Uncharted Territory


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Kindle Paperwhiteの第一冊目は

Kindle Paperwhiteが予定通り22日に届きました。ページ送りも問題なく満足しています。これまでバックライトは不要と思っていたのですが、バックライトがあるとどんな場所でも同じような条件で読めるようになるので快適なんですね。

The Map and the Territory: Risk, Human Nature, and the Future of ForecastingThe Map and the Territory: Risk, Human Nature, and the Future of Forecasting
Alan Greenspan


さて、一冊目に選んだのはFRB議長だったAlan GreenspanのThe Map and the Territoryです。2008年のリーマンショック時には議長を退任していましたから、距離を置いて書いていますので、教科書を読んでいるような退屈な感じがする本です。下記は6分15秒あたりからGreenspanが登場します。

この本を買った理由は単純です。リーマンショックから5年というタイミングもありますし、Uncharted Territory というブログをやっているので、この本のタイトルに魅力を感じたからです。 Uncharted watersという言葉が最初の方で出てきました。Kindleでは検索しやすいから楽ですね。

This book touches on many related issues of importance to our economic future. Writing it has taken me into some uncharted waters—some that might, because of the nature of some of my concerns about the course we are now on, prove to be uncomfortably warm. But I did not write this book in a spirit of criticism, or of pessimism. My interest in writing it was not to establish what I now think but what I now believe I can demonstrate with some reasonable degree of assurance.


October 18, 2013 7:09 pm
The Map and the Territory, by Alan Greenspan
Review by Lawrence Summers


It was my privilege to work closely with Alan Greenspan for the eight years I served at the Treasury during the Clinton administration. His new book, The Map and the Territory, brings me back to fond memories of our conversations over the years. I haven’t always agreed with my friend but he has always left me wiser and with something to ponder.

The range of topics and arguments makes this book a very important statement, whether one ultimately agrees or disagrees with the author. I found myself doing plenty of both.

I wish Greenspan had been more specific in
Strikingly, Greenspan joins many of his traditional opponents in suggesting that “too big to fail” can very easily lead to crony capitalism. “Too big to fail” is surely the besetting challenge for financial regulation in the years ahead. I wish Greenspan had been more specific in his recommendations, although “too big to fail”, like nuclear deterrence, may be an area where ambiguity is essential. It is not clear that breaking up firms is the answer.

I found myself disappointed that
I found myself disappointed that the events of the past few years had not led Greenspan to any revision of his anti-Keynesian views on macroeconomic policy. Perhaps understandably, he sidesteps monetary policy issues in the post-crisis period.

it is much less clear to me than Greenspan that
Greenspan regards raising the US saving rate as a central priority. At a time when output appears to be constrained by demand rather than by supply and when even long-term real interest rates are at near-record low levels, it is much less clear to me than Greenspan that raising savings rates is the right growth strategy.

最後の部分もMy disagreements with some important policy conclusions that he reaches do not detract at all from my admirationと意見が違うところがあっても尊敬に変わりはないとフォローしています。

No important book on economics – and Greenspan has written a major work – fails to generate controversy. My disagreements with some important policy conclusions that he reaches do not detract at all from my admiration for the power of the thought that has gone into this splendid book.