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Zombie Economics: How Dead Ideas Still Walk among Us
 
 

Zombie Economics: How Dead Ideas Still Walk among Us [Kindle Edition]

John Quiggin
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Pressestimmen

Co-Winner of the 2012 Gold Medal Book Award in Economics, Axiom Business One of Bloomberg News's (bloomberg.com/news) Top Thirty Business Books of the Year for 2010 One of Financial Times (FT.com)'s Books of the Year in Nonfiction Round-Up in the Science & Environment list for 2010 One of Naked Capitalism blog's , "Must Read" Economics Books, Yves Smith for 2011 "This book is certainly a good read for anyone eager to know why it is urgent that economists come up with a socially useful body of thought or suggestions."--Shanghai Daily "Entertaining and thought-provoking... [W]orks as a good summary for non-specialists of how the economics debate has developed."--Philip Coggan, Economist "Quiggin is a writer of great verve who marshals some powerful evidence."--Financial Times (FT Critics Pick 2010) "Lucid, lively and loaded with hard data, passionate, provocative and ... persuasive... [Zombie Economics] should be required reading, even for those who aren't Keynesians or Krugmaniacs."--Glenn C. Altschuler, Barron's "Apparently some economists have a sense of humor, dismal though it may be. Quiggin uses the 2008 global financial crisis as the focal point for examining five core macroeconomic and financial theories that have been--to use zombie terminology--killed by our current predicament... Economics students and interested lay readers will find this valuable."--Library Journal "Erroneous economic ideas resemble the living dead, writes John Quiggin in his smart new book Zombie Economics. They are dangerous yet impossible to kill. Even after a financial crisis buries them, they survive in our minds and can rise unbidden from the necropolis of ideology."--James Pressley, Bloomberg News "The financial crisis has disproved many cherished tenets of 'market liberalism', such as the 'Efficient Markets Hypothesis', yet these zombie ideas still shamble through newspapers and journals. Enter economist Quiggin, calmly wielding dual shotguns to blast them relentlessly in the face... As Quiggin explains with elegance, lucidity and deadpan humour, the undead ideas here are interconnected: killing one causes it to knock over another in a sort of zombie-dominoes effect."--Guardian "Zombie Economics is ... a highly readable and sobering assessment of the role played by discredited economic ideas in the global financial and economic meltdown of 2008-09. Quiggin delves deeply into the origins and development of all the star culprits so loved by the economic right in recent decades: from the efficient markets hypothesis to privatization and Real Business Cycle Theory. None has stood up to the stern test posed by real markets and economies in crisis. Yet most live on, still featured in many curriculums and advocated by those academics who have staked their careers on them."--Globe & Mail "It's hard to resist a book called Zombie Economics, and University of Queensland professor John Quiggin makes his tale as compelling as his title... It's the rare read that's both thoughtful and fun."--Biz Ed "[A]n excellent new book."--Jessica Irvine, Sydney Morning Herald "I haven't done justice to Quiggin's book, so if you're interested in a readable exposition of the exploits of academic economists over the past 35 years I recommend it highly. It's the story of how economists forgot much of what they knew. Please, guys, don't do that again."--Ross Gittins, Sydney Morning Herald "As well as exposing how these flawed ideas brought on the global crisis and how they live on, Quiggin offers his view on a new way forward in economic theory. It's time to bury the zombie."--Fiona Capp, The Age "From the so-called 'great moderation' concept to the implications of the efficient markets hypothesis, Quiggin does an excellent job summarizing each zombie idea and explaining why it is discredited in a simple (but not simplistic) manner."--Choice "[Cogent] and readable ..."--The Nation "Cleverly titled, with a wonderful and very un-academic cartoon cover and written without excessive jargon, Zombie Economics provides an elegant critical introduction and analysis of some of the key ideas of modern economic thought."--Satyajit Das, Naked Capitalism blog "Put a bullet through the decaying brain of walking-dead economics by reading Quiggin."--Seth Sandronsky, SN&R "Peppered with humorous quotations, theory and history, Quiggin has assembled a compelling read about the misguided intellectual economic assumptions of the last forty years and also gives possible solutions to our current financial dilemma."--Ted Stamas, Bullfax.com "I encourage my colleagues in sociology, psychology, and management to read this book and leverage it to lead to a more integrated social science and, perhaps, a more socially aware economic science."--Brent Goldfarb, Administrative Science Quarterly

