Monetary-policy

This book is a very good introduction to quantative monetary theories. Readers with science or engineering background can especially benefit from authors' concise mathematical expressions. It gives a clear and academic view about fundamental theories, so don't expect to see a lot of economical data or "stories".

Economists have a responsiblity to communicate as simply as possible. Too often complex mathematics are an egotistic tool of the economist that merely frustrates the reader. Champ and Freeman's Modeling Monetary Economies is a wonderful volume that explains tough issues in monetary economics by building upon Wallace and Bryant's overlapping generations (OLG) model.

The OLG framework is a very simple framework that has its limitations, yet it is a powerful explanatory device. Champ and Freeman apply it to the following exercises:
* Introduce money into an economy--any grad student of economics (as I once was) will tell you this is no simple task! We take money for granted, of course, but mathematical models tend to imply that money is unnecessary! Just getting money into an economic model without unreasonable assumptions is itself an accomplishment.

* Inflation--again, not easy to do in other mathematical models of money--and anticipated inflation

* International currency exchange and the indeterminancy of the exchange rate

* Central banking and changes to the money supply

* Banks and lending

* Deficits and the national debt

* The interaction of all of the above

The book also has exercises in it that apply and extend the models introduced in each chapter.

RECOMMENDATION
I recommend this book for advanced year undergrads (in mathematical econ programs) and graduate students. It really is a great book that builds a conceptual knowledge of the interaction of the various components of monetary economics. This is useful for understanding more complicated dynamic optimization models. And it provides models that are useful in their own right and relevant as the basis for further (ie., dissertation) research.

This book is an example of how mathematics is intelligently used in economics, and the understanding of the latter is thereby enhanced. Only basic algebra is used, yet the authors are able to make non-trivial explanation about economic phenomena, from why money must exist to inflation to payment system. The text is mathematical and abstract, but as I read it, my frame of mind remains firmly that of an economist, and not of a mathematician (which is as it should be). The text is carefully written, flowing and anticipative of difficulties that a reader may have.

This is not an introductory text to economics, and I reject the idea that those with strong mathematical background should be introduced to economics in a different way from others. Any beginner, mathematical or not, should read Samuelson and the like first.

Dr. Keith Hart is a distinguished social anthropologist, widely published author, and scholar who has taught on both sides of the Atlantic. He is currently a professor and Senior Research Fellow at the University of Aberdeen, Scotland. He has served on the faculties of Cambridge, Yale, University of Manchester, University of Chicago, University of Michigan, and McGill University.

This background should tell you something already about the author's perspective and what this book will be like. "Money in an Unequal World" is a deep academic treatment of the role of money in society. For those engaged in the study of this topic, this book offers a revolutionary way of rethinking money and society. Hart addresses how internet access separates societies by controlling their access to money and commerce. He shows how money that transfers outside national controls-and taxes-gives some the distinct advantage of being able to use "wild money." Virtual capitalism will change the money balance in the world.

You will find a tremendous amount of information and commentary packed into this book. Expect to encounter page after page of small print text without illustrations. There are nine tables and figures in the entire book. For the serious reader on this topic, this is a page-turner. For the occasional reader in this field, this will feel like a highly focused textbook. In the introduction, Hart describes the book as being written from memory, but each chapter is backed-up by an abundance of footnotes. Fortunately, the book is indexed to help readers find particular areas of interest.

While we can certainly appreciate Dr. Hart writing such a book from his ivory-tower perspective and manner, there are some really interesting aspects of this topic of value to the lay reader. Unfortunately, the design and languaging of the book does not appeal to that market.

If this topic interests you, I recommend this book. If it does not hold high academic interest, move on to another book on the topic. You'll get bogged down in this one.

