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A review by qaphsiel
How Markets Fail: The Logic of Economic Calamities by John Cassidy
5.0
Cassidy is an economist by education and did a lot of research for the book. If you've already know the basics of economic history you might want to skip that part of it. However, I did and I still found his non-denominational Brief History of Economics readable because he talks about a few lesser-known figures who figure into later parts of the book as well as more recent developments such as behavioral economics.
Likewise, the basics of why markets don't always operate as hoped or expected by one economic ideology or the other is well-presented. He labels the strong free market/rational econ thinking as utopian economics and advocates for non-ideological, pragmatic approach he calls reality-based economics.
When it comes to dealing with the 2007-2008 crisis, he carefully dissects the events, policies, and actions of the various players and shows how they created the incentives that led to the speculative bubble and then let it grow to gargantuan proportions. It was no one person or entity's fault, but rather the result of many entities acting together, most informed to one degree or another by utopian economic thinking.
Likewise, the basics of why markets don't always operate as hoped or expected by one economic ideology or the other is well-presented. He labels the strong free market/rational econ thinking as utopian economics and advocates for non-ideological, pragmatic approach he calls reality-based economics.
When it comes to dealing with the 2007-2008 crisis, he carefully dissects the events, policies, and actions of the various players and shows how they created the incentives that led to the speculative bubble and then let it grow to gargantuan proportions. It was no one person or entity's fault, but rather the result of many entities acting together, most informed to one degree or another by utopian economic thinking.