From the former economics columnist for "Harper s "and "The New York Times, "a bold indictment of some of our most accepted mainstream economic theories why they re wrong, and how they ve been harming America and the world.
Ideas have the power to change history. But what happens when they are bad? In a tour de force of economics, history, and analysis, Jeff Madrick shows how theories on austerity, inflation, and efficient markets have become unassailable mantras over recent years, to the detriment of the country as a whole. Working backwards from the Great Recession, Madrick pulls no punches as he reconsiders seven of the greatest false idols of modern economic theory, from Say s Law to Milton Friedman, illustrating how these ideas have been damaging markets, infrastructure, and individual livelihoods for years. Trenchant, sweeping, and empirical, "Seven Bad Ideas" resoundingly disrupts the status quo of modern economic theory."