Seven Bad Ideas : How Mainstream Economists Have Damaged America and the World
Language: English
Published by Knopf Doubleday Publishing Group, 2014
- First Edition
- Hardcover
- Used
Seller: Better World Books, Mishawaka, IN, U.S.A.Better World Books
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Condition: Used - Good
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Former library copy. Pages intact with minimal writing/highlighting. The binding may be loose and creased. Dust jackets/supplements are not included. Includes library markings. Stock photo provided. Product includes identifying sticker. Better World Books: Buy Books. Do Good.
Seller Inventory # 8270604-75
- Title
- Seven Bad Ideas : How Mainstream Economists Have Damaged America and the World
- Author
- Madrick, Jeff
- Publisher
- Knopf Doubleday Publishing Group
- Publication year
- 2014
- Condition
- Good
- Binding
- Hardcover
- Language
- English
- ISBN 10
- 0307961184
- ISBN 13
- 9780307961181
- Edition
- 1st.
- Item weight
- 1.03 pounds
- Dimensions
- N/A
Budget deficits are bad. A strong dollar is good. Controlling inflation is paramount. Pay reflects greater worker skills. A deregulated free market is fair and effective. Theories like these have become mantras among American economists both liberal and conservative over recent decades. Validated originally by patron saints like Milton Friedman, theyve assumed the status of self-evident truths across much of the mainstream. Jeff Madrick, former columnist forThe New York Times and Harpers, argues compellingly that a reconsideration is long overdue.
Since the financial turmoil of the 1970s made stagnating wages and relatively high unemployment the norm, Madrick argues, many leading economists have retrenched to the classical (and outdated) bulwarks of theory, drawing their ideas more from purist principles than from the real-world behavior of governments and marketswhile, ironically, deeply affecting those governments and markets by their counsel. Madrick atomizes seven of the greatest false idols of modern economic theory, illustrating how these ideas have been damaging markets, infrastructure, and individual livelihoods for years, causing hundreds of billions of dollars of wasted investment, financial crisis after financial crisis, poor and unequal public education, primitive public transportation, gross inequality of income and wealth and stagnating wages, and uncontrolled military spending.
Using the Great Recession as his foremost case study, Madrick shows how the decisions America should have made before, during, and after the financial crisis were suppressed by wrongheaded but popular theory, and how the consequences are still disadvantaging working America and undermining the foundations of global commerce. Madrick spares no sinners as he reveals how the Friedman doctrine has undermined the meaning of citizenship and community, how the Great Moderation became a great jobs emergency, and how economists were so concerned with getting the incentives right for Wall Street that they got financial regulation all wrong. He in turn examines the too-often-marginalized good ideas of modern economics and convincingly argues just how beneficial they could beif they can gain traction among policy makers.
Trenchant, sweeping, and empirical, Seven Bad Ideas resoundingly disrupts the status quo of modern economic theory.
"Synopsis" may belong to another edition of this title.
About the Author
www.jeffmadrick.com
@JeffMadrick
"About the title" may belong to another edition of this title.
Better World Books
Mishawaka, IN, U.S.A.
AbeBooks seller since August 3, 2006
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Better World Books (https://www.BetterWorldBooks.com) is a for-profit, socially conscious business and a global online bookseller that collects and sells new and used books online, matching each purchase with a book donation. Each sale generates funds for literacy and education initiatives in the U.S., the UK, and around the world. Since its launch in 2003, Better World Books has raised $33 million for libraries and literacy, donated over 32 million books, and reused or recycled more than 397 million books.…
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