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Indlæser... How Markets Fail: The Logic of Economic Calamitiesaf John Cassidy
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Bliv medlem af LibraryThing for at finde ud af, om du vil kunne lide denne bog. Der er ingen diskussionstråde på Snak om denne bog. Excellent. Thorough overview of the field of economics, from Adam Smith through JS Mill, Keynes and Hayek, Friedman, to the current financial collapse. Argues for a pragmatic approach, with the full acknowledgment that market failure exists, and that there is no invisible hand when it comes to the financial markets. The real joy for me comes in learning all sorts of things about economists I'd not really heard anything about, such as Arrow, Akerlof, and Minsky. It predates the Occupy movement, written in 2009, and it's late enough that you can see that Wall Street didn't learn a damn thing from the recent financial crisis. 4 stars oc
John Cassidy describes the rising influence of what he calls utopian economics--thinking that is blind to how real people act and that denies the many ways an unregulated free market can produce disastrous unintended consequences. He then looks to the leading edge of economic theory, including behavioral economics, to offer a new understanding of the economy--one that casts aside the old assumption that people and firms make decisions purely on the basis of rational self-interest. No library descriptions found. |
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Likewise, the basics of why markets don't always operate as hoped or expected by one economic ideology or the other is well-presented. He labels the strong free market/rational econ thinking as utopian economics and advocates for non-ideological, pragmatic approach he calls reality-based economics.
When it comes to dealing with the 2007-2008 crisis, he carefully dissects the events, policies, and actions of the various players and shows how they created the incentives that led to the speculative bubble and then let it grow to gargantuan proportions. It was no one person or entity's fault, but rather the result of many entities acting together, most informed to one degree or another by utopian economic thinking. ( )