A review by amygko
How Markets Fail: The Logic of Economic Calamities by John Cassidy

4.0

Unlike typical bestseller type of books on this field that repeatedly show numerous quotes, examples and personal observations to support the author's perspective(one of the good examples would be 'The Lexus and the Olive Tree' by Thomas Friedman), I really like this book that it covers the history of economic theories to provide the background of different kinds of economic system theories back from Adam Smith and analyze what would be the main cause of the economic crisis happened between 2007 and 2008. As a person with bachelor degree in statistics and economics, I agree with the author that Economics in American Universities is heavily geared toward Chicago School although my academical training has been involved with constructing quantitative economics modeling. In other words, we need more economics professionals who has perspective against "utopian economics" so they can also teach students majoring in economics to have less biased opinions.