Pressestimmen

Entertaining and thought-provoking... [W]orks as a good summary for non-specialists of how the economics debate has developed. -- Philip Coggan, Economist Lucid, lively and loaded with hard data, passionate, provocative and ... persuasive... (Zombie Economics) should be required reading, even for those who aren't Keynesians or Krugmaniacs. -- Glenn C. Altschuler, Barron's The financial crisis has disproved many cherished tenets of 'market liberalism', such as the 'Efficient Markets Hypothesis', yet these zombie ideas still shamble through newspapers and journals. Enter economist Quiggin, calmly wielding dual shotguns to blast them relentlessly in the face... As Quiggin explains with elegance, lucidity and deadpan humour, the undead ideas here are interconnected: killing one causes it to knock over another in a sort of zombie-dominoes effect. -- "Guardian Quiggin is a writer of great verve who marshals some powerful evidence. -- "Financial Times Zombie Economics is ... a highly readable and sobering assessment of the role played by discredited economic ideas in the global financial and economic meltdown of 2008-09. Quiggin delves deeply into the origins and development of all the star culprits so loved by the economic right in recent decades: from the efficient markets hypothesis to privatization and Real Business Cycle Theory. None has stood up to the stern test posed by real markets and economies in crisis. Yet most live on, still featured in many curriculums and advocated by those academics who have staked their careers on them. -- "Globe & Mail It's hard to resist a book called Zombie Economics, and University of Queensland professor John Quiggin makes his tale as compelling as his title... It's the rare read that's both thoughtful and fun. -- "Biz Ed Magazine [C]ogent and readable. -- "Nation Apparently some economists have a sense of humor, dismal though it may be. Quiggin uses the 2008 global financial crisis as the focal point for examining five core macroeconomic and financial theories that have been--to use zombie terminology--killed by our current predicament... Economics students and interested lay readers will find this valuable. -- "Library Journal Erroneous economic ideas resemble the living dead, writes John Quiggin in his smart new book Zombie Economics. They are dangerous yet impossible to kill. Even after a financial crisis buries them, they survive in our minds and can rise unbidden from the necropolis of ideology. -- James Pressley, Bloomberg News I haven't done justice to Quiggin's book, so if you're interested in a readable exposition of the exploits of academic economists over the past 35 years I recommend it highly. It's the story of how economists forgot much of what they knew. Please, guys, don't do that again. -- Ross Gittins, Sydney Morning Herald As well as exposing how these flawed ideas brought on the global crisis and how they live on, Quiggin offers his view on a new way forward in economic theory. It's time to bury the zombie. -- Fiona Capp, The Age From the so-called 'great moderation' concept to the implications of the efficient markets hypothesis, Quiggin does an excellent job summarizing each zombie idea and explaining why it is discredited in a simple (but not simplistic) manner. -- "Choice Cleverly titled, with a wonderful and very un-academic cartoon cover and written without excessive jargon, Zombie Economics provides an elegant critical introduction and analysis of some of the key ideas of modern economic thought. -- Satyajit Das, Naked Capitalism Put a bullet through the decaying brain of walking-dead economics by reading Quiggin. -- Seth Sandronsky, SN&R Peppered with humorous quotations, theory and history, Quiggin has assembled a compelling read about the misguided intellectual economic assumptions of the last forty years and also gives possible solutions to our current financial dilemma. -- Ted Stamas, Bullfax.com This book is certainly a good read for anyone eager to know why it is urgent that economists come up with a socially useful body of thought or suggestions. -- "Shanghai Daily [A]n excellent new book. -- Jessica Irvine, Sydney Morning Herald

Produktinformation

  • Format: Kindle Edition
  • Dateigröße: 702 KB
  • Seitenzahl der Print-Ausgabe: 288 Seiten
  • Verlag: Princeton University Press; Auflage: Reprint (21. Mai 2012)
  • Verkauf durch: Amazon Media EU S.à r.l.
  • Sprache: Englisch
  • ASIN: B007BP3GXA
  • Text-to-Speech (Vorlesemodus): Aktiviert
  • X-Ray:
  • Durchschnittliche Kundenbewertung: 5.0 von 5 Sternen  Alle Rezensionen anzeigen (2 Kundenrezensionen)
  • Amazon Bestseller-Rang: #201.757 Bezahlt in Kindle-Shop (Siehe Top 100 Bezahlt in Kindle-Shop)

