The global financial crisis : what have we learnt?.

This atypical contribution to economic policy, edited by economist Kates (RMIT Univ., Australia), is a follow-up to his earlier book, Macroecomic Theory and Its Failings: Alternative Perspectives on the Global Financial Crisis (CH, Oct'10, 48-0992). This new volume highlights nonmainstream views of the 2007-09 economic and financial crisis. (In truth, most writers devote more attention to the economic than to the financial crisis.) All the contributors reject, not always convincingly, the analysis and policy implications of conventional Keynesian-based economics, and thus introduce readers to views that are often ignored. One surprising gap is the absence of any mention of behavioral economics, which has clear and significant views on how the conduct of individuals causes ballooning financial markets that subsequently burst. Similarly, the growing field of neuroeconomics is not covered. On the other hand, many contributors highlight the insightful contributions of Hyman Minsky to financial crisis analysis. If this volume draws more attention to Minsky's work, that alone will have been a fortunate consequence. Summing Up: Recommended. Upper-division undergraduate through research collections. J. Prager New York University