How Markets Fail

The Logic of Economic Calamities

By John Cassidy
(Picador USA, Paperback, 9780312430047, 409pp.)

Publication Date: November 23, 2010

List Price: $17.00*
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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 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.

About the Author
John Cassidy, one of the country's leading business journalists, has been a staff writer at the "New Yorker" for six years, covering economics and finance. Previously he was business editor of the "Sunday Times" (London) and deputy editor of the "New York Post." He lives in New York.
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