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8 von 10 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Vom Aufstieg und Fall der Chicago-Boys 10. Januar 2011
Von Dr. Christian Donninger TOP 1000 REZENSENT
Format:Gebundene Ausgabe|Von Amazon bestätigter Kauf
Das Buch behandelt jeweils in einem eigenen Kapitel fünf zentrale Thesen des Markt-Liberalismus. The Great Moderation, The Efficient Market Hypothesis, Dynamic Stochastic Equilibrium, Trickle-Down Economics, Privatization.
Jedes Kapitel ist in die Abschnitte Birth, Life, Death, Reanimation, After the Zombies und Further Reading unterteilt.
Das Buch richtet sich an ein breiteres Publikum. Der Autor kann auch sehr gut erklären. Es ist aber keine simple polemische Abrechnung mit den Thesen des Markt-Liberalismus, sondern eine relativ fundierte wissenschaftliche Analyse. Man muss kein Ökonom sein um dieses Buch zu verstehen. Ohne gewisse Vorkenntnisse warum es überhaupt geht wird man aber auch nicht sehr klug werden.
Es werden die einzelnen Theorien der besseren Verständlichkeit wegen separat behandelt. Quiggin erklärt aber auch die inneren Zusammenhänge. Obwohl die einzelnen Thesen teilweise bizarr wirken (z.B. Rationale Erwartungen), als geschlossenes Ideensystem hat der Markt-Liberalismus durchaus seine innere Logik. Man muss nur ein paar Grundprinzipien glauben und keinen allzu scharfen Blick auf die Wirklichkeit richten. Aber das gilt wohl für die meisten Ideologien.

Der Crash von 2008 war das denkbar eindeutigste "Experiment" welches man sich zur Widerlegung einer wissenschaftlichen Theorie vorstellen kann. Wie der Titel des Buches bereits sagt, geht Quiggin aber keineswegs davon aus, dass der Markt-Liberalismus damit erledigt ist.
"An approach to economoics that has been dominant for more than three decades will not go away simply because its predictions are inconsistent with the facts".
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5.0 von 5 Sternen Gedankenloses Vertrauen in Märkte 15. November 2010
Format:Gebundene Ausgabe
Die Finanzkrise hat gezeigt, dass die Vorstellung vom effizienten Markt gescheitert ist. Der Kasinobetrieb namens Finanzmarkt hat viele der Annahmen hinter der herrschenden Wirtschaftslehre blossgestellt, dass marktorientierte Lösungen immer am besten sind, unabhängig von der Art und Weise des Problems. Die Protagonisten der neoklassischen Theorie haben jahrzehntelang die Mainstream Economics beherrscht. Ihr Einfluss hat ein System erzeugt, wo ein gedankenloses Vertrauen in Märkte viele in spekulative Investitionen verleitet hat, welche als grundsätzlich sicher gesehen wurden. Die Krise schien diese Ideen getötet zu haben. Aber sie leben immer noch in den Köpfen vieler Mitglieder der Öffentlichkeit, Ökonomen, Politiker und auch derjenigen, die jetzt mit dem Aufräumen des Schlamassels beauftragt sind. Kurzum suchen die toten Ideen auf dem Friedhof der ökonomischen Ideologie das Land weiter heim.

