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How markets fail: an atlas of economic irrationality

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Farrar, Straus and Giroux,
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Behind the alarming headlines about job losses, bank bailouts, and corporate greed is a little-known story of bad ideas. For fifty years or more, economists have been busy developing elegant theories of how markets work—how they facilitate innovation, wealth creation, and an efficient allocation of society’s resources. But what about when markets don’t work? What about when they lead to stock market bubbles, glaring inequality, polluted rivers, real estate crashes, and credit crunches?In How Markets Fail, 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. Taking the global financial crisis and current recession as his starting point, Cassidy explores a world in which everybody is connected and social contagion is the norm. In such an environment, he shows, individual behavioral biases and kinks—overconfidence, envy, copycat behavior, and myopia—often give rise to troubling macroeconomic phenomena, such as oil price spikes, CEO greed cycles, and boom-and-bust waves in the housing market. These are the inevitable outcomes of what Cassidy refers to as “rational irrationality”—self-serving behavior in a modern market setting.Combining on-the-ground reporting, clear explanations of esoteric economic theories, and even a little crystal-ball gazing, Cassidy warns that in today’s economic crisis, conforming to antiquated orthodoxies isn’t just misguided—it’s downright dangerous.How Markets Fail offers a new, enlightening way to understand the force of the irrational in our volatile global economy.

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Grouping Information

Grouped Work ID e87434a6-b0d6-2001-0055-d37a4adbe322
full_title how markets fail an atlas of economic irrationality
author cassidy john
grouping_category book
lastUpdate 2017-04-21 04:59:26AM

Solr Details

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author Cassidy, John, 1963-
author-letter Cassidy, John,
author_additional John Cassidy.
author_display Cassidy, John
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local_callnumber_arlington 381 CASSI
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oclc (OCoLC)317928643
owning_library_arlington Arlington Public Library, Aurora Hills, Central, Cherrydale, Columbia Pike, Connection Crystal City, Detention Center, Glencarlyn, Local History, Plaza, Shirlington, Westover
owning_location_arlington Central
physical viii, 390 p. ; 24 cm.
popularity 6
primary_isbn 9780374173203
publishDate 2009
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publisher Farrar, Straus and Giroux,
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record_details ils:.b13268764|Book|Books||English|Farrar, Straus and Giroux,|2009.|viii, 390 p. ; 24 cm.
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subject_facet Banks and banking, Financial crises, Monetary policy, Stock exchanges
table_of_contents Warnings ignored -- The invisible hand -- Prices as signals -- Perfect markets -- Proof positive? -- The evangelist -- Efficient markets -- Lucasian economics -- "The prof and the polar bears" -- A taxonomy of failure -- The prisoner's dilemma -- The market for lemons -- The beauty contest -- The rational herd -- Enter the pyschologists -- The irrational herd -- Ponzi finance -- The fountainhead -- The housing boom -- Subprime delusions -- TK -- TK.
target_audience Adult
target_audience_full Adult
title How markets fail : an atlas of economic irrationality
title_display How markets fail : an atlas of economic irrationality
title_full How markets fail : an atlas of economic irrationality / John Cassidy
title_short How markets fail :
title_sort how markets fail an atlas of economic irrationality
title_sub an atlas of economic irrationality