Money In An Unequal World is one of those key-stone books that should (must) be read by those who think they know about economy, and by those who believe that knowing about economy's single most important tool -money- is unnecessary. Keith Hart goes beyond a simple analysis of what money is. He places money in a context, in the past and the present, as well as in the future. If we are puzzled by what's happening with the stock market, or with the 'unprecedented' economic collapse of countries such as Argentina, wondering how it is possible that within a week three million middle-class citizens suddenly became the New Poor of our era (with no fault of their own ... except perhaps trust in a system -the banking system- that makes us believe 'our' money is in good hands), we'll gain some insight from reading Hart's book and perhaps make some urgent decisions of our own. We'll find out that 'our' money isn't ours, that our choice to work isn't really a choice, because we're pressured to earn 'their' money for it's the only money available and it has very definite rules ... which most of us happen to ignore, and side-effects ... which most of us prefer not to admit are there.
Money In An Unequal World will pull the veil off of money. Are we depressed because we lack enough to fulfill our dreams ... or even our most basic survival needs? Well, one of the characteristics of 'their' money is that it's scarce. If it's scarce, there won't be enough, and if there isn't enough and the value can be made to drop or rise without our consent or even understanding of why this happens, then of course we'll see that suddenly, no matter how much we work, a decision made by 'them' will make it possible for our savings to drop in value by fifty percent, a hundred percent, or three hundred percent, as in Argentina, or five-hundred percent, as it occurred in Ecuador during 1999. Is it fair? Who makes the rules? Why aren't we asked if this is right? The answer is simple: because we are, among 99 percent of the world's population (including most economists), unaware that money is one of the prime reasons why we live in an unequal world. As Keith Hart himself writes: "For all the rhetoric of freedom that abounds in our societies, state capitalism is based on legal and economic coercion, on the ancient principle of territorial monopoly and on the newer one of having to sell oneself in order to live. State power looks as if it is on the wane; and, while the world's money system totters from one crisis to the next, the concentration of economic power in the hands of a few large corporations seems inexorable. This is our chance to find new forms of political association, more appropriate to popular needs, and perhaps even to subvert the dominance of a capitalism enjoying the fruits of globalization."
Not that Hart is against capitalism as such, but since certain expression end up meaning something much different than at first, he would prefer that we enter an era of "economic democracy" in which we also have a vote as to the kind of money we are "allowed" to use. But before we can vote, it might be a good idea to read his Money... in order to understand what choices we have. Hart writes: "The immediate and long-run causes of economic inequality, therefore, are an unfair and unstable system of money-making (...)" among others, and "Virtual capitalism has exacerbated this by marginalizing whole sectors of the world economy where agriculture and mining are predominant, as well as by unleashing savage swings in the money system that can impoverish national economies at a single blow." As in Argentina?
As it's happening or could happen in most of the world ... ?

Marx and Engels figured out capitalism. This guy has figured out money.

I am a BIG fan of Ludwig von Mises. I am aware of what his great contributions are to the science of Economics. All free-market believers are indebted to him for his work. That is precisely why I bought a copy of his Theory of Money and Credit.

I found it VERY DIFFICULT to read, even with a dictionary in hand. So much so that I never finished it. And this even though I have read Rothbard's classic "America's Great Depression" twice.

Admittedly, von Mises wrote the original in German (I think), and translating technical material from another language may be quite difficult.

I give von Mises 5 stars for his Theory, (which really isn't a theory, but FACT). But I must subtract one star for it's lack of readability.

--George Stancliffe

The late great Murray Rothbard described Ludwig von Mises's _The Theory of Money and Credit_ as the best book on money ever written. And so it is.

It is probably best known as the volume which first set out the distinctive Austrian theory of the trade cycle. For that alone, it deserves a place on the bookshelf of everyone who cares about such things (and more people should).

But there's much more to it than that. This volume sets out a complete and groundbreaking theory of money itself: what it is, where it comes from, what it means to speak of its "value," the differences between commodity money and fiat money, the demand for money and what it has to do with banking, and -- crucially -- the jiggery-pokery that becomes possible when the State starts messing around with unsound monetary policy.

This edition also includes a section on "Monetary Reconstruction" written in 1952 (and first included in the 1953 Yale University Press edition).

Plus there's a foreword by Murray Rothbard. And, finally, it's another beautifully crafted volume from the Liberty Fund, practically a steal at the price posted above. You'd have a hard time buying most such books _used_ at this price.

So what are you waiting for? Throw your Samuelson and Keynes in the trash and pick up a book of _real_ economics.

This is the first of the modern works to identify the cause of the business cycle: artificial credit expansion sending miscues to capital goods industries. Though written in 1912, it retains its persuasive power, especially in light of the current financial meltdown. Mises also covers the origin and nature of money and banking. As always LibertyFund puts out a beautiful book.

