Bad Economics and the Rise of InequalityBook - 2017
Economism: an ideology that distorts the valid principles and tools of introductory college economics, propagated by self-styled experts, zealous lobbyists, clueless politicians, and ignorant pundits.
In order to illuminate the fallacies of economism, James Kwak first offers a primer on supply and demand, market equilibrium, and social welfare: the underpinnings of most popular economic arguments. Then he provides a historical account of how economism became a prevalent mode of thought in the United States--focusing on the people who packaged Econ 101 into sound bites that were then repeated until they took on the aura of truth. He shows us how issues of moment in contemporary American society--labor markets, taxes, finance, health care, and international trade, among others--are shaped by economism, demonstrating in each case with clarity and #65533;lan how, because of its failure to reflect the complexities of our world, economism has had a deleterious influence on policies that affect hundreds of millions of Americans.
From Library Staff
NFreaderNWPL Mar 10, 2017
The "bad economics" of the title refers to overconfidence that the most simplified models in economics apply directly to the real world. The economist Noah Smith refers to this ideology as "101ism." Be sure to check out "Filthy Lucre" by Joseph Heath for another enga... Read More »