[PDF] Download ☆ How Markets Fail: The Logic of Economic Calamities | by ✓ John Cassidy

By John Cassidy | Comments: ( 734 ) | Date: ( Jun 02, 2020 )

For fifty years, economists have been developing elegant theories or how markets facilitate innovation, create wealth, and allocate society s resources efficiently But what about when they fail, when they lead us to stock market bubbles, glaring inequality, polluted rivers, and credit crunches In How Markets Fail, John Cassidy describes the rising influence of utopian eFor fifty years, economists have been developing elegant theories or how markets facilitate innovation, create wealth, and allocate society s resources efficiently But what about when they fail, when they lead us to stock market bubbles, glaring inequality, polluted rivers, and credit crunches In How Markets Fail, John Cassidy describes the rising influence of utopian economies the thinking that is blind to how real people act and that denies the many ways an unregulated free market can bring on disaster Combining on the ground reporting and clear explanations of economic theories Cassidy warns that in today s economic crisis, following old orthodoxies isn t just misguided it s downright dangerous.


  • Title: How Markets Fail: The Logic of Economic Calamities
  • Author: John Cassidy
  • ISBN: 9780312430047
  • Page: 189
  • Format: Paperback

About Author:

John Cassidy

John Cassidy is a journalist at The New Yorker and a frequent contributor to The New York Review of Books He is the author of Dotn How America Lost Its Mind and Money in the Internet Era and lives in New York City.



Comments How Markets Fail: The Logic of Economic Calamities

  • Szplug

    This is a timely, lucid, well-structured and well-argued book, perhaps the best of the half-dozen or so economically- and financially-themed tomes that I have read over the past several months. Cassidy, by structuring his work into three distinct parts, opted for what, in my opinion, served best to channel the disparate and historically deep, but quite relevantly interrelated, streams of analysis he has undertaken within. The crux of the entirety is the economic crisis of 2008, an example of dra [...]


  • Rajesh Gajra

    The 2007 and 2008 crisis in world economics and financial markets have spawned many books. This is one book that talks about the same crisis but perhaps in a much more insightful way than any other. Dwelling on the interplay between economic policies and financial markets this book is difficult to put down once you realise the enormous promise it holds when you read the 12 pages of the 'Introduction' chapter. That promise is not belied although John Cassidy, the author, could have been clearer a [...]


  • Bart

    This is another excellent addition to a library of very good books that came about after the official end of free-market capitalism on 9/18/08.The mathematics of economics are the most surprising part at the beginning of this book, and you get the sense that John Cassidy introduces them to show he's serious; he's read the texts, he's examined the models; he has a much better grasp on the subject than the average CNBC viewer.His basic thesis is that the last 30 of years economics have been a wast [...]


  • thewestchestarian

    “How Markets Fail” or what I learned whilst getting my economics degree. While billed as an explanatory review of the ongoing economic correction that began when the housing bubble began to seriously leak in 2006, John Cassidy’s book can be better understood as a somewhat in-depth treatise of economic thought from the late 1700’s to the day Bear Sterns died. Cassidy spends much of the book trotting out graduate school level depictions of all the economic biggies from Adam Smith to John M [...]


  • Sourya Pal

    “Few ideas offer more appeal than a model that is simple, elegant and wrong” , John Cassidy quotes Ben Friedman, the Professor of Political Economy at Harvard University, towards the end of the book. How Markets Fail is a book on the history of economic thought, with the book divided into three sections – Conservative Economics, Keynesian and Neo-Keynesian Economics (which Cassidy calls Reality-Based economics), and the Financial Crisis. Cassidy goes to great lengths to show the disconnect [...]


  • JS Found

    I am glad I did not major in economics. Four, six or eight years of economics study and I would have been taught erroneous information like the efficiency of the invisible hand and equilibrium theory. This book is about a major blindspot economists had: the theory that the market would work all the time, making everyone prosperous. When the Great Recession hit, this turned out to be not the case. Cassidy not only gives an engaging and informed history of the that calamity but guides us through a [...]


  • Tiffoknee the 3rd Conner

    This is officially the fourth book I've read about the market crises of 2008. I can probably tell you more about CDOS, ABS, MBS, and CDSs than you'd ever want to know and I'm not even an economics major. This particular book is a fantastic, insightful examination of the general, underlying theories of the efficient market hypothesis and how they have failed on many, many levels as was evidenced by the events of the last few years. Cassidy's writing is accessible, but not dumbed down.