Dieses tolle Buch befasst sich mit einigen dieser Ideen, die in der Krise eine Rolle gespielt haben. Es sind: (1) Great Moderation: Die Idee, dass die Periode, die 1985 begonnen hat, eine beispiellose makroökonomische Stabilität bot, (2) Efficient Markets Hypothesis: Die Idee, dass die von den Finanzmärkten erzeugten Preise die bestmögliche Schätzung des Wertes einer Investition repräsentieren, (3) Dynamic Stochastic General Equilibrium (DSGE): Die Idee, dass die makroökonomische Analyse sich um gesamtwirtschaftliche Aggregate wie Handelsbilanzsaldos und Schuldenstand nicht kümmern soll.
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Amazon.com: 3.7 von 5 Sternen  42 Rezensionen
133 von 145 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen great book that will illicit wildly negative, but undeserved reviews 12. Dezember 2010
Von D. J. Albers - Veröffentlicht auf Amazon.com
Format:Gebundene Ausgabe|Von Amazon bestätigter Kauf
this book offers a very good critique of how the research program of macroeconomics for the last 40 or so years has been, largely, a failure. while it is true that the author is not always careful or complete with respect to some of his definitions (for instance, the efficient market hypothesis has different interpretations/statements in, say, finance versus freshwater economics --- finance folks, by the way, have dismissed the efficient market hypothesis decades ago), most of his points/explanations are clear enough to understand. HOWEVER, it is worth noting that economics can be extremely politicized; the one star reviewers are a cases in point; much of modern macro ends up having policy implications, and thus a lot of work, some of it very technical, was done with an ax to grind. and, if you have an ax to grind, well, evidence that throws a wrench in your machinery is dismissed, discarded, or, in some cases, claimed as stupid. this is a very embarrassing book for the economics profession, and is a very embarrassing book for folks who pedal a particular brand of right-wing economics, which is why it gets some of the negative reviews. but, that is one of the many compelling reasons to read it. moreover, this book is, with a few exceptions, honest, and correct and the author backs up his claims with a hell of a lot of references. in fact, for econ students looking for thesis problems, this book is a gold mine. in any event, to gain clear picture of why economics hasn't had much to say about the world since early 2008, and what is wrong with modern macro, read this book. really.
66 von 74 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Evil Dead 22. Dezember 2010
Von S. H. Swenson - Veröffentlicht auf Amazon.com
Format:Gebundene Ausgabe
Quiggin is a good writer and by all accounts a very good economist. His problem is that he doesn't understand how you fight zombies, and he seems confused about what zombies are.

Zombies, you see, are ex-people, not ideas. Ideas, both true and false, are the life's blood of a field. Often more is gained from showing that an idea is false than by showing an idea is true. The Zombies (in the sciences at least) are ex-scientists who have had their brains lost, sold or eaten. You can recognize them by the way they promote obvious garbage without a hint of shame. Often while they are speaking at a conference, the audience members will have a contest to see who can find the most egregious blunder. They are generally pitied, but not to the extent that we publish their nonsense (ok sometimes their nonsense does get published, but then there is a big scandal and the offending member of the editorial board of the journal resigns in disgrace) or allow them to propagate.

The economics profession is an example of what happens when the zombies propagate unchecked. The entire fresh water school and many of the top journals have been taken over by zombies. Quiggin does an excellent job of eviscerating most of the false ideas propagated by the zombies, he shows how wrong these ideas were and even shows how most of them where known to be false long before now.

One minor quibble with his treatment of the EMH. While it has always been clear that the strong form was false, he seems to give the weak form a pass. The problem is that the weak form is every bit as false as the strong form. In the presence of massive leverage, a sharp downward drop will cause massive margin calls and this will cause a massive drop in the price. We observed this in action in the fall of 2008, and short sellers made a mint on this observation. Quiggin says that you cannot make money consistently in this way. Yes, that is true because such an event is followed by a depression, and then you have to wait for the start of the next depression before you can do it again. If the liberals are in power, that should be 70+ years (1929-08), so you would have to be a vampire to manage this more than once. If the conservatives are in power, you should only have to wait about 15 years, so the living can do this multiple times. However the weak form of the EMH is still false. In the real sciences, it only takes one counterexample to show that a theory is false.

One interesting point in the book is where he talks about how the Keynesians altered their theories in light of problems with inflation expectations. (Altered them too much as it turns out.) This is what non-zombies do. If you believe the same thing on Wednesday as you did on Monday no matter what happened on Tuesday, then you might be a zombie.

The book that Quiggin should have written is the one describing how the zombies took over economics. This is the more interesting story I think. The zombies in Economics are different than the zombies in other fields, where they are mostly insane or senile. In Economics, the zombies have made a conscious choice to be zombies. They have, in effect, sold their own brains. I think this subject is ripe for economic analysis. The wealthy have benefited enormously from the ideas put forth by the zombies (the rich should always pay less taxes for example) and they have showered money on the fresh water zombies and their schools. It would be interesting to examine how much return they have achieved on their investment.

It would also be interesting to document how the fresh water schools go about destroying the brains of their students. The most egregious example that I am aware of is the intro course at UC where the students are told that the best way to decide who should get an education is by who can pay the most. None of the recent presidents, except the Bushes, would have been educated, and I guess that is the point. I would imagine that a student in that class would either leave, eat his own brain, or willingly sell his brain when the price was right.

