In How Markets Fail, veteran New Yorker staff writer John Cassidy offers a provocative take on the misguided economic thinking that produced the 2008 financial crisis--now with a new preface addressing how its lessons remain unheeded in the present.
Behind the alarming headlines about job losses, bank bailouts, and corporate greed is a little-known story of bad ideas. For fifty years or more, economists have been busy developing elegant theories of how markets work--how they facilitate innovation, wealth creation, and an...