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Tuesday, 3 May 2011
ECONned
Author: Yves Smith Edition: Reprint Publisher: Palgrave Macmillan Binding: Paperback ISBN: 0230114563 Price: You Save: 61%
ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism
Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk.ECONned review. But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the first book to examine the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster.
Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdownRead full reviews of ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism.
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Categories: Free Enterprise * General, Economic Policy * General, Free Enterprise * General. Contributors: Yves Smith - Author. Format: Paperback
Review òÀÜThe helplessness you feel, in the face of the demonic complexity of modern financeòÀæset it aside, and pick up Yves Smith book ECONned.Tà Indignation and clarity and omnivorous knowledge come together in her writing, to explain how we, the taxpayers, are being meticulously fleeced.Tà Never go into an argument about the financial crisis unarmed again."--Stephen Metcalf, Slate ColumnistTàòÀÜIn ECONned, Smith blows the top wide open on the role that economists and policy makers had in enabling Wall Street greed and misdeeds. This fascinating book reads like a detective story
Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk. But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the first book to examine the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster. Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and risi
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But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the first book to examine the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster.
Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the last twenty-five years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, and rejection of clear signs of growing instability.
In eConned, author Yves Smith reveals:
--why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the way for a solid recovery
--how economists have come to play a profoundly anti-democratic role in policy
--how financial models and concepts that were discredited more than thirty years ago are still widely used by banks, regulators, and investors
--how management and employees of major financial firms looted them, enriching themselves and leaving the mess to taxpayers
--how financial regulation enabled predatory behavior by Wall Street towards investors
--how economics has no theory of financial systems, yet economists fearlessly prescribe how to manage them
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