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The Origin of Financial Crises: Central Banks, Credit Bubbles and the Efficient Market Fallacy | 
 enlarge | Author: George Cooper
Publisher: Harriman House
Category: Book
List Price: $28.00
Buy New: $18.48
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Rating:  8 reviews
Sales Rank: 23932
Format: Import
Media: Hardcover
Pages: 208
Number Of Items: 1
Shipping Weight (lbs): 1
Dimensions (in): 9.2 x 6.1 x 0.8
ISBN: 1905641850
Dewey Decimal Number: 332
EAN: 9781905641857
ASIN: 1905641850
Publication Date: September 1, 2008
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Product Description
The Origin of Financial Crises provides a compelling analysis of the forces behind today's economic crisis. In a series of disarmingly simple arguments George Cooper challenges the core principles of today's economic orthodoxy, explaining why financial markets do not obey the efficient market principles described in today's economic textbooks but are instead inherently unstable and habitually crisis prone.
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| Customer Reviews: Read 3 more reviews...
 A sit-up-and-take-notice book on the economy December 2, 2008
armchairinterviews.com (Minnesota)
The recent financial crisis has produced a rash of books that all claim to provide some insight to our current dilemma. Cooper's book The Origin of Financial Crises first appeared in April 2008 and reprinted in October as the extent of our current crisis became more apparent and more widely publicized.
The book provides a brief outline of the history of money and the banking system. This introduction shows readers how the various pieces of our modern economic system came into being, and the reasons that precipitated their creation. One conclusion is that moving away from the gold standard and having a central bank are essential for our economic system to function. Next, the book simply and easily dismantles the Efficient Market Hypothesis (EMH). The arguments expose the theoretical flaws of EMH and the empirical evidence that suggests that financial markets do not behave as EMH would predict them to behave.
The book introduces the theories of Keynes and Minsky as alternatives to EMH and shows how these theories better fit the empirical evidence. The authors claim that nfortunately most contemporary institutions charged with stabilizing the economy adhere to EMH. This means that they hold conflicting views, and hence advocate inconsistent economic policies.
If the book's goal is to promote refined versions of Keynes' theories, then it does an excellent job. If its goal is to provide an alternative explanation to neoclassical economics, then other "heterodox" theorist need to be considered as well (such as those proposed by Mises or Hayek). To the book's credit, it does cite Ron Paul, and gives credit to Mandelbrot and Fischer. Despite these shortcomings, this book offers the most coherent and down-to-earth skewering of both academic orthodoxy and central bank policy of the books discussing the current financial crisis.
The writing style is crisp, the arguments are cogent and well-reasoned, and the examples are clearly and thoughtfully presented for readers with no formal economic background. Despite my criticisms, it is superior to most books about the current financial crisis on the market today.
Armchair Interviews says: Important read for people in business or who just want to better understand the economy.
Excellent and very detailed November 30, 2008
S. Nair (SFO Bay Area, CA)
I am not an economics major. Cooper explains the core concept of finance , central banking in such a way that even a layman can understand. His arguments are very convincing . A must read for everybody wondering what is going on with our economy
Excellent! A must read. November 19, 2008
Iowan (Oz)
2 out of 5 found this review helpful
This is an emminently readable review of the 'dismal science'.
The prose is clear frank and honest.
If the new administration really wants to try and repair our financial system, they should consult George Cooper.
 This is amateur hour November 16, 2008
Adviti Muni (USA)
1 out of 19 found this review helpful
If I could make it a zero star rating I would. After 30 pages I am throwing it in the recycling bin. This book is a joke; recycled ideas, jacked up only by emotional statements and thoroughly uninsightful. A total waste. I am tempted to end my subscription to the Economist for its apparent endorsement of this waste.
COOPER HAS WRITTEN A READABLE MASTERPIECE October 5, 2008
Joseph C. Sharp (Rochester, MN USA)
18 out of 20 found this review helpful
I completely agree with the positive recommendations of The Economist Magazine and the reviewers. George Cooper has combined a strong technical and practical investment background to produce a modern thoughtful study of how to best manage our complex economy. However, I disagree with Brady on its readability, I feel Cooper opens this subject up to any thoughtful investor {regardless their background) by writing in down-to-earth English. He uses everyday examples, like a baker making and selling bread. His clear understanding of the material and deep sympathy for the reader motivate him to use such everyday examples to completely dispense with mathematical equations. He still maintains the needed precision.
I was persuaded that economic crises are inevitable, and enjoyed his ideas on how we might deal with them. I want to encourage every investor and student who is curous about how we can improve our economy to read Cooper's clear, cogent presentation.
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