Cassidy looks to the rapidly growing field of behavioral economics to present 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.
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Cassidy looks to the rapidly growing field of behavioral economics to present 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.
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Add this copy of How Markets Fail: the Logic of Economic Calamities to cart. $1.45, good condition, Sold by BookHolders rated 5.0 out of 5 stars, ships from Gambrills, MD, UNITED STATES, published 2009 by Farrar Straus Giroux.
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Add this copy of How Markets Fail: the Logic of Economic Calamities to cart. $2.03, good condition, Sold by ThriftBooks-Atlanta rated 5.0 out of 5 stars, ships from Brownstown, MI, UNITED STATES, published 2009 by Farrar Straus Giroux.
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Borrowed it from the library and decided later I needed to have a copy always handy. A useful antidote to the free market fundamentalist idiocies that we keep being subjected to.
roaddog
Mar 4, 2010
Economic Id-eology
With wit and clarity, Cassidy provides a compressed history of economics beginning with Adam Smith and leading to the murky behavioral psychology that makes comprehensible the devastating suicidal plunge of bankers and brokers over the edge of reasonable risk. Wall Street emerges as the Id of the national psyche, driven by dark and irresistible forces, and regulation, our Superego, seems the only remedy for the passionate irrationality of which all of us -- financiers, consumers, politicians -- are guilty. Most instructively, Cassidy points to the fact that all markets are not the same or subsumable under the same theory. Economic behavior is, first of all behavior, not mathematics, and requires a more subtle and flexible understanding than classical economics or ideologies can provide.