Griffin's "Jekyll Island" book was an education for me. He dispays the ability to bring together widely scattered data sources and present them clearly and (relatively) concisely. If you want some insights into how Governments create money and inject it into the economy, how the moneyed interests have driven US foreign policies for their personal gain, and how governments pay for their excesses through inflation and not taxation, this book is a must read. Griffin is apparently a believer in a variety of conspiracy theories, some which he expands on a length. I believe the book would have been better with these toned down, because there is a danger he may be classified by some as part of the conspiracy theory lunatic fringe, when in fact this book is an insightful account of the history of money, and a great source of factual information whether the reader accepts all of his conclusions or not.

Everyone MUST read this book, especially Americans. This book shows how the US Federal Reserve manages the US currency, which is the reserve currency of the world. It shows that a shocking reality behind the smokescreen of big words and lofty speeches. The short answer is that the US dollar has a fatal flaw - it is not backed by Gold, and history shows this ALWAYS ends in tears. It is a huge lesson in how currencies work.
On the downside, Griffin reveals he has a big Right wing political bias. He talks of concerns about the enrivonment as based on "doubtful evidence". He talks of social welfare as though it was some form of economic terrorism. He naiively thinks that the UN will takeover the US if there is a world banking crisis, forgetting that the UN will dissappear much faster than US banks if that happens.
However, his political bias aside, this is a MUST READ book, especially the chapter on how money works. Don't be put off by the size - it is well written and an education on money sorely needed by the whole world.

Think you know anything about the dollar bills in your wallet?
Think you know who runs this country?
Think that we live in a "free market" economy?

Think again.

Griffin piles up facts and analyzes them with relentless, cold logic. The picture he paints isn't pretty. The Federal Reserve System is a legal cartel expressly designed to create riskless profits for member banks, while simultaneously turning our entire financial system into the legal and moral equivalent of a Las Vegas casino. Yeah, you might get lucky for a while, but the house will always win. Our monetary system is a pyramid scheme that only functions as long as debt is being created at an accelerating rate.

This all sounds crazy, but Griffin has the facts to back it up. The challenging part about Griffin's arguments is that he explicitly states that the foundation and perpetuation of the Federal Reserve System was a conspiracy. Whenever the "C"-word is mentioned, it is an unfortunate truth that many people get turned off. But as Griffith himself says, if a group of people, operating in secret, create a system that explicitly benefits themselves at the expense of others, what else can you call it but conspiracy? Heck, I guess you could call it a "peanut" or a "canteloupe" but it would still add up to the same thing--a system expressly designed to reward failure and punish diligence and honesty. Kinda explains all the crookedness and incompetence behind all the wall street and corporate shenanigans of the last decade, doesn't it?

And if you keep an open mind and pay close attention to his arguments, you'll see that the best place to hide a conspiracy is in plain sight.

If you care about free markets, and your constitutional rights, you will read this book today.

After being burned in the stock market over the last 3 years, I went back to basics to figure out what to do next. This book got me grounded in reality again.

PART 1: UNDERSTANDING THE MILLIONAIRE MINDSET
1. Manifesting a Million
2. Why would you want to be a millionaire?
3. Who are the millionaires so far?
4. Can you become a millionaire?


PART 2: MASTERING THE MILLIONAIRE MINDSET
5. The Five Laws of Manifestation
6. Six Steps to W.E.A.L.T.H.
7. Visualizing Prosperity
8. Affirming Prosperity
9. Denying Prosperity
10. Cultivating Emotional Money Maturity
11. The Power of Focus


PART 3: APPLYING THE MILLIONAIRE MINDSET
12. Your Millionaire Master Plan
13. Millionaire Money Habits
14. Leveraging Your Resources
15. 50 Money Moves You Can Make Now
16. Getting Started

Good book! Makes you think about what is really required to become a millionaire. Builds a logical case to demonstrate it can be done with discipline and the right attitude.

This mutual fund book was one of the best I have read yet. As a young professional this guide is geared towards the investor who has a long-term goal, for me its a comfortable retirement. I like the way that Chand only selects the best funds that have consistent above-average performance, long manager tenure, low risk, low fees and wide availablilty. Great Buy!

