by Sidney L. Jones
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should Bernanke read this book?, 2008-03-02
This is all history now, since Greenspan finally retired and since the events of this book were during the Ford Administration. But for economic historians and other readers of a specialised ilk, Jones offers an analysis of Greenspan's decisions while on the Council of Economic Advisers.
What may be pertinent for a 2008+ reader is the description of the challenges facing Greenspan and the Council. In no small part due to the [then] large rise in oil prices after the 1973 October War. The consequent oil crisis in developed nations triggered a recession, along with inflation. An awkward combination, to say the least. The relevance to our times is suggestive, with the recent and maybe still unabated rise in oil prices, along with those of other commodities. Wonder if Bernanke is reading this book?
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