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Economism : bad economics and the rise of inequality / James Kwak ; foreword by Simon Johnson.

by Kwak, James, author.

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New York : Pantheon Books, c2017.

Economics -- Sociological aspects.

Economics -- United States.

Economic policy.

United States -- Economic policy.

9781101871195 :

xvi, 237 pages : illustrations ; 22 cm

The best of all possible worlds. The key to all things ; Economism and economics ; Ideas in the world -- The magic of the marketplace -- The long march of economism. Ideas and interests ; Creators ; Industrialists ; Promoters ; Politicians -- You get what you deserve. The problem with a price floor ; In the real world ; The view from the top ; Pay = productivity ; How the rich get that way -- Incentives are everything. Deadweight triangles ; The antitax chorus ; Tax cuts for job creators ; Savings, labor, and growth ; The price of civilization -- The consumer knows best. Too much free stuff ; Consumer-driven utopia ; Bad choices ; Broken market ; The forgotten alternative -- Capital unbound. Supply, demand, and capital ; Innovation unbound ; Toxic mortgages ; Toxic banks ; Economism unbowed -- It's a small world after all. Oranges and bananas ; Winners and losers ; The real impact of trade ; Bait and switch -- The best possible world--for whom?. Cui bono? ; Where are we going? ; Beyond economism?

Outlines a deconstruction of the framework for understanding the world of classroom economics, clarifying assumptions and misleading teachings while sharing historical insights into how economism became a prevalent influence in the U.S.

"For generations, we've been told that there's a simple framework that can explain the mysteries of how the economy can create optimal outcomes for us all. What James Kwak shows us is that this set of ideas--what he calls 'economism'--is magical thinking; it's certainly not grounded in science and evidence. In this pithy book of accessible prose, Kwak begs us to contend with the messiness of the real world--and the inequality our economic system has spawned--before it's too late." --Heather Boushey, executive director and chief economist, Washington Center for Equitable Growth. Here is a bracing deconstruction of the framework for understanding the world that is learned as gospel in Economics 101, regardless of its imaginary assumptions and misleading half-truths. Economism: an ideology that distorts the valid principles and tools of introductory college economics, propagated by self-styled experts, zealous lobbyists, clueless politicians, and ignorant pundits. In order to illuminate the fallacies of economism, James Kwak first offers a primer on supply and demand, market equilibrium, and social welfare: the underpinnings of most popular economic arguments. Then he provides a historical account of how economism became a prevalent mode of thought in the United States--focusing on the people who packaged Econ 101 into sound bites that were then repeated until they took on the aura of truth. He shows us how issues of moment in contemporary American society--labor markets, taxes, finance, health care, and international trade, among others--are shaped by economism, demonstrating in each case with clarity and élan how, because of its failure to reflect the complexities of our world, economism has had a deleterious influence on policies that affect hundreds of millions of Americans.--Dust jacket.

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