The Power of Money: How Governments and Banks Create Money and Help Us All Prosper

Money permeates our everyday lives—it literally makes the economic world go round—and yet confusion and controversy about money abound. In The Power of Money, economist Paul Sheard distils what money is, how it comes into existence, and how it interacts with the real economy.

Money issues dominate the news, but economic jargon and the complexity of it all can be bamboozling for regular folks. Paul Sheard, a leading economist and research fellow at Harvard Kennedy School, is known for his ability to see the forest and the trees and demystify complex economic phenomena. With The Power of Money, Sheard empowers readers to become better-informed economic citizens by providing context for some of the biggest questions surrounding money, such as:

• How does money come into existence?
• How is the process of money printing governed, particularly if too much of it causes inflation?
• What is quantitative easing and how does it work?
• Does government debt ever have to be repaid, and is it really a burden on our grandchildren?
• Are financial crises bound to happen sometimes?
• Can the euro, a currency without a government, survive in its current form?
• Are proposed cures for economic inequality worse than the disease?
• What is the future of money—are cryptocurrencies going to upend the money system as we know it? 

Financial enthusiasts and non-specialists alike will be surprised by the answers to these questions. The Power of Money provides a comprehensive foundation of knowledge to help you feel better informed and more confident as you follow and engage in economic and financial affairs and policy debates.

About the Author

Paul J. Sheard is a Research Fellow at Harvard Kennedy School. He was formerly Vice Chairman of S&P Global and held global chief economist positions at Standard & Poor's, Nomura Securities, and Lehman Brothers. Earlier he held faculty positions at Osaka University and at the Australian National University and held visiting scholar positions at Stanford University and the Bank of Japan. He is a member of the World Economic Forum's Global Agenda Council on the New Agenda for Fiscal and Monetary Policy, and is a member of the Council on Foreign Relations, the Bretton Woods Committee, the Economic Club of New York, and the Foreign Policy Association.

Dimensions: 15.88 x 2.46 x 23.65 cm