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How Markets Fail: The Logic of Economic Calamities
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How Markets Fail: The Logic of Economic Calamities

4.03  ·  Rating details ·  1,936 Ratings  ·  147 Reviews
How Markets Fail Logic of Economic Calamities. Farrar, Straus and Giroux, 2009.
Hardcover, 400 pages
Published November 10th 2009 by Farrar, Straus and Giroux
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Szplug
Feb 23, 2012 rated it really liked it  ·  review of another edition
This is a timely, lucid, well-structured and well-argued book, perhaps the best of the half-dozen or so economically- and financially-themed tomes that I have read over the past several months. Cassidy, by structuring his work into three distinct parts, opted for what, in my opinion, served best to channel the disparate and historically deep, but quite relevantly interrelated, streams of analysis he has undertaken within. The crux of the entirety is the economic crisis of 2008, an example of dra ...more
Rajesh Gajra
Mar 21, 2010 rated it it was amazing
Recommends it for: everyone
The 2007 and 2008 crisis in world economics and financial markets have spawned many books. This is one book that talks about the same crisis but perhaps in a much more insightful way than any other. Dwelling on the interplay between economic policies and financial markets this book is difficult to put down once you realise the enormous promise it holds when you read the 12 pages of the 'Introduction' chapter. That promise is not belied although John Cassidy, the author, could have been clearer a ...more
Bart
Jan 05, 2010 rated it it was amazing
This is another excellent addition to a library of very good books that came about after the official end of free-market capitalism on 9/18/08.

The mathematics of economics are the most surprising part at the beginning of this book, and you get the sense that John Cassidy introduces them to show he's serious; he's read the texts, he's examined the models; he has a much better grasp on the subject than the average CNBC viewer.

His basic thesis is that the last 30 of years economics have been a wast
...more
thewestchestarian
May 22, 2012 rated it liked it
“How Markets Fail” or what I learned whilst getting my economics degree. While billed as an explanatory review of the ongoing economic correction that began when the housing bubble began to seriously leak in 2006, John Cassidy’s book can be better understood as a somewhat in-depth treatise of economic thought from the late 1700’s to the day Bear Sterns died. Cassidy spends much of the book trotting out graduate school level depictions of all the economic biggies from Adam Smith to John Maynard K ...more
Sourya Pal
Jun 22, 2017 rated it really liked it  ·  review of another edition
“Few ideas offer more appeal than a model that is simple, elegant and wrong” , John Cassidy quotes Ben Friedman, the Professor of Political Economy at Harvard University, towards the end of the book.

How Markets Fail is a book on the history of economic thought, with the book divided into three sections – Conservative Economics, Keynesian and Neo-Keynesian Economics (which Cassidy calls Reality-Based economics), and the Financial Crisis. Cassidy goes to great lengths to show the disconnect that
...more
Tiffoknee the 3rd Conner
Jan 26, 2010 rated it really liked it
This is officially the fourth book I've read about the market crises of 2008. I can probably tell you more about CDOS, ABS, MBS, and CDSs than you'd ever want to know and I'm not even an economics major. This particular book is a fantastic, insightful examination of the general, underlying theories of the efficient market hypothesis and how they have failed on many, many levels as was evidenced by the events of the last few years. Cassidy's writing is accessible, but not dumbed down.
Randa Allam
Dec 16, 2012 rated it it was amazing
Shelves: history-insight
Brilliant analysis of how we stick to limited theories(Utopian Economics) and repeat our mistakes ... we should allow ourselves to research and study all different Economic theories.
Vishaka Datta
Mar 10, 2016 rated it really liked it
Markets can fail. Especially financial ones. Cassidy does a fantastic job in educating the reader with a taxonomy of market failures. These are terms and ideas that inform any professional debate about markets and their behaviour, and this book equips one with the vocabulary needed to explore more involved pieces on economics. I've rarely seen a more lucid and concise explanation of ideas such as Pareto efficiency, externalities, the prisoner's dilemma, etc.

Cassidy's book is part of a larger st
...more
Kerrie
Aug 10, 2017 rated it it was amazing  ·  review of another edition
This was a great book. So impressed by how Cassidy broke down the complexities of economic theory into a really engrossing read. Ten years on it feels like we are working our way right back to the conditions that precipitated the recession in 2007. This book definitely left me feeling less adrift as I look to listen to candidate's economic plans in the coming elections.
Paul Eckert
Mar 03, 2010 rated it really liked it
Every once in awhile, a book comes along and changes the way you think. John Cassidy’s How Markets Fail is one of those books.

Though I stake no claims in the American political partisan system, I have always believed in the free market. It’s what I was taught in college. Other theories and models of our economy were presented, but usually as an historical context, as if to say “These models worked sometimes, but now they have been discredited.” In other words, the free market model was God, and
...more
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John Cassidy is a journalist at The New Yorker and a frequent contributor to The New York Review of Books. He is the author of Dot.con: How America Lost Its Mind and Money in the Internet Era and lives in New York City.
More about John Cassidy...
“A common reaction to extreme events is to say they couldn't have been predicted” 1 likes
“Não falamos diretamente à sua humanidade, mas a seu egoísmo, e nunca falamos com eles a respeito das nossas necessidades, mas das vantagens que eles terão. Ninguém, a não ser um mendigo, prefere depender da bondade de