Exposes two fundamental theoretical errors responsible for the bankruptcy of modern economic policy. Toxic economic theory originates from its misconceived division into separate micro- and macro- compartments. It is responsible for fraudulent accounting standards, a dysfunctional system of taxation, and totally bankrupt macroeconomic policy.

Exposes two fundamental theoretical errors responsible for the bankruptcy of modern economic policy. Toxic economic theory originates from its misconceived division into separate micro- and macro- compartments. It is responsible for fraudulent accounting standards, a dysfunctional system of taxation, and totally bankrupt macroeconomic policy.

Volume II proposes radical reform (1) of the accounting system – to bring corporate management under the control of market forces; and (2) of the tax system – to enable the economy to grow to its full potential and to establish an automatic mechanism for price stability without any arbitrary intervention.

The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

A leading economist trains a lens on his own discipline to uncover when it fails and when it works.

Drawing on Baumol's concepts of productive, unproductive and destructive entrepreneurship and relevant amendments, this book develops a conceptual framework which allows operationalising the concepts for empirical assessment. Using data from a longitudinal survey, the author further makes one of the first attempts to address these concepts empirically. The results show the importance of shifting the focus from firms' activities to output on both, venture and societal levels, short and long term. Overall, the findings suggest that productive entrepreneurs are less involved in behaviour such as tax avoidance or illegal business and show a higher level of entrepreneurial orientation.