Cassidy John How Markets Fail: The Logic of Economic Calamities 9780374173203

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Автор: Cassidy John
Название: How Markets Fail: The Logic of Economic Calamities
ISBN: 9780374173203
Издательство: Holtzbrink(MPS)/MPS
Классификация: ISBN-10: 0374173206
Обложка/Формат: Hardcover
Страницы: 390
Вес: 0.62 кг.
Дата издания: 30.11.2009
Язык: English
Размер: 23.62 x 16.15 x 3.10 cm
Поставляется из: США
Описание:

Behind the alarming headlines about job losses, bank bailouts, and corporate greed is a little-known story of bad ideas. For fifty years or more, economists have been busy developing elegant theories of how markets work--how they facilitate innovation, wealth creation, and an efficient allocation of societys resources. But what about when markets dont work? What about when they lead to stock market bubbles, glaring inequality, polluted rivers, real estate crashes, and credit crunches?
In How Markets Fail, John Cassidy describes the rising influence of what he calls utopian economics--thinking that is blind to how real people act and that denies the many ways an unregulated free market can produce disastrous unintended consequences. He then looks to the leading edge of economic theory, including behavioral economics, to offer a new understanding of the economy--one that casts aside the old assumption that people and firms make decisions purely on the basis of rational self-interest. Taking the global financial crisis and current recession as his starting point, Cassidy explores a world in which everybody is connected and social contagion is the norm. In such an environment, he shows, individual behavioral biases and kinks--overconfidence, envy, copycat behavior, and myopia--often give rise to troubling macroeconomic phenomena, such as oil price spikes, CEO greed cycles, and boom-and-bust waves in the housing market. These are the inevitable outcomes of what Cassidy refers to as rational irrationality--self-serving behavior in a modern market setting.
Combining on-the-ground reporting, clear explanations of esoteric economic theories, and even a little crystal-ball gazing, Cassidy warns that in todays economic crisis, conforming to antiquated orthodoxies isnt just misguided--its downright dangerous. How Markets Fail offers a new, enlightening way to understand the force of the irrational in our volatile global economy.

John Cassidy is a journalist at The New Yorker and a frequent contributor to The New York Review of Books. He is the author of Dot.con: How America Lost Its Mind and Money in the Internet Era and lives in New York City. How Markets Fail] is more than just an account of the failures of regulators and the self-deception of bankers and homebuyers, although these are well covered. For Mr. Cassidy, the deeper roots of the crisis lie in the enduring appeal of an idea: that society is always best served when individuals are left to pursue their self-interest in free markets . . . An ambitious book, and one that mostly succeeds.--The Economist

An admirably lucid account of how utopian economics drove us to disaster . . . This is a compelling synthesis that derives most of its narrative energy from the authors clarity of thought and exposition.--James Pressley, Bloomberg.com
An essential, grittily intellectual, yet compelling guide to the financial debacle of 2009.--Geordie Greig, London Evening Standard
The last major attempt of 2009 to make sense of what has become of the discipline of economics.--Stefan Stern, Financial Times
A well constructed, thoughtful and cogent account of how capitalism evolved to its current form.--Edmund Conway, The Daily Telegraph
How Markets Fail] is more than just an account of the failures of regulators and the self-deception of bankers and homebuyers, although these are well covered. For Mr. Cassidy, the deeper roots of the crisis lie in the enduring appeal of an idea: that society is always best served when individuals are left to pursue their self-interest in free markets . . . An ambitious book, and one that mostly succeeds.--The Economist
An ambitious, nuanced work that brings ideas alive . . . Cassidy makes a compelling case that a return to hands-off economics would be a disaster.--Chris Farrell, BusinessWeek

Both a narrative and a call to arms, How Markets F

How Markets Fail: The Logic of Economic Calamities, Cassidy John