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Market disasters—and the cycle of delusions responsible—receive lively, engaging analysis by Cassidy (Dot.con), a journalist at the New Yorker. The author focuses primarily on the rise and fall of free market ideology and the mostly unrealistic ideal of a self-correcting marketplace. An excellent comprehensive history of the economic thought that led to this kind of utopian economics provides a refresher course in Adam Smith, Friedrich August von Hayek, Kenneth Arrow and Hyman Minsky. Both a narrative and a call to arms, the book provides an intellectual and historical context for the string of denial and bad decisions that led to the disastrous illusion of harmony, the lure of real estate and the Great Crunch of 2008. Using psychology and behavioral economics, Cassidy presents an excellent argument that the market is not in fact self-correcting, and that only a return to reality-based economics—and a reform-minded move to shove Wall Street in that direction—can pull us out of the mess in which we've found ourselves. (Nov.)
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Cassidy, economist and journalist, launches a theoretical attack on Milton Friedman and the Chicago school’s free market concepts, calling them Utopian Economics, which Cassidy explains in part one. The author describes his replacement theories in part two, which give market failure a central role, calling them Reality-Based Economics. Drawing on both approaches, in part three he explains in detail his analysis of the financial crisis of 2007–2009, indicating that the subprime boom was a failure of capitalism and the financial crisis was the consequence on decisions made by private firms under deregulation. He concludes with suggestions including banks that create and distribute mortgage securities should be forced to keep approximately one-fifth on their books and federal regulators should have oversight responsibility for mortgage bankers and lenders. Everyone will not agree with the author’s theories, and although he denies this is a textbook, it will stir controversy within and outside the classroom. However, the challenging material in this book will limit its appeal to many library patrons. --Mary WhaleySee all Editorial Reviews
One of the best treatments of the 2008-2010 financial meltdown.Published 23 days ago by David Rodgers
A critical look at markets and what mainstream economist miss in constructing simplistic theories. Easy read, even for those not trained in economics.Published 3 months ago by Anne e Nonomous
Absolutely outstanding. Should be required reading for anyone interested in economicsPublished 5 months ago by Dr. Paul Godin
As a professional economist this book is a seminal discussion of where economics ought to be taught. The old 'micro and macro' approach should no longer be taught. Read morePublished 9 months ago by tim
This is one of my favorite books explaining market failures. Markets are powerful and useful tools, but they come with risks. Read morePublished 10 months ago by Scott Cromar
Clear, straightforward explanation for the common person about how things can and do go off balance.Published 10 months ago by Full Time Investor
Does anyone remember the most recent gigantic financial collapse? Some people do, and they wrote books about them.
Like his previous tome, Dot. Read more
This book is as engrossing as any fiction, yet the subject is all to real. The author does a fantastic job of explaining in clear and simple terms the root causes and forces... Read morePublished 16 months ago by Go Rockies
The author begins his account of the financial crisis of 2007-8 with the Federal Reserve's "drastic reduction in interest rates. Read morePublished 18 months ago by Charles D. Croxton