A great book. The methodology made a lot of sense to me and who can argue with funds with good track records and low fees, low risk, and long manager tenure. Definitely helped me pick a couple of funds for my investments.

I have to say that although I have been captivated by Mr. Maybury's books for some time, reading each one in order. I found this one interesting only about half the time. Wehn I got half way through it I lost interest. It seemed to be going over and over and over and over the same old stuff which could have been imparted in half the time and half the pages, and just plain got boring. It simply did not hold my interest like the first seven.

After finishing it, I picked up the "Thousand Year War" a little apprehensively to see if Maybury had lost his flare after the success of his previous books, as so many do, sort of like movie sequals that never meet or match the standards of the original, and luckily found that it was back on track with interesting, coherent information taht once again had me wanting to finish it in one setting.

Mr. Maybury needs to work The "Clipper Ship" over and could easily reduce it by half.

Of course I enjoy his work and will order the two follow on books WWI and WWII to round out my collection. All in all, he has made me a little bit wiser with this series and I still recommend it (all of them) to anyone who wants to understand the competing "models" that exist in the world and what makes the world go round.

Jim

I am very impressed at how Rick has made economics so easy to understand. I was very ignorant as to how economic policies effected me. After reading this book I am truly looking foward to learning more about our system. He also indirectly mentioned the company I work for in regards to a P&G (Protor & Gamble)issue. I can attest that he was on the money with his conclusion. I have long understood how much manipulation occurs within our political system. I just never thought that it effects our economic structure to the degree that it does!

In this excellent book Uncle Eric provides you with all of the facts about cones.What they are, how to find them, and how you can make a profit from them.

Uncle eric shares many examples of cones through history especially the history of the clipper ship. Also included with each history overview is the summary of what those who found the cones did to profit from them. This i find to be an extreemely useful item within the book. Uncle eric does not only tell you what to do, he shows you actual instences in history when the cones were taken advantadge of.

Along with uncle erics guide to finding cones he also has a description of what types of cones there are, and which ones to get into and which ones to stay out of.

I find all of uncle erics advice to be extreemely useful in this book.

sincerely Piffer H

Barry Eichengreen's book Gold Fetters is a classic on the Gold Standard and the Great Depression. The cover of this one claims that it will become a classic on the international monetary system. While it's good, it certainly isn't a classic. It's a great book, but spoilt by its lack of breadth.

Globalizing Capital is full of details and gives readers a terrific account of how mainstream exchange rates were managed (or weren't) in the period from 1870 to 1997. Each of the four main chapters is self contained (1870-1914, 1918-1944, 1944-1973, 1973-1997).

Globalizing Capital has two broad threads. Firstly, the only periods in recent history when exchange rates have been stable have occurred when there have been a) high levels of international co-operation or b) periods when governments have been able to choose between high capital mobility and extending democracy. Trying to court both the masses and international traders has often been the trigger for banking and currency crises.

The second theme is the choice between fixed and floating regimes. The world nowadays is characterised by instantaneous communications and highly mobile capital. Small countries can chose to float and large groups with deep interlinks can form monetary unions, but the rest are faced with increasingly unpleasant choices. As capital becomes more mobile, the choices faced by those left in the middle will become even more perilous.

While the theoretical line is flawless, the content isn't. Globalizing Capital is extremely G7-centred and gives little if any indication that there was a world outside the North Atlantic until Japan emerged in the 1960s. There is little mention of the history of colonial currency boards prior to Hong Kong in the early 1980s, no attempt to tackle the issues thrown up by recent debt crises in Latin America and nothing on transition countries in Eastern Europe and Asia who dispensed with central planning and multiple exchange rates in the 1990s.

This book is not for the casual reader. However, we do recommend it strongly to anyone interested in understanding the relationship between global politics and international economics. Our consulting staff uses it often when discussing pricing policies and long-range financial planning with experienced and sophisticated exporters. John R. Jagoe, Director, Export Institute.

