Saturday, September 27, 2014

Paul Krugman on Seven Bad Ideas by Jeff Madrick

Though I haven't read Jeff Madrick's book, Seven Bad Ideas:  How Mainstream Economists Have Damaged America and the World, I liked Paul Krugman's recent review of it in the New York Times:
"Such quibbles aside, “Seven Bad Ideas” tells us an important and broadly accurate story about what went wrong. Economists presented as reality an idealized vision of free markets, dressed up in fancy math that gave it a false appearance of rigor. As a result, the world was unprepared when markets went bad. Economic ideas, declared John Maynard Keynes, are “dangerous for good or evil.” And in recent years, sad to say, evil has had the upper hand."

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