Eric Posner's Book "Last Resort" on Financial Times's Best Books of 2018
Best Books of 2018: Economics
This has been an exceptional year for economics books. There have been so many important and commendable titles that the present list excludes the books mentioned in the Summer 2018 list.
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Last Resort: The Financial Crisis and the Future of Bailouts, by Eric A Posner, University of Chicago Press, RRP$27.50
Posner of the University of Chicago Law School has written a startling and important book. His argument is that during the financial crisis, the authorities, notably the Federal Reserve, broke the law — but, more important, were right to do so: as the ancient Romans used to say, salus rei publican suprema lex (the safety of the Republic is the supreme law). Limiting the powers of the lender of last resort is exactly the wrong thing to do. The right thing to do is to augment them.
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