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The next four hours covers examples like spillovers, the prisoner's dilemma, the market for lemons, and Keynes beauty contest. The first four hours covers some economists and how their ideas have influenced economic thinking. This book is like reading three books in one. Both books touch on Adam Smith's 'invisible hand' and John Maynard Keynes' idea of government spending during recessions. If you are new to economics then I recommend reading or listening to Alan's book first since it is an easier read. However, this author and Alan have different economic views.

How Markets Fail offers a new, enlightening way to understand the force of the irrational in our volatile global econ.īoth this book and Alan Greenspan's book 'Age of Turbulence' have some stories that blend economics with politics. These are the inevitable outcomes of what Cassidy refers to as 'rational irrationality' - self-serving behavior in a modern market setting.Ĭombining on-the-ground reporting, clear explanations of esoteric economic theories, and even a little crystal-ball gazing, Cassidy warns that in today's economic crisis, conforming to antiquated orthodoxies isn't just misguided - it's downright dangerous. In such an environment, he shows, individual behavioral biases and kinks - such as overconfidence, envy, copy-cat behavior, and myopia - often give rise to troubling macroeconomic phenomena, such as oil-price spikes, CEO greed cycles, and boom-and-bust waves in housing. Taking the global financial crisis and current recession as his starting point, Cassidy explores a world in which everybody is connected and social contagion is the norm. He then looks to the leading edge of economic theory - including behavioral economics - to offer 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. In How Markets Fail, John Cassidy describes the rising influence of what he calls utopian economics, thinking that is blind to how real people act and which denies the many ways an unregulated free market can produce disastrous unintended consequences.

But what about when markets don't work? What about when they lead to stock-market bubbles, glaring inequality, polluted rivers, real-estate crashes, and credit crunches? For 50 years or more, economists have been busy developing elegant theories of how markets work - how they facilitate innovation, wealth creation, and an efficient allocation of society's resources. Behind the alarming headlines about job losses, bank bailouts, and corporate greed, there is a little-known story of bad ideas.

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