  • Mehrsa

    I am going to assign this to all my students as required reading. Really basic explanation of financial crisis, but more importantly, it spans out and shows how we got here ideologically. Fantastic book.


  • Randa Allam

    Brilliant analysis of how we stick to limited theories(Utopian Economics) and repeat our mistakes we should allow ourselves to research and study all different Economic theories.


  • Vishaka Datta

    Markets can fail. Especially financial ones. Cassidy does a fantastic job in educating the reader with a taxonomy of market failures. These are terms and ideas that inform any professional debate about markets and their behaviour, and this book equips one with the vocabulary needed to explore more involved pieces on economics. I've rarely seen a more lucid and concise explanation of ideas such as Pareto efficiency, externalities, the prisoner's dilemma, etc. Cassidy's book is part of a larger st [...]


  • Kerrie

    This was a great book. So impressed by how Cassidy broke down the complexities of economic theory into a really engrossing read. Ten years on it feels like we are working our way right back to the conditions that precipitated the recession in 2007. This book definitely left me feeling less adrift as I look to listen to candidate's economic plans in the coming elections.


  • Paul Eckert

    Every once in awhile, a book comes along and changes the way you think. John Cassidy’s How Markets Fail is one of those books. Though I stake no claims in the American political partisan system, I have always believed in the free market. It’s what I was taught in college. Other theories and models of our economy were presented, but usually as an historical context, as if to say “These models worked sometimes, but now they have been discredited.” In other words, the free market model was [...]


  • George Bradford

    This brilliant book explains our economic collapse. In painstaking detail John Cassidy articulates the history of economic thought, academic theories, marketplace realities and government failures that lead to the financial disasters of 2007 - 2009 (and continue to cripple our economy). Anyone interested in how we got into this mess should read "How Markets Fail" by John Cassidy.It is not an easy read. The author does an excellent job of simplifying economic theories and financial models. But he [...]


  • Andrew

    How Market's Fail: The Logic of Economic Calamities, by John Cassidy, is a book about market failure. Cassidy does a wonderful job chronicling the systemic risk and systemic failures inherent in the modern economic systems that dominate the Western world, with particular focus on the 2008 credit crunch. However, this is not just another account of the 2008 recession, as Cassidy details both the theoretical cracks and the factual errors both in the market system as a whole, and among the big inve [...]


  • Badri

    This is a lengthy book trying to generalize market failures. It is very informative : lots of 20th century history of economics is chronicled - Keynes, Minsky, Friedman and the Chicago school, Greenspan, what not. Of course, the goal is to explain the most recent financial market crisis. There is a brief description of the climax in fall 2008, but "The End of Wall Street" by Roger Lowenstein does a very thorough job of documenting that.Cassidy's main argument is that free markets left to themsel [...]


  • Anugerah Erlaut

    The book starts by introducing the history of economic thoughts. Several names were referred to explain the journey of the economic thought we have today. In the beginning, it was easy to keep tab of the relation between the thoughts and names. With each turn of the page though, it becomes harder and harder.Once one has passed the thick jungle of names and ideas, the book starts to explain the flaws in the current thoughts in economy. This includes introducing the famous game theory, and terms r [...]


  • Patrick

    Bowing and scraping before the altar of orthodox Keynesianism to an embarassing degree does not make you wrong. Nor does it make you right. It simply makes you irritating. Especially when the facts muddy your nifty theory, as when the author ignores several commentators who ALSO predicted a housing bubble and who think Keynesian economics is nothing but nonsense. (Peter Schiff, anyone? Michael Shedlock?) His work lost a LOT of credibility, at least in my eyes, by making an oversight I can only c [...]


  • Nina

    This book is about the ideas and ideology that ultimately led to the current financial crisis. I would call the first two parts good summaries of econ classes I have taken, minus the fact that I don’t think he gave free market theory a fair shake. By pitting “Utopian Economics” against “Reality-Based Economics,” he sort of ends up pitting free-market economics against regulation (at least in presentation). I realize he obviously has a much more nuanced understanding of economics than t [...]


