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3 books about Mian, Atif
3 books about Mian, Atif
Atif Mian
University of Chicago Press
The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending.
Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place.
Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?
Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place.
Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?
[more]
House of Debt
How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again
Atif Mian and Amir Sufi
University of Chicago Press, 2014
The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending.
Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place.
Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?
Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place.
Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?
[more]
RSF
The Russell Sage Foundation Journal of the Social Sciences: Big Data in Political Economy
Howard Rosenthal
Russell Sage Foundation, 2016
Rapid technological advances since the 1980s have revolutionized data gathering and changed the nature of many day-to-day transactions. Today, nearly every economic and financial transaction is recorded and can be linked to the individuals involved. This proliferation of “big data” makes it possible for economists and political scientists to empirically analyze the spending behavior of far greater numbers of individuals and firms, over much longer periods of time, than ever before. In “Big Data in Political Economy,” edited by Atif Mian and Howard Rosenthal, a group of quantitative researchers explore the possibilities and challenges of this data boom for the social sciences, focusing on how big data can help us gain new insights into such issues as social inequality, political polarization, and the influence of money in politics.
Among other topics, the articles in this issue demonstrate how large-scale data sources can be used to analyze campaign contributions and political participation. Adam Bonica outlines the development of a comprehensive “map” of the American political system that collects, processes, and organizes data on politicians’ campaign finances, policy positions, and voting records, and makes such information available to voters. Drew Dimmery and Andrew Peterson show how web-based data-gathering techniques can augment such a map to include political contributions made by nonprofits, which are often overlooked or not fully transparent. Deniz Igan links campaign contribution data to both policymakers’ voting records and financial institutions’ lending behavior and shows that legislators who were heavily lobbied by institutions engaging in risky lending, such as subprime lenders, were more likely to vote for deregulation. Chris Tausanovitch connects big data on voters’ income and policy preferences to the voting records of their congressional representatives in order to study how effectively the political system represents voters of different income levels. And Sharyn O’Halloran and coauthors discuss how big data can augment traditional observational research by replacing tedious hand coding of volumes of text with automated procedures.
As research in political economy increasingly focuses on the role of money in shaping the outcomes of elections and policymaking, new methods of aggregating and examining financial data have become central. Together, the papers in this volume show how big data provides unprecedented opportunities for social scientists to better understand the links between politics and markets.
Among other topics, the articles in this issue demonstrate how large-scale data sources can be used to analyze campaign contributions and political participation. Adam Bonica outlines the development of a comprehensive “map” of the American political system that collects, processes, and organizes data on politicians’ campaign finances, policy positions, and voting records, and makes such information available to voters. Drew Dimmery and Andrew Peterson show how web-based data-gathering techniques can augment such a map to include political contributions made by nonprofits, which are often overlooked or not fully transparent. Deniz Igan links campaign contribution data to both policymakers’ voting records and financial institutions’ lending behavior and shows that legislators who were heavily lobbied by institutions engaging in risky lending, such as subprime lenders, were more likely to vote for deregulation. Chris Tausanovitch connects big data on voters’ income and policy preferences to the voting records of their congressional representatives in order to study how effectively the political system represents voters of different income levels. And Sharyn O’Halloran and coauthors discuss how big data can augment traditional observational research by replacing tedious hand coding of volumes of text with automated procedures.
As research in political economy increasingly focuses on the role of money in shaping the outcomes of elections and policymaking, new methods of aggregating and examining financial data have become central. Together, the papers in this volume show how big data provides unprecedented opportunities for social scientists to better understand the links between politics and markets.
[more]
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