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How markets fail : the logic of economic calamities / John Cassidy.

By: Material type: TextTextPublisher: New York : Farrar, Straus and Giroux, 2009Edition: First editionDescription: viii, 390 pages : illustrations ; 24 cmContent type:
  • text
Media type:
  • unmediated
Carrier type:
  • volume
ISBN:
  • 0374173206
  • 9780374173203
Subject(s): DDC classification:
  • 381 22
LOC classification:
  • HB3722 .C37 2009
Contents:
Pt. 1. Utopian economics -- 1. Warnings ignored and the conventional wisdom -- 2. Adam Smith's invisible hand -- 3. Friedrich Hayek's telecommunications system -- 4. The perfect markets of Lausanne -- 5. The mathematics of bliss -- 6. The evangelist -- 7. The coin-tossing view of finance -- 8. The triumph of utopian economics -- Pt. 2. Reality-based economics -- 9. The prof and the polar bears -- 10. A taxonomy of failure -- 11. The prisoner's dilemma and rational irrationality -- 12. Hidden information and the market for lemons -- 13. Keynes's beauty contest -- 14. The rational herd -- 15. Psychology returns to economics -- 16. Hyman Minsky and Ponzi finance -- Pt. 3. The great crunch -- 17. Greenspan shrugs -- 18. The lure of real estate -- 19. The subprime chain -- 20. In the alphabet soup -- 21. A matter of incentives -- 22. London Bridge is falling down -- 23. Socialism in our time.
Summary: 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.
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Holdings
Item type Current library Call number Copy number Status Date due Barcode
Book City Campus City Campus Main Collection 381 CAS (Browse shelf(Opens below)) 1 Available A277005B

Includes bibliographical references (pages 347-370) and index.

Pt. 1. Utopian economics -- 1. Warnings ignored and the conventional wisdom -- 2. Adam Smith's invisible hand -- 3. Friedrich Hayek's telecommunications system -- 4. The perfect markets of Lausanne -- 5. The mathematics of bliss -- 6. The evangelist -- 7. The coin-tossing view of finance -- 8. The triumph of utopian economics -- Pt. 2. Reality-based economics -- 9. The prof and the polar bears -- 10. A taxonomy of failure -- 11. The prisoner's dilemma and rational irrationality -- 12. Hidden information and the market for lemons -- 13. Keynes's beauty contest -- 14. The rational herd -- 15. Psychology returns to economics -- 16. Hyman Minsky and Ponzi finance -- Pt. 3. The great crunch -- 17. Greenspan shrugs -- 18. The lure of real estate -- 19. The subprime chain -- 20. In the alphabet soup -- 21. A matter of incentives -- 22. London Bridge is falling down -- 23. Socialism in our time.

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.

Machine converted from AACR2 source record.

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