  • Andy

    If you know nothing at all about economics or the 2008 crash, then you will get a lot of useful information out of this book. I found it to be very tedious. Establishing that classical economics/efficient market theory is nonsense should not take multiple chapters. The author does do a good job toward the end of laying out the evidence for the culpability of Big Finance in creating the subprime meltdown. But it took too long to get to this part and the amount of detail was so great that the fore [...]


  • David

    The first half of the book is a fairly detailed historic review of economic theory relating to perspectives of lassie faire vs. intervention economics. He puts efficient market hypothesis under the microscope. He then lays out the series of events of the last economic debacle, concluding the EMH was proven wrong. He goes on to make a strong case that government intervention was essential, stating that even most conservatives with an understanding of economics would recognize that some level of g [...]


  • Prasanna

    I started reading this a while back as an audiobook almost on a whim on a particularly bad traffic day on I-90. I'm finally done and I think I got what I was expecting to get out of the book. Perhaps my biases on economic philosophies line up with the author's, it was very interesting. I'd recommend this book as a way to get a broad view on the various school of economics. Broadly speaking, the first part of the book talks about what the author calls "Utopian view of Economics" and builds up the [...]


  • Ruth Charchian

    Great book. Well researched and historical describing how our free market economic policies have lead us through generations of bubbles, crisis, and other financial crisis. He reviews Adam Smith, Hayek, Milton Friedman and others. Cassidy is a journalist and economist who writes for the New Yorker. He contends that economics has evolved into an almost pure quantitative field that fails to consider how out of touch with reality the field has become. Flawed markets do not always generate good outc [...]


  • Sophia

    An awesome recommendation by my coworker, Chris. Cassidy systematically explained the history of free-market philosophy and what he describes as "reality-based" economics. The Prisoner's Dilemma is explained so thoroughly, you would have to actually make a concerted effort to NOT understand it. I want to elaborate here, but i feel like i'd need to write a 2 page memo instead of a blurb. At the absolute very least, what I took away from this book (besides an incredible amount of economic analysi [...]


  • Mason

    There are books out there on the Great Recession that are daring tales of people who challenged the conventional wisdom and made a killing, or those who got greedy and arrogant and lost huge treasures. This book isn't one of those.In this book, Cassidy explains—perhaps more clearly than most anyone else—how we got into this mess in the first place. It was, at its root, a problem of perverse incentives and a powerful belief in the self-regulating, self-healing properties of the market. People [...]


  • Daniel Nedrud

    First off, listening to this on audio book is not the optimal format. There's too much recitation of names, dates, and other numbers that just roll off you if you can't go at your own pace. Having said that, I still don't think it's a very insightful look into the topic of market failures. It gets bogged down in minutia - especially relating to the rise and fall of large personalities within the world of financial philosophy. I can see how the ebb and flow of Keynesianism versus laissez-faire id [...]


  • Gordon Howard

    The next time a tea-partier friend of yours claims that the current financial mess was caused by ACORN, Jimmy Carter, and Fannie Mae, direct them to this book. Not that the Community Reinvestment Act had NO impact on the real estate bubble, but it was minor compared to other factors. The first two sections of the book present very understandable economic theories from the "classics" (Adam Smith) through Milton Friedman, and then on to the skeptics of the dominant free market economic paradigm. T [...]


  • Dedrick

    Excellent book, especially after reading Naked Economics: Undressing the Dismal Science by Charles Wheelan. Provides a lot of insight into where capitalism can be improved. A lot of discussion around general theory underlying economics, some about health insurance, and a lot about financial markets.


  • Sam Hockenbury

    This book covered half or more of the things I have learned studying economics. It was a brilliant work and great analysis of events leading up to and during the recession of 2007-2008. If you want to know the basics for economics, this is your book.


  • Arithmomaniac

    It seems like it's going to be a dense read, but this almost gripping book is surprisingly comprehensive yet completely relevant. If he gave a little more attention to his opponents, this book would be perfect.


  • Marina

    This book should enter "book for every student of economics in the world" database. a 'must read' and great for anyone who wants to understand how the financial system work and its relation to politics. A really good book


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  • [PDF] Download ☆ How Markets Fail: The Logic of Economic Calamities | by ✓ John Cassidy
    189 John Cassidy
  • thumbnail Title: [PDF] Download ☆ How Markets Fail: The Logic of Economic Calamities | by ✓ John Cassidy
    Posted by:John Cassidy
    Published :2020-03-14T04:15:20+00:00