economics as an ivory-tower abstraction. It has a direct impact on our lives by guiding regulators and policymakers as they make decisions with far-reaching practical consequences. Written in clear, accessible language, How the Economy Works makes an argument that no one should ignore.
http://www.amazon.com/gp/product/0199360308/?tag=2022091-20
Farmer, Roger Edward Alfred was born on April 4, 1955 in Enfield, Middlesex, England. Son of Edward Arthur.
Bachelor in Economics with honors, Manchester University, England, 1976. Master of Arts, Manchester University, England, 1977. Doctor of Philosophy, University Western Ontario, Canada, 1982.
Lecturer University Toronto, Canada, 1980—1982, assistant professor, 1982—1982. Assistant professor economics University Pennsylvania, Philadelphia, 1983—1988, associate professor economics, 1988—1989, University of California at Los Angeles, 1988—1991, professor economics, 1991—2010, chair department economics, since 2009, distinguished professor economics, since 2010. Professor European University Institute, San Domenicdoi Fiesole, Florence, Italy, 1998—2000.
Research associate National Bureau Economic Research, since 2006. Research associate Institute for Economic Policy Research, since 1996. Associate editor Macroeconomic Dynamics, since 1997, Journal Economic Growth, 1998—2001, Economics Bulletin, 2003—2008, Journal Public Economic Theory, 2003—2008.
Consultant European Central Bank, Frankfurt, Germany, 2000—2006, Federal Reserve Bank Atlanta, since 2006. Panel member Economic and Social Research Council Awards, London, 2000, Marie Curie Awards, Brussels, 2005—2006, Agence National Research, Paris, 2008. Co-editor International Journal Economic Theory, Japan, since 2004.
Editorial board New Zealand Economic Papers, since 2009. Contributor Finance Times Economists Forum, since 2009.
("Of all the economic bubbles that have been pricked," the...)
( For many years it was fashionable to treat macroeconomi...)
Fellow: Churchill College Cambridge (Commoner 1988, 1991), Econometric Society, Center Economic Policy Research. Member: Reform Club.
Married C. Roxanne Farmer. 1 child Leland Edward.