Seven Bad Ideas

Seven Bad Ideas

How Mainstream Economists Have Damaged America and the World

Book - 2014
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"The author of the widely praised Age of Greed now gives us a bold indictment of some of our most accepted economic theories-why they're wrong, the harm they've done, and the theories that would vastly improve on them. Jeff Madrick-former New York Times business columnist and now Harper's economics columnist-mounts a comprehensive case against prevailing mainstream economic thinking, illustrating how it has damaged markets, infrastructure, and individual livelihoods, causing hundreds of billions of dollars of wasted investment; financial crisis after financial crisis; poor public education and public transportation; gross inequality of income and wealth, and stagnating wages; uncontrolled military spending; and a failed healthcare system that delivers far less than it costs. 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 popular theory, and how the consequences are still being felt here and around the globe. And he examines the too-often-marginalized good ideas of modern economics, and convincingly argues just how beneficial they might be if only they can gain greater traction among policy makers"-- Provided by publisher.
Publisher: New York :, Alfred A. Knopf,, 2014
ISBN: 9780307950727
0307950727
9780307961181
0307961184
Characteristics: 254 pages ; 22 cm

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Rock_Shadow
Dec 31, 2014

Good topics on the past and current economic issues. Seven ideas make the book easier to read for those not savvy on the subject of economy. In the last chapter Madrick presents a question-raising argument on economics: "...If economics was truly a science, such efforts of reputable economists at good schools would not be ignored. Major findings in medical research or physics are not simply swept aside because most scientists have different views..." Little dry, but worth reading.

s
StarGladiator
Dec 30, 2014

Here's the author's premise, repeated in the review by Publishers Weekly: ///Those bankers and economists who failed to avert the crisis aren't evil, according to Madrick, just misguided, particularly in oversimplifying major economic shifts.\\\ Failed to avert the crisis? Really designed the crisis so they could profit most evilly! The author is either sadly misguided, or a highly paid redirectional specialist. And affiliating Say's Law with austerity? No wonder both Blinder's review of this book [NY Book Review], and the author's response to Blinder, were nonsensical. Gibberish premises make for simply more gibberish! The author completely ignores the many years' massive lobbying by Wall Street banks and investment houses, by Warren Buffett, et cetera! It's 2014, Madrick, haven't you been following the financial news on ALL those rigged markets? [Does either Madrick, or any commenter, really have any knowledge of those banks which promoted the deaths of countless innocent people so they could profit in their resource theft? The innocent Iranians killed in the overthrow of Mossedegh? The innocent Guatemalans killed in the overthrow of Arbenz? The thousands of Indonesians killed in the failed CIA coup in the late 1950s in that country, then the one-half million killed during the successful CIA-supported coup in Indonesia during the Johnson administration? The 400 disappeared [tortured and killed] following the CIA-financed coup in Brazil, also during Johnson? And that's just the Eisenhower and Johnson administrations. Don't ever dare tell a real American that they aren't EVIL!]

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