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Unintended Consequences: Why Everything You've Been Told about the Economy Is Wrong Audio CD – Audiobook, Unabridged
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Based on seven years of reporting from over a dozen countries, writer Tom Wainwright takes you on an extraordinary journey into the business of being a drug lord. Learn more.
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''Ed Conard provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.'' --Nouriel Roubini, chairman of Roubini Global Economics
''Ed Conard's book presents the most cogent and persuasive analysis of the financial crisis to date.'' --Andrei Shleifer, Bates Clark Medal winner, Harvard University
''There are an amazing number of good ideas and interesting points made in this book.'' --Steven Levitt, coauthor of the New York Times bestseller Freakonomics
''Unintended Consequences will be the most talked-about economics book in 2012.'' --Kevin Hassett, senior fellow and director of economic policy, American Enterprise Institute
About the Author
More About the Author
In May of 2012, Conard published Unintended Consequences: Why Everything You've Been Told About the Economy Is Wrong. The book was featured on the cover of the New York Times Sunday Magazine and went on to become a New York Times top ten non-fiction bestseller. Because of the publicity surrounding the publication of his book, Conard was the tenth most searched author on Google in 2012.
Since its publication, Mr. Conard has made over 100 television appearances in which he has debated leading economists including Paul Krugman, Joe Stiglitz, Alan Kruger, Austan Goolsbee, and Jared Bernstein; journalists including Jon Stewart, Fareed Zakaria, Chris Hayes, and Andrew Ross Sorkin; and politicians such as Barney Frank, Howard Dean, and Eliot Spitzer.
Prior to Bain Capital, Conard worked for Wasserstein Perella & Co., an investment bank that specialized in mergers and acquisitions, and Bain & Company, a management-consulting firm, where he led the firm's industrial practice.
Conard has a master of business administration degree from Harvard Business School and a bachelor of science degree in engineering from the University of Michigan.
For up-to-date information on Ed, visit the homepage http://www.edwardconard.com
Become a fan of Ed on Facebook http://www.facebook.com/EdwardConard
Follow Ed on Twitter http://www.twitter.com/EdwardConard
Connect with Ed on LinkedIn http://www.linkedin.com/in/EdwardConard
Top Customer Reviews
THEME: Capital markets play an important role in underwriting of risk (equities) and distributing risk to risk takers (equity investors and sellers of insurance) that increases productivity and economic growth. Underwriting risk is easier in economies with large, liquid capital markets. Efficiently priced insurance reduces the risk of moral hazard and reduces the risk of panic-driven withdrawals of short-term deposits. Successful risk-taking creates equity which can be consumed or reinvested. Prudent risk-taking is a good for society. Risk properly priced in the market leads to higher employment and greater wealth creation than when risk is mispriced (asset bubbles) which wastes investment dollars and leads to inappropriate decision making on investment/consumption. Society as a whole captures 100% of the benefit of investments: 1) Investors capture about 30% of the total value. 2) Consumers capture 70% of the total value. 3) Government redistributes some of the benefits. As an economy becomes richer, it is willing to take more risks.
Commerce is the salvation of the poor. Prosperity of a society has the greatest impact on the plight of the poor.
THEME: Financial panics and capital withdrawals cannot be accurately predicted. Government guarantees provide effective counter-measures to these unforeseen events. Government guarantees (properly priced) is the cheapest way to insure against panic and financial crises.Read more ›
The author wants to make an impact as a thought leader, but that will not happen for a couple of reasons:
- He is far too dogmatic in accepting market prices as unbiased. He seems to defend market prices in all situations, even when those markets are not very efficient. So while he rightly praises the highly paid IT or biotech entrepreneur, he also seems to praise all bankers. Somebody bought the subprime debt so some value must have been added, the author thinks. He does not take seriously the fact that some markets are seriously inefficient (e.g. banking salaries, CEO salaries, CDOs). Had he analysed the lack of efficiency in some markets, the book would have been much stronger.
- Sometimes it is more intelligent, both intellectually and impact-wise, to concede a few points.Read more ›
The sections of the book addressing the effects of technical regulatory changes and accounting interpretations on the Great Recession were enlightening. The author explains that these arcane regulatory and accounting matters had an unexpected influence on the market forces in the subprime loan debacle. He also discusses the political and market impulses that led to the Great Recession arising out of the misuse of subprime loans. His discussion of the political impulses behind these loans is fairly well known.Read more ›
Most Recent Customer Reviews
A must for anyone trying to understand the world. Not gospel for all, but a fundamental view for any perspective.Published 2 months ago by Will
Great ideas. Strongly recommended.
Ideas are not always well-organized and developed, though.
This book is a clear example of starting with an erroneous premise to reach an erroneous conclusion. Read morePublished 14 months ago by EP
This book is a practical look at economics and what happened in the financial crisis in 2008. It's a bit of a tough go in spots, but well worth the effort.Published 16 months ago by Gerald R. Stein
This book elucidates the best part of the truth about what our government does and why it does not always work out.Published 20 months ago by Grey Fox
Most interesting are the range of comments here. I never realized the how much open animosity there to to free markets, capitalism and risk taking by successful entrepreneurs. Read morePublished 20 months ago by T. Noyes
Gives bird's eye, economist view of the crisis and the current economy. Well written and certainly has some interesting points no matter what your political views arePublished 23 months ago by Brian