Jeff Madrick’s Seven Bad Ideas: How Mainstream Economists Have Damaged America and the World deals with all the goofy, wrong economic predictions that politicians and decision makers have made over the years. We’re seeing that same misapplication of economics today with calls to cut spending (exactly the WRONG move with a weak economy). And the paranoia over rising interest rates (hasn’t happened) and inflation (hasn’t happened, either). It’s my personal belief that most politicians flunked ECON 101. Seven Bad Ideas shows how basic economic principles have been misconstrued and misapplied–sometimes inadvertently, sometimes on purpose–to produce devastating blunders. If you want to read a clearly written and concise guide to contemporary economics, Seven Bad Ideas hits the target. GRADE: A
TABLE OF CONTENTS:
Introduction: Damage
One: The Beautiful Idea: The Invisible Hand
Two: Says Law and Austerity Economics
Three: Government’s Limited Social Role: Friedman’s Folly
Four: Low Inflation Is All That Matters
Five: There Are No Speculative Bubbles
Six: Globalization: Friedman’s Folly Writ Large
Seven: Economics Is a Science
Acknowledgements
Notes
Bibliography
Index
Glad you are reading this for me, George. Please straighten things out.
Patti, gas prices are falling and people are spending on Black Friday, Small Business Saturday, and Cyber Monday. The Economy is starting to rev up!
Sounds a bit depressing. When they make a movie of it they should add a scene where Santa Claus shows up & makes everything better.
Come to think of it, that’s the basis of most political thinking these days!
Dan, you are so right! There’s a lot of Magical Thinking in Washington.
Sounds very similar to what we read in Paul Krugman’s NY Times columns every week. I’m not sure if most politicians even took basic economics, let alone passed it.
Jeff, when I listen to politicians talk about the economy it doesn’t take long to realize most of them are clueless.
George, you are being waaaaay optimistic that politicians flunked Econ 101, because in order to have flunked it, they would have had to have TAKEN it in the first place and, sadly, so many politicians today believe that a Theology degree from Ouichita Bible College equips them to tackle all the enormous financial problems besetting us.
Btw, before the trolls arrive, I should add that I’m a church-going Christian, but I realize it takes different types of intelligence to attack the mountain of problems our nation faces.
/Dismounting soapbox, etc.
Deb, we totally agree on the different types of intelligence necessary to solve problems. Sadly, people who have a knack for raising money seem to gravitate to politics. Maybe that’s why things are so messed up! I love it when you get on your soapbox, too!
What Deb said. SOME of us, who were raised by parents raised during the Depression, were told that interest from savings would help us in retirement. WHAT INTEREST? The intense efforts to keep interest dirt low keep savers from making a dime on their hard earned savings. Bah.
Rick, trust me: interest rates are going up soon. Especially on mortgages. And, you might want to buy some gold.