Robert L Hetzel, The Great Recession: Market Failure or Policy Failure?, Cambridge University Press, 2012, 384 pages

This is a hugely important book that should be read by all central bankers, bank supervisors, politicians and newspaper editors. It probably won’t be, because it contradicts the firmly held views of most of them. That is a great tragedy because Robert Hetzel makes a strong case that much of the policy reaction to the ongoing ‘Great Recession’ is not only unproductive, it is