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How Markets Fail: The Logic of Economic Calamities epub download

by Ralph Cosham,John Cassidy


Cassidy cogently uses economic concepts to explain why the financial meltdown of 2008 (therabouts) was not such a. .

Cassidy cogently uses economic concepts to explain why the financial meltdown of 2008 (therabouts) was not such a big surprise.

Cassidy cogently uses economic concepts to explain why the financial meltdown of 2008 (therabouts) was not . How Markets Fail is an excellent overview of the field of modern day economics and its intellectual history.

At the end of your life, you will never regret not having passed one more test, not winning one more verdict or not closing one more deal. You will regret time not spent with a husband, a friend, a child, or a parent.

How Markets Fail: The Logic of Economic Calamities (2009) is a book by economist and journalist John Cassidy. The book was published in the US by Farrar, Straus and Giroux. How Markets Fail argues against unfettered free-market ideology and supports government regulation in the financial industry.

How Markets Fail book. How Markets Fail Logic of Economic Calamities  . Cassidy's presentation of this particular field of economic dominant following the one-two counterpunching combination of Seventies' stagflation and Eighties' Communist collapse-struck me as being, for the most part, even-handed and well-informed, outlining and acknowledging both its successes and its attractive qualities, even as he endeavored to elucidate its growing detachment from the actual existing world in.

brilliantly dissects much of what has passed for economic wisdom, and decries the lack of humility .

brilliantly dissects much of what has passed for economic wisdom, and decries the lack of humility from those whose theories helped cause the disaster. -Floyd Norris, The New York Times. 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.

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.

Cassidy, John, 1963-. Books for People with Print Disabilities. Internet Archive Books.

Narrated by Ralph Cosham. Behind the alarming financial headlines is a little-known story of bad ideas. What is Kobo Super Points? A loyalty program that rewards you for your love of reading. Explore rewards Explore Kobo VIP Membership.

In How Markets Fail, John Cassidy describes what he calls utopian economics and how the utopian thinking has led to economic crisis such as job losses, bank bailouts, and corporate greed

In How Markets Fail, John Cassidy describes what he calls utopian economics and how the utopian thinking has led to economic crisis such as job losses, bank bailouts, and corporate greed. Cassidy attempts to convince that utopian economics does not capture the true behaviors of humanity collectively leading to unanticipated and adverse economic outcomes. He presents the history of economics and contrasts the idea of utopian economics with reality based economics.

Behind the alarming financial headlines is a little-known story of bad ideas. For over fifty years, economists have been developing elegant theories of how markets work. What about when markets don t work? What about when they lead to stock-market bubbles, glaring inequality, polluted rivers, real-estate crashes, and credit crunches? In How Markets Fail, Cassidy describes the influence utopian economics thinking that is blind to how real people act and that denies the ways an unregulated free market can produce disastrous unintended consequences. Oil-price spikes, CEO greed cycles, and boom-and-bust waves are the inevitable outcome of self-serving behavior in a modern market setting. Cassidy looks to the leading edge of economic theory, including behavioral economics, for a new, enlightening view of our volatile global economy.

How Markets Fail: The Logic of Economic Calamities epub download

ISBN13: 978-1441723093

ISBN: 1441723099

Author: Ralph Cosham,John Cassidy

Category: Business and Money

Subcategory: Economics

Language: English

Publisher: Blackstone Audio, Inc.; Unabridged edition (November 17, 2009)

ePUB size: 1433 kb

FB2 size: 1344 kb

Rating: 4.8

Votes: 808

Other Formats: mbr rtf lrf lit

Related to How Markets Fail: The Logic of Economic Calamities ePub books

Whitescar
This book looks at a lot of different failures of co-called free market capitalism,
as well as the hypocrisy of most of the voices who espouse it.

The reason I love this book is that there is no other book like it that I have seen
or found.

The classic example of where markets fail has been health care, and yet we
keep getting calls for deregulation as the system gets worse every step of the
way. One weak point of this book is that it does not really explore the politics
of why this is, because it is not market generated forces, they are policies
pushed by the very people who benefit, and I think the book could go more
into that, or maybe for Cassidy's next book.

