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From the former economics columnist for Harper’s and The New York Times, a bold indictment of some of our most accepted mainstream economic theories—why they’re wrong, and how they’ve been harming America and the world.
Ideas have the power to change history. But what happens when they are bad? In a tour de force of economics, history, and analysis, Jeff Madrick shows how theories on austerity, inflation, and efficient markets have become unassailable mantras over recent years, to the detriment of the country as a whole. Working backwards from the Great Recession, Madrick pulls no punches as he reconsiders seven of the greatest false idols of modern economic theory, from Say’s Law to Milton Friedman, illustrating how these ideas have been damaging markets, infrastructure, and individual livelihoods for years. Trenchant, sweeping, and empirical, Seven Bad Ideas resoundingly disrupts the status quo of modern economic theory.
|Publisher:||Knopf Doubleday Publishing Group|
|Product dimensions:||5.20(w) x 7.90(h) x 0.90(d)|
About the Author
Jeff Madrick, a former economics columnist for Harper’s and The New York Times, is a regular contributor to The New York Review of Books and the editor of Challenge magazine. He is visiting professor of humanities at The Cooper Union and director of the Bernard L. Schwartz Rediscovering Government Initiative at the Century Foundation. His books include Age of Greed, The End of Affluence, and Taking America. He has also written for The Washington Post, the Los Angeles Times, Institutional Investor, The Nation, The American Prospect, The Boston Globe, and Newsday. He lives in New York City.
Table of Contents
Introduction: Damage 3
1 The Beautiful Idea: The Invisible Hand 20
2 Say's Law and Austerity Economics 45
3 Government's Limited Social Role: Friedman's Folly 79
4 Low Inflation Is All That Matters 116
5 There Are No Speculative Bubbles 138
6 Globalization: Friedman's Folly Writ Large 164
7 Economics Is a Science 189