Globalizing Capital: A History of the International Monetary System is better described by its subtitle than its title, but even that fails to suggest just how up-to-the-minute it is. This book really provides a crucial key for unlocking the puzzles of today's global financial crisis. It tells the whole story of how the gold standard worked, how the Bretton Woods system worked -- and why and how they stopped working. If you wonder what the differences between floating and fixed exchange rates really are, this book will tell you, in all dimensions. It shows very clearly that the international financial crisis we see today is a great deal like what has happened at some times in the past, and it explains what worked, what didn't, and why in the past in dealing with similar crises. The author's entirely non-ideological -- where there are two intellectually-respectable sides to an issue, he presents both, explains why he comes down as he does, and tells you where to look for more information. The book is brief (about 200 pages), well and clearly written, and doesn't assume that you know much about economics or banking. There's a nice glossary in the back which explains all those mysterious terms you hear about these days. I understand that the new paperback edition has been updated to carry the story right up through the Asia crisis.

W. D. O'Neil

The Euro is an interesting example of an important kind of project, which can be termed a 'mass update project.' The Euro, like the Year 2000, requires updates to thousands of applications at the same time. Patrick O'Beirne's new book is of great interest to the software and project management communities. It discusses many aspects of the Euro, and covers both the business and technical implications. U.S. managers and executives will find the book very useful as a primer on the Euro itself, and as a guide to how to handle mass update projects.

Patrick O'Briene's book fills a critical need at a critical time. If you think Y2K was difficult, the IT side of the euro is far more complicated, intertwined as it is with all the essential parts of a business - from accounts to marketing and sales. Yet there are a great many business opportunities from euro conversion as well as many, many traps into which the unwary can fall. Read Patrick's book if you want gain some real insights into this change and save yourself a lot of time 're-inventing' your own wheel.

Replacing European currencies with the euro has been a political decision, but euroland businesses now face their own decision-making process to ensure pricing, accounting and information systems are euro-compliant by 2002. Patrick O'Beirne's encyclopaedic new book raises the questions businesses need to ask themselves and offers solutions in terms of practical business strategies. Not only is this an essential guide for the information systems specialist introducing company-wide data, and the

accountant tackling problems of conversion, it will help other businesses disciplines recognise the impact euro conversion will have on their activities too.

The confusing -- and irrelevant -- jumble of algebra and calculus that is the hallmark of college economics is tossed out the window in Maybury's little gem of a book (although you will find half-a-dozen very simple graphs). Although this book does require a little thought and study, Maybury presents, clearly and concisely, how economics affects _everyone_ in society. Specifically he deals with inflation and how it devastates everyone. The cause is simple (the government creates too much money); the effects are profound (government inflation has brought down society after society thoughout history). Maybury clearly understands that economics, political science and law are not separate disciplines (and this was known in the past, when they were taught as 'political economy'). He subscribes to the principles on which the U.S. was founded; the old British Common Law (or Natural Law) and that which springs from it: the free market (today defended most of all by the Austrian School). This book is less than 100 pages long and yet packed with more information than you'll find in most college-level econ texts. If you want to immunize yourself (and your children) from what passes for economics today, Maybury is one of the best places to start.

the money mystery is a quality book made by blue stocking press. this book helps to reveal the hidden indicators affecting youre investments. it also shows you the problems of the financial panic of 1980 and how you can learn from them.

Economics is a young and exact science and this book shows you how to understand it clearly and exactly. As you read through this book several investment tips will be provided for you. such tips as how to make a profit in a period of inflation,recession, deflation and a depression. but one cold hard fact reamains, You must plan ahead and watch for the indicators! the money mystery explains cleary what to look for and how to profit from them. I recommend this book highly :^)

It is amazing to say this but I feel like I am actually taking another course of study that should be part of my college curriculum. Mr. Maybury's books have allowed me to examine an area of study that I have been intimidated by for years. Economics never held any fasination for me in the past but when I am done with his series of books I may actually look into seeking further education in that subject. His books have given me the confidence to tackle that foe.

One cannot wait to finish whichever book they are currently reading to move on to the next in the series in order to avoid loosing any of the recall from the previous ones. This is book three and I am already eying number 4, "Whatever Happened to Justice," on my bookshelf.

Mr. Maybury has opened up the world of history, economics, money management, political backroom tactics, moral issues and government, bringing them all together in an easily understandable way to help us increase our understanding and improve ourselves.

Great Book.