Get it, read it, pass it on, understand what is mean by a free market, where and
why free markets work, and where and why they do not.
Whitescar
This book looks at a lot of different failures of co-called free market capitalism,
as well as the hypocrisy of most of the voices who espouse it.

The reason I love this book is that there is no other book like it that I have seen
or found.

The classic example of where markets fail has been health care, and yet we
keep getting calls for deregulation as the system gets worse every step of the
way. One weak point of this book is that it does not really explore the politics
of why this is, because it is not market generated forces, they are policies
pushed by the very people who benefit, and I think the book could go more
into that, or maybe for Cassidy's next book.

Get it, read it, pass it on, understand what is mean by a free market, where and
why free markets work, and where and why they do not.
Xirmiu
This author is very liberal, the entire premise of the book is a call for an increase in government intervention in U.S. economy. It is a very interesting book, I had to read it for a college course and I would highly recommend it for other interested readers, but just be aware that this author is writing with a persuasive bias.
Xirmiu
This author is very liberal, the entire premise of the book is a call for an increase in government intervention in U.S. economy. It is a very interesting book, I had to read it for a college course and I would highly recommend it for other interested readers, but just be aware that this author is writing with a persuasive bias.
Eayaroler
As a professional economist this book is a seminal discussion of where economics ought to be taught. The old 'micro and macro' approach should no longer be taught. I believe that the teaching of the subject should be divided into three parts (like Gaul):
1. A prelimiary discussion of the philisophy of economics and the meaning of market economics, starting with Adam Smith with his discussion of productivity and the division of labor, the invisible hand and so on, through to Jevons, with his putting supply and demand together to get prices, and Walras to get the interrelationships in the market.
2. A discussion of standard price theory, cost curves, etc, etc,. How the theory all fits together.
3. And the major new part - Market failure. Starting with Keynes, and his somewhat confused explanation of market failure in the labor market, through Minsky with his discussion of market failure in the financial market, to everything covered by this excellent book.

That is the new economics. That is the way to go.
Eayaroler
As a professional economist this book is a seminal discussion of where economics ought to be taught. The old 'micro and macro' approach should no longer be taught. I believe that the teaching of the subject should be divided into three parts (like Gaul):
1. A prelimiary discussion of the philisophy of economics and the meaning of market economics, starting with Adam Smith with his discussion of productivity and the division of labor, the invisible hand and so on, through to Jevons, with his putting supply and demand together to get prices, and Walras to get the interrelationships in the market.
2. A discussion of standard price theory, cost curves, etc, etc,. How the theory all fits together.
3. And the major new part - Market failure. Starting with Keynes, and his somewhat confused explanation of market failure in the labor market, through Minsky with his discussion of market failure in the financial market, to everything covered by this excellent book.

That is the new economics. That is the way to go.
Shezokha
This was a thoroughly engaging read that clearly explained the many factors that led to the financial collapse.

While I would recommend reading with easy access to the internet to look up unfamiliar terms, for the most part the book explains how things like Credit Default Swaps and Collateralized Mortgage Securities work without going into the byzantine details of exactly how these products are created and marketed, since only general concepts of how they work are required for understanding. However, if you are curious are all the acronyms that are tossed around when dealing with the financial collapse, this is a good place to start.

Book is split up into three parts: a brief overview of the historical underpinnings of free market economics, an academic critique of some of some of the assumptions about markets, and a detailed set up of how the financial collapse was in part caused by the prevailing view of the market which ignored earlier academic critiques.
Shezokha
This was a thoroughly engaging read that clearly explained the many factors that led to the financial collapse.

While I would recommend reading with easy access to the internet to look up unfamiliar terms, for the most part the book explains how things like Credit Default Swaps and Collateralized Mortgage Securities work without going into the byzantine details of exactly how these products are created and marketed, since only general concepts of how they work are required for understanding. However, if you are curious are all the acronyms that are tossed around when dealing with the financial collapse, this is a good place to start.

