How Markets Fail: The Logic of Economic Calamities
How Markets Fail: The Logic of Economic Calamities is a book by economist and journalist John Cassidy. The book was published in 2009 by Farrar, Straus and Giroux.
 Softcover edition | |
| Author | John Cassidy |
|---|---|
| Country | United States |
| Language | English |
| Subject | Economic theory |
| Genre | Nonfiction |
| Publisher | FSG |
Publication date | 2009 |
| Media type | Print (hardback & paperback) |
| Pages | 400 pp. |
| ISBN | 978-0-374-17320-3 |
| Preceded by | Dot.con: The Greatest Story Ever Sold |
Overview
The book examines the history of economic theory and attempts to diagnose the recent rise and fall of markets, particularly the housing bubble and credit crisis (2007–2009).[1]
How Markets Fail argues against unfettered free-market ideology and supports government regulation in the financial industry.[2]
Reception
Kirkus, giving it a starred review, remarked, "Cassidy delivers on the promise of his title, but he also offers a clear-eyed look at economic thinking over the last three centuries, from Adam Smith to Ben Bernanke, and shows how the major theories have played out in practice, often not well."[3]
The Economist praised the book, noting that its critique of "free market idolatry" was, in the wake of the 2008 financial crisis, "firmly in the mainstream".[4]
The Financial Times review by Gillian Tett likewise praised the book as "compelling and persuasive", praising the book's criticism of government's excessive trust in free market principles, and its account of how the "modern economics profession" had "lost its way".[5]
References
- Barrett, Paul M (2009-11-12). "Rational Irrationality". The New York Times. Retrieved 2015-12-20.
- http://www.businessweek.com/magazine/content/09_47/b4156079791251.htm
- https://www.kirkusreviews.com/book-reviews/john-cassidy/how-markets-fail/
- https://www.economist.com/node/14843529
- https://www.ft.com/content/60326096-e065-11de-8494-00144feab49a