Also Quiggin doesn't seem to understand how one should deal with zombies. He seems to think that by politely pointing out that the zombies are promoting false ideas, he will convert the zombies back into people. Unfortunately that isn't how zombies work. He needs to watch "army of the dead" or "Zombieland" to get an idea of the proper method of polite discourse with a zombie. Here`s hoping that Quiggin and the other living economists can mange to purge the zombies and rescue the field of economics. The economy of the world is depending on them.
78 von 89 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 Sternen Good Thoughts! 10. November 2010
Von Loyd E. Eskildson - Veröffentlicht auf Amazon.com
Format:Gebundene Ausgabe
A zombie idea, per Quiggin, is one that keeps coming back, despite having already been killed. That seems like an apt description of where we're headed now - eg. resuscitating free market ideology after the 'Great Recession' caused by - free markets. The truly paranoid can be extra worried recalling Milton Friedman's statement that "our (true free-market enthusiasts) basic function is to develop alternatives to existing policies, and to keep them alive and available until the politically impossible becomes politically inevitable." Worst of all, some hold a suspicion that conservatives are committed to bringing about such crises if they don't naturally occur. Zombie economic ideas highlighted in the book include privatization, the 'Efficient Market Hypothesis,' the 'Laffer Curve,' and 'Trickle-Down Economics.'

I was particularly intrigued by the author's pointing out that restrictions on the dismissal of workers or requirements for sizable separation packages are the most vilified supposed obstacle to improved economic performance, yet those protesting the loudest ignore the one-sided bonuses, options, and pay without performance packages for the leaders who usually cause the worker layoffs. In case that isn't rich enough, there's also option repricing and backdating, golden parachutes, and gross overpayment vs. foreign firms, while offshoring millions of American jobs to save money. (In 2008, the world's largest bank - ICBC, market capitalization of $250 billion, paid its CEO $235,000, vs. J.P. Morgan with a capitalization of $158 billion, paying $19,651 million to its CEO. In 2009, all Toyota executives together received less than Ford's CEO.)

The 'Efficient Markets Hypothesis' implies that private enterprise will always outperform government. Contrary evidence includes the LTCM bailout, the dot-com collapse, and now the Great Recession.'

Neither the 'Trickle-Down' theory now the Laffer Curve offer limits on how far to take the theory. Thus, per the enthusiasts, we can never treat the rich too generously with tax avoidance (or most anyone else, for that matter), nor ever run out of increased tax revenues from lowering taxes. Both are obviously silly positions. Meanwhile, despite the benefits of trickle down, inequality in America has considerably increased in the last four decades - directly undermining the theory. Contending, eg. that supporting evidence is supplied by the poor in the 1990s being more likely than the average household in the 1970s to have a wash machine, dryer, dishwasher, refrigerator, color TV, PC, and/or phone ignores major price cuts for those products and ignores major increases for others - eg. university education and housing. It also ignores the role of increased debt. International data show the U.S. has the lowest social mobility on nearly all measures, while the often despised European social democracies the highest.

Quiggin is far from convinced of the innate benefits of privatization, conceding it works poorly in some instances (small and medium-sized businesses), and often much better for large enterprises - especially in transportation or public utilities. He identifies instances where privatized enterprises have been re-nationalized after economic failure or poor service provision (eg. railways, airlines, hospitals), but also too easily slides over problems with public employees (especially teachers, public-safety staff) leveraging excessive wage and benefit payments. Russia has suffered a major privatization failure, with extensive looting of public assets via those linked to the government. The same occurred in China, to a much more limited extent, and there are numerous complaints in South America about water, etc. privatization. Chile privatized Social Security, leading to much higher administrative charges and unsatisfactory benefit levels, despite government spending on pensions remaining at over over 25% of the total budget.

Quiggin points out that public entities have a financing advantage - funders look for much higher rates of return from private entities than they expect from public bonds. China may offer lessons in this area - it has kept large sectors of its economy in government hands or control, and manages to still be quite competitive.
29 von 32 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Undead Economic Theories 6. April 2011
Von watzizname - Veröffentlicht auf Amazon.com
Format:Gebundene Ausgabe|Von Amazon bestätigter Kauf
The zombies Dr. Quiggin describes and discusses are five economic theories that have proven to be false, but which keep being trotted out as if they were accepted fact by the intellectual courtesans of Laissez-Faire.yland.*
Quiggin devotes a chapter to each of five zombie ideas:

. . Chapter 1: The Great Moderation: the lie that business (mainly big business) can now be relied on to govern the economy optimally, or nearly enough so. It can't.
By law, corporations MUST seek to maximize the wealth of their shareholders, generally regardless of all other considerations, including the public good.