Book is split up into three parts: a brief overview of the historical underpinnings of free market economics, an academic critique of some of some of the assumptions about markets, and a detailed set up of how the financial collapse was in part caused by the prevailing view of the market which ignored earlier academic critiques.
Fani
Cassidy cogently uses economic concepts to explain why the financial meltdown of 2008 (therabouts) was not such a big surprise. The problem with economists, in this regard, is that few of them look far enough beyond single theories or sets of theories in order to see these systemic problems.

I have a PhD in economics and have taught the subject for 25 years, and Cassidy explains some complex theories better than some of the profs I studied under in grad school. I deducted one star because Cassidy is still a bit wordy, and also because it was much easier to see straight AFTER the meltdown - publishing this in 2007 or early 2008 would've been truly impressive.
Fani
Cassidy cogently uses economic concepts to explain why the financial meltdown of 2008 (therabouts) was not such a big surprise. The problem with economists, in this regard, is that few of them look far enough beyond single theories or sets of theories in order to see these systemic problems.

I have a PhD in economics and have taught the subject for 25 years, and Cassidy explains some complex theories better than some of the profs I studied under in grad school. I deducted one star because Cassidy is still a bit wordy, and also because it was much easier to see straight AFTER the meltdown - publishing this in 2007 or early 2008 would've been truly impressive.
riki
Whether you are an economist or not (I am not), Cassidy is extremely helpful in describing the way economic ideas have developed and what data they have been based on (very little).

The best you can say about the economic profession is that they in their professional publications sometinmes describe the limits of application of their theories. Unfortunately their followers and the media generally ignore them or distort them for partisan purposes. My guess is that everything you learned, especially about macroeconomics, in econ 101, has been proven wrong, although it is still being taught - 'free' markets, 'rational investors', on and on.

Cassidy points out in a chapter on hidden information that Kenneth Arrow, who got his Nobel for proving that competitive economies are efficient, says it doesn't apply to insurance and particularly health insurance. The book is worth reading for that chapter alone.
riki
Whether you are an economist or not (I am not), Cassidy is extremely helpful in describing the way economic ideas have developed and what data they have been based on (very little).

The best you can say about the economic profession is that they in their professional publications sometinmes describe the limits of application of their theories. Unfortunately their followers and the media generally ignore them or distort them for partisan purposes. My guess is that everything you learned, especially about macroeconomics, in econ 101, has been proven wrong, although it is still being taught - 'free' markets, 'rational investors', on and on.

Cassidy points out in a chapter on hidden information that Kenneth Arrow, who got his Nobel for proving that competitive economies are efficient, says it doesn't apply to insurance and particularly health insurance. The book is worth reading for that chapter alone.
Teonyo
This book is a very complete review of how markets work and what their inherent problems actually are. As a whole this book beats introductory college courses by a wide margin because an equilibrium view of markets cannot anticipate or explain the major disruptions and catastrophes which periodically occur. It has a brief but admirable review of the history going back to the classicists (Adam Smith, David Ricardo, John Stuart Mill and others) as well as the most recent neo-classicists (primarily those of the Chicago school) and others who hold differing views. The author knows his subject very well and explains it with superb clarity, great insight and a thoroughly enjoyable style. However, because of the density of the material it requires time to absorb the material. It is well worth the effort.
Teonyo
This book is a very complete review of how markets work and what their inherent problems actually are. As a whole this book beats introductory college courses by a wide margin because an equilibrium view of markets cannot anticipate or explain the major disruptions and catastrophes which periodically occur. It has a brief but admirable review of the history going back to the classicists (Adam Smith, David Ricardo, John Stuart Mill and others) as well as the most recent neo-classicists (primarily those of the Chicago school) and others who hold differing views. The author knows his subject very well and explains it with superb clarity, great insight and a thoroughly enjoyable style. However, because of the density of the material it requires time to absorb the material. It is well worth the effort.