ECONned : how unenlightened self interest undermined democracy and corrupted capitalism

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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 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   … celý popis

Podrobná bibliografie

Hlavní autor

Yves Smith

Typ dokumentu

Knihy

Fyzický popis

vi, 362 s. ; 25 cm

Vydáno

New York : Palgrave Macmillan, 2010

Vydání

1st pub.

Témata

21. století

hospodářská politika > Spojené státy americké > 21. stol.

finanční krize > Spojené státy americké > 21. stol.

neoklasická ekonomie

dějiny ekonomických teorií

Spojené státy americké > hospodářské poměry > 21. stol.

monografie

Bibliografie

Obsahuje bibliografii, bibliografické odkazy a rejstřík

ISBN

978-0-230-62051-3