How Markets Fail
The Logic of Economic Calamities
Cassidy, John
Hardcover
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BOOK SYNOPSIS
Behind the alarming headlines about corporate greed and bank bailouts is a little-known story of bad ideas. For fifty years or more, economists have been busy developing elegant theories of how markets workhow they facilitate innovation, wealth creation, and an efficient allocation of societys resources. But what about when markets dont work? What about when they lead to stock market bubbles, glaring inequality, polluted rivers, and real estate crashes?In How Markets Fail, John Cassidy looks to the rapidly growing field of behavioral economics to present 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. Taking the global financial crisis and current recession as his starting point, Cassidy explores a world in which everybody is connected and social contagion is the norm. In such an environment, he shows, individual behavioral biases and kinkssuch as overconfidence, envy, and myopiaoften give rise to troubling macroeconomic phenomena, such as oil price spikes, CEO greed cycles, and boom-and-bust waves in housing. These are the inevitable outcomes of what Cassidy refers to as rational irrationalityself-serving behavior in a modern market setting.Combining on-the-ground reporting, clear explanations of esoteric economic theories, and even a little crystal-ball gazing, Cassidy warns that in todays economic crisis, conforming to antiquated orthodoxies isnt just misguidedits downright dangerous. How Markets Fail offers a new, enlightening way to understand the force of the irrational in our volatile global economy.
AUTHOR BIO
John Cassidy is a journalist at The New Yorker, a columnist at Condé Nast Portfolio, and a contributor to The New York Review of Books. He is the author of Dot.con: How America Lost Its Mind and Money in the Internet Era. He lives in New York City.
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MORE BOOK INFO
ISBN: 0374173206
ISBN(13-digit): 9780374173203
Dewey Decimal: 381
Library of Congress: 2009029529
Book Publisher: Farrar Straus & Giroux
Language: ENG
No. of Pages: 390
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