Zombie Economics: How Dead Ideas Still Walk among Us
In the graveyard of economic ideology, dead ideas still stalk the land.
The recent financial crisis laid bare many of the assumptions behind market liberalism--the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated mainstream economics, and their influence created a system where an unthinking faith in marke...more
For each of five major topics: trickle-down economics, privatization, moderation economics, efficient markets, and dynamic stochastic general equilib...more
The chapter on Dynamic Stochastic General...more
Disappointing. Bites off quite a lot, but fails to chew it. Why am I so disappointed? I guess I don't see a strong connection between these ideas and the 2008 crisis, probably because I've heard so many conflicting explanations of the crisis. The explanation in this book is something like "The crisis happened because economists believe these stupid ideas." Huh? Maybe I missed it because I am skimming around looking for the beef, but I missed the part where he connected the crisis to specific po...more
Quiggin covers the Great Moderation (unsustainable in the long term), the Efficient Markets hypothesis (wishful thinking), Trickle-Down Economics (self-serving bullshit), and Privatisation (actually a good idea when done pragmatically instead of ideologically). He also c...more
An interesting book that talks about "dead" (read: disproven by events) economic ideas and how they continue to influence thought and policy. Quiggan goes about his work in a straightforward fashion, and although the death of some of these ideas is more controversial then others, he makes a pretty good case that all of them need to be consigned to the scrap-heap. There's a certain amount of academic-economics inside-baseball involved here,...more
The basic theme is a review of intellec...more
1. I love decision theory (I'm a philosopher of science who works on Bayesian stuff), but I think the attempts by economists to derive interesting macroecomic results by doing decision-theory problems on age...more
Much is devoted to economic debates that are presented in a way that it not very entertaining, with the occasion reference to zombies at the end of each chapter. I needed toothpicks to keep my eyes open when reading about the Efficient Market Hypothesis and you’ll pr...more
Introduces Real business cycle theory (RBC theory), is a class of macroeconomic models in which business cycle fluctuations to a large extent can be accounted for by real (in contrast to nominal) shocks. RBC theory differs in this way from other theories of the business cycle such as Keynesian e...more
Zombie Economics: How Dead Ideas Still Walk Among Us is a critique of many of the free market ideas that have defined government policy in the last 30 years. The author John Quiggin a professor of economics at the University of Queensland is a well known Keynesian. The fact Professor Quiggin advocates a return to regulation of financial services and a returned to the mixed economy is not surprising. Taking this into account readers shou...more
Quiggin does a very g...more
My one quibble with Professor Quiggin is that after some very astute and well documented...more
Quiggin can write, and the book is...more
The idea marches on even thou...more
Which seems to be OK, since most the economists get thing wrong most the time anyway. A text on political economy with the emphasis on political. Quiggin has a lively style and a ready wit.
I had a library copy and it was due before I could give it the attention it deserved. Thus the three stars.
These are the (failed and failing) ideas animating the current economic discourse...from both ends of the political spectrum.