Reviews
It prompts us to reflect on the blind spots of mainstream economics, which is intoxicated by theoretical clarity and fails to explain the real economy or present a vision for the national and international economies.
For a translated book, the writing was smooth and extremely easy to understand. It is a great book in that it thoroughly dissects the limitations and contradictions of mainstream economics.
I found it interesting to read.
It allows you to view mainstream economics from a critical perspective.
expectation
great
It's useful and easy to read.
I liked that it explained recent trends in economic theory in an easy-to-understand way, and the translator's additional commentary was especially helpful in understanding the book's content.
This is a good book that shows the harm major economic theories have inflicted on the economy and society.
This book exposes the self-contradiction of market-centric mainstream economics, which posits that the efficiency of a free-market economy always maintains the equilibrium of the entire economy. It criticizes conservative mainstream economics—such as supply-side economics, monetarist economics, and neoliberal economics—and sheds new light on progressive, non-mainstream economics situated on the opposite side, including post-Keynesian economics, social democratic economics, and cooperative
Jeff Madrick: The 7 Lies of Economics
As everyone knows, the "invisible hand" found in economics textbooks is a theory valid only under strictly controlled and unrealistic conditions. However, various financial policies that dominate the real economy have failed to escape the influence of the "invisible hand" from the mid-1970s, when the laissez-faire revolution began, to the present day. This led to the global financial crisis, causing not only the world economy but also national and household economies to falter. Economic columnist Jeff Madrick delves into, from a historical and empirical perspective, how the seven propositions governing mainstream economic theory—including the "invisible hand"—are close to lies and have caused harm to the economy and society. The implementation of "expansionary austerity" policies based on "Say's Law," which posits that recessions resolve themselves by being left alone or by tightening belts, resulted in the European economy falling into an even deeper recession. Furthermore, an overconfidence in the efficiency of the market economy led to the minimization of government intervention, severely undermining the values of civil society and the community, such as education, technological innovation, and welfare. Furthermore, focusing solely on stabilizing inflation at a low level under the ‘price stability targeting system’ led to the neglect of full employment and financial stability, resulting in chronic high unemployment and the risk of financial crisis; additionally, as financial regulation and supervision became lax under the belief that speculative bubbles do not exist in financial securities based on the ‘efficient market hypothesis,’ the 2008 global financial crisis eventually occurred. These propositions were born with sound intentions and possess considerable validity in themselves, but they have been severely misused and abused by mainstream economists.
Korean title: 경제학의 7가지 거짓말
Korean author: 제프 매드릭
Korean publisher: 지식의날개
ISBN-13: 9788920992452
Reviews
It prompts us to reflect on the blind spots of mainstream economics, which is intoxicated by theoretical clarity and fails to explain the real economy or present a vision for the national and international economies.
For a translated book, the writing was smooth and extremely easy to understand. It is a great book in that it thoroughly dissects the limitations and contradictions of mainstream economics.
I found it interesting to read.
It allows you to view mainstream economics from a critical perspective.
expectation
great
It's useful and easy to read.
I liked that it explained recent trends in economic theory in an easy-to-understand way, and the translator's additional commentary was especially helpful in understanding the book's content.
This is a good book that shows the harm major economic theories have inflicted on the economy and society.
This book exposes the self-contradiction of market-centric mainstream economics, which posits that the efficiency of a free-market economy always maintains the equilibrium of the entire economy. It criticizes conservative mainstream economics—such as supply-side economics, monetarist economics, and neoliberal economics—and sheds new light on progressive, non-mainstream economics situated on the opposite side, including post-Keynesian economics, social democratic economics, and cooperative
