Thomas A. Durkin has specialized in the economics and regulation of consumer financial services, in the federal government as Senior Economist at the Federal Reserve Board, in the academic area as Associate Professor of Finance at the Pennsylvania State University, and in the private sector as Chief Economist of the American Financial Services Association. Gregory Elliehausen has also specialized in the economics and regulation of consumer financial services, as Economist and Senior Economist at the Board of Governors of the Federal Reserve System and in the academic sector as Senior Research Scholar at Georgetown University and Associate Professor at George Washington University. Michael E. Staten has also specialized in the economics and regulation of consumer financial services in the academic sector at the University of Arizona, George Washington University, Georgetown University, Purdue University, and the University of Delaware. Todd J. Zywicki has specialized in the economics, law, public choice, and regulation of consumer financial services in the academic sector as Professor of Law at George Mason, Visiting Professor at Vanderbilt, Georgetown, and Boston College Schools of Law, and in the federal government as Director of the Office of Policy Planning, Federal Trade Commission.
This is a book for both professional economists who do and do not specialize in this field and for informed laypersons who want to understand better this important facet of the economy. For the first time a single work brings together the history, economics, sociology, law, and regulation of consumer credit markets and institutions. It will become the standard source and reference for questions of public policy in this important area. -Timothy J. Muris, George Mason University and Former Chairman, Federal Trade Commission If you think the development, history, and behavioral aspects of consumer credit are not exciting, read this comprehensive treatise of the topic as an emergent order of behavioral and parallel institutional rules, with no commanding identifiable leader. Particularly informative and original is their examination of the cognitive biases, experimental, and behavioral literature. -Vernon L. Smith, Chapman University and Nobel Laureate in Economics The Financial Management Association's Survey and Synthesis Series provides volumes to examine the most important areas of financial systems. This book far exceeds this goal for the consumer credit sector. Written by highly regarded experts, it is the most comprehensive work available for consumer credit, and it is comprehensible. The book is valuable for those who want to understand the institutional importance, role, regulation, and growth of consumer credit as well as for theorists and scholars who develop sophisticated neoclassical and behavioral demand and supply models. -David A. Walker, Georgetown University and Former President and Board Chair, Financial Management Association International Much of the political debate in the United States revolves around the question of whether the government should allow individuals to make their own choices or should protect them against the wrong decisions by limiting the available choices. Nowhere is this issue more trenchant than in what is known as consumer protection, and nowhere is there likely to be a better and more comprehensive analysis of consumer finance, its role in a consumer economy, and the issues surrounding the government's role than this book provides. -Peter J. Wallison, American Enterprise Institute and Former General Counsel, US Treasury Department