"De Grauwe voices the concerns of many macroeconomists regarding the empirical plausibility of the rational expectations assumption. He shows how a parsimonious, boundedly rational approach can improve the fit of sticky price macro models to the data in a number of important dimensions."--John Duffy, University of Pittsburgh
"....Her main message is that modelling should be kept distinct from formalism and mathematization: when we model, we use a specific entity both as an object of enquiry and as an instrument to study economic reality. Historians and philosophers of economics have been waiting for this book for years, and it will not fail to impress."-- Francesco Guala, University of Milan
Written by the leading authorities in the fields of sociology, politics and economics, this book provides a timely analysis of the current fiscal and political crisis facing Europe and the rest of the Western world.
"Kreps sets out the theories of individual choice and competitive markets precisely yet readably, even entertainingly, while anticipating and carefully answering many of the questions of interpretation and motivation that even the best texts seldom fully answer. It is difficult to imagine a student, or scholar, who would not gain from this masterful treatment."--Vincent P. Crawford, University of Oxford
"...It is a remarkable work, which shows that addressing the complexity of the field of development in simple terms is possible, and that the frequent dichotomies and stereotypes of the subject can be overcome.'--Jean-Pierre Olivier de Sardan, Research Director, CNRS
"The focus of this book is the issue of Target credit, which has flowed massively through the ECB system and dwarfs the official bail-out credit granted to date. Target credit is a complex topic that is difficult to grasp. Politicians ignored its importance for a long time. After reading this book, however, everyone will understand what Target is about and will realise that the wealth of every single citizen is at stake."