appassionato ,
@appassionato@mastodon.social avatar

ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism by Yves Smith

“Lost your job, lost your life savings, the country's going down the proverbial - want to know who did it? Yves Smith tells the tale of how bad economics created the foundations for the 'Madoff economy'.

@bookstodon




ECONned examines the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster. 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. 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 financial deregulation enabled predatory behavior by Wall Street towards investors
ALT
  • Reply
  • All
  • Subscribed
  • Moderated
  • Favorites
  • •
  • random
  • bookstodon@a.gup.pe
  • test
  • worldmews
  • mews
  • All magazines
    •