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In Pursued Economy: Understanding and Overcoming the Challenging New Realities for Advanced Economies, celebrated economist and thought leader Richard C. Koo dives deep into the failure of traditional economic solutions to address the economic and social problems of post-Great Recession and post-pandemic economies. Starting with the original concepts of balance sheet recessions and global competition for capital, the author explains why the Great Recession lasted for so long and why well-intentioned policies that worked so well in the past are no longer working today.
Readers will discover that advanced economies moved from what the author calls the "golden era" to the "pursued era" of economic development long ago, but the policy debate in these countries continues to be informed by golden era assumptions that are no longer relevant but are still taught in universities. That mismatch has led to an over-reliance on monetary policy and an under-reliance on fiscal policy that are distorting economies and worsening inequality in a profoundly transformed world.
With many real-world examples from the author's extensive involvement in the policy debate on economic, banking and trade issues in several countries, including the U.S., the book describes the correct policy mix in the pursued era as distinct from that in the golden era. It also explains the challenges central banks face in fighting inflation after a decade of over-reliance on monetary policy that flooded the world's economies with unprecedented liquidity.
Instead of simply assuming the existence of "trend growth rates", this book tackles the issue of economic growth head-on so as to elucidate the symmetry between the drivers of growth and the drivers of recession. It also argues that the fundamental disconnect between free trade and free capital movements must be addressed in order to maximize the gains from globalization while minimizing its costs. Written in simple language and with a great sense of urgency, Pursued Economy should be of interest to anyone who is concerned about the global economy, financial stability and geopolitics.
Contents
Preface xiii
About the Author xvii
Chapter 1 Introduction to the Other Half of Macroeconomics 1
Chapter 2 Balance Sheet Problems Create a Shortage of Borrowers 27
Chapter 3 Introduction to the Concept of Pursued Economy 77
Chapter 4 Macroeconomic Policy during the Three Stages of Economic Development 113
Chapter 5 Economic Growth and Challenges of Remaining an Advanced Country 165
Chapter 6 Monetary Policy during the Pandemic and the Quantitative Easing (QE) Trap 227
Chapter 7 Europe Is Repeating Mistakes of the 1930s 289
Chapter 8 Money and Banking in the Other Half of Macroeconomics 327
Chapter 9 Backlash against Globalization and Conflict between Free Trade and Free Capital Flows 371
Chapter 10 Rethinking Economics 429
References and Bibliography 469
Afterword 479
Index 481