. . Chapter 2: The Efficient Markets Hypothesis: the lie that "the market" will always correctly determine and implement the optimum prices and quantities produced. It won't.
As early a writer as Adam Smith recognized that where there were spillover costs, the market price would be lower and the quantity produced greater than optimal, and when there were spillover benefits the reverse would be true.

. . Chapter 3: Dynamic Stochastic General Equilibrium: The mistaken belief that DSGE models can overcome the Kornbluth objection. They can't.
To quote Kornbluth (The Syndic, 1978) as best I can from memory: "No accurate history of the future has yet been written, a fact which I think disposes of History's claim to rank as a science. Astronomers quail at the three-body problem, and throw up their hands in despair at the four-body problem. And yet, every moment in history is a problem in at least three billion bodies. [in 1978; now seven billion] I can juggle mean rainfalls, car-loading curves, birth rates, and patent applications, but I cannot for the life of me fit the recurring facial carbuncles of Karl Marx into my equations, even though we know, well after the fact, that the agonizing staphylococcus infections under that famous beard helped shape the course of twentieth-century totalitarianism . . . ." And DSGE models actually reduce the number of variables taken into account by aggregating them under assumptions which are, to say the least, questionable. Thus, their version of future economic history is inaccurate, sometimes disastrously so.

. . Chapter 4: Trickle-Down Economics: The lie that the best way to help the poor is to reduce the taxes paid by the rich. It isn't. If you believe the trickle-down theory, and you want to help your son or daughter in college or your aging parents, try making me rich by sending the money to me and see how much of what I spend trickles down to those you want to help!

. . Chapter 5: Privatization: the lie that governments never do anything right, and private enterprise will always do it better. It doesn't. The Government put a man on the Moon and back, but just look at the sorry results of privately-run prisons.

What Dr. Quiggin does not, in my opinion, adequately address is WHY these false ideas keep being resurrected. The answer is simple: they are ideas the super-rich want us to believe, because, if accepted, they facilitate the transfer of wealth from those who need it most to those who need it least (because they already have more than enough). So they have their tame economists trumpet these lies, cherry-picking or inventing data to support them. (Whoever said "Show me a supply-side economist and I'll show you an intellectual courtesan." sure hit the nail on the head!)

But despite that omission, the book is well worth reading. Thank you, Dr. Quiggin!

* Thanks to Jim Hightower's "Lowdown" for suggesting the term Laissez-Faire.yland

watziznayme@gmail.com
15 von 16 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Failed ideas that keep coming back! 14. März 2011
Von Dariush - Veröffentlicht auf Amazon.com
Format:Gebundene Ausgabe
I am not an economist myself, however, I sometimes read economic books and articles just out of personal interest. When I first saw this book, the cover threw me off but after I started reading it, I found quite fascinating. Quiggin analyzes five "failed" economic hypotheses / ideas which have prevailed in the economic and political scene since the recession in the 70's. These are:

1. The great moderation theory - indefinite economic stability, proved wrong with several recessions around the world including the latest global financial recession.
2. The efficient market hypothesis - the belief that market prices reflect true values, which should have been killed with bubbles and busts that happened in recent years.
3. Dynamic Stochastic General Equilibrium (DSGE) models - proved unrealistic and only concerned with "theoretical consequences of optimizing behavior by rational consumers"
4. The trickle down hypothesis - which argues that the poor and middle class will benefit from the tax breaks given to the rich. This idea has resulted in significant wealth transfer to the rich and huge economic disparity.
5. Privatization - Private sector is always more efficient that the government. Proven wrong by several real life examples contradicting this zombie idea, which has been the global prescription for all governments in the last 30 years.

Theses hypotheses have been dominant in the last 30-40 years but they have not been able to resolve the global and regional economic problems. On the contrary, a widening economic gap between different income groups, and a shrinking middle class are the outcomes of the policies adopted based on these theories. Excellent read!
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