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Cassidy, John, 1963-
How markets fail : the logic of economic calamities / John Cassidy
1st ed
New York : Farrar, Straus and Giroux, c2009
book jacket
Location Call Number Status
 3rd Floor  HB3722 .C37 2009    AVAILABLE
Subject(s) Financial crises
Stock exchanges
Monetary policy
Banks and banking
Physical Description viii, 390 p. : ill. ; 24 cm
Note Includes bibliographical references and index
Contents Warnings ignored and the conventional wisdom -- Adam Smith's invisible hand -- Friedrich Hayek's telecommunications system -- The perfect markets of Lausanne -- The mathematics of bliss -- The evangelist -- The coin-tossing view of finance -- The triumph of utopian economics -- The prof and the polar bears -- A taxonomy of failure -- The prisoner's dilemma and rational irrationality -- Hidden information and the market for lemons -- Keynes's beauty contest -- The rational herd -- Psychology returns to economics --Hyman Minsky and Ponzi finance -- Greenspan shrugs -- The lure of real estate -- The subprime chain -- In the alphabet soup -- A matter of incentives -- London Bridge is falling down -- 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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