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  • Seven Bad Ideas
  • Written by Jeff Madrick
  • Format: Hardcover | ISBN: 9780307961181
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  • Seven Bad Ideas
  • Written by Jeff Madrick
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How Mainstream Economists Have Damaged America and the World

Written by Jeff MadrickAuthor Alerts:  Random House will alert you to new works by Jeff Madrick

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List Price: $13.99

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On Sale: September 30, 2014
Pages: 272 | ISBN: 978-0-307-96119-8
Published by : Knopf Knopf
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ABOUT THE BOOK ABOUT THE BOOK
ABOUT THE AUTHOR ABOUT THE AUTHOR
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Synopsis

Synopsis

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.
Jeff Madrick

About Jeff Madrick

Jeff Madrick - Seven Bad Ideas

Photo © Michael Lionstar

JEFF MADRICK, a former economics columnist for Harper's and The New York Times, is a contributing editor for Harper's, a regular contributor to The New York Review of Books, and 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 Roosevelt Institute. His books include Age of GreedThe End of Affluence, and Taking America. He has also written for The Washington Post, the Los Angeles TimesInstitutional InvestorThe NationThe American ProspectThe Boston Globe, and Newsday. He lives in New York City.

Praise

Praise

“‘Zombie ideas,’ it’s been said, are those that should have been killed by evidence, but refuse to die. Even more obdurate are the axioms of orthodox economics, upon which pernicious policies are erected. Mythbuster Madrick, in clear and compelling prose, demolishes seven of the biggest of these. May they (hopefully) rest in peace.”
—Mike Wallace, Pulitzer Prize-winning historian and coauthor of Gotham 

“In his incisive new book Jeff Madrick shows in rigorous and compelling detail how mainstream economic theory not only failed to anticipate the financial crisis of 2008 and the recession that followed, but actively contributed to the worst economic calamity since the Great Depression. If you suspect there is something radically wrong with mainstream economic theory, you must read Seven Bad Ideas.”
—John Gray, emeritus professor, London School of Economics

“In the venerable Mark Twain tradition, Jeff Madrick explains that what makes some economists so dangerous isn’t what they don’t know, it’s what they know that just ain’t so.”
—Robert H. Frank, author of The Economic Naturalist

“Thanks to Jeff Madrick, the Seven Deadly Sins now have serious competitors from seven ideas economists have spread to our detriment. Jeff is an economist, too, but he is an icon buster who writes with verve, clarity and a fierce sense of justice. May he encourage his colleagues to second thoughts—and may some even consider repentance.”
—E.J. Dionne, Jr., author of Our Divided Political Heart

“The economics of ‘free market’ doctrines is not underpinned with valid knowledge. Its bogus scientific authority provides a cover for finance and big business to squeeze the rest of society. Jeff Madrick is an excellent guide to the whole range of finance-friendly policies in recent decades, in the U.S. and globally, and is especially good on ‘efficient markets theory,’ whose assumption that money can do no wrong is the bitter root of the current economic crisis.”
—Avner Offer, professor emeritus, University of Oxford
 
“Influenced on the one side by broad, somewhat ideological belief in the efficacy of markets, and on the other side by strong belief in the value of what can be learned by building and analyzing simple formal models, in recent years the economics discipline has lost much of its ability and interest in studying pragmatically and empirically how the economy actually operates. Madrick’s Seven Bad Ideas is one of the best discussions of this problem that I have seen.”   
—Richard Nelson, professor emeritus, Columbia University
 
 
“Invigorating…Jeff Madrick is so inventive a writer that, for each of the bad ideas he analyzes, Madrick also makes you think about a good idea. This is a real contribution to making economics a more responsible discipline.”
—Richard Sennett, author of The Fall of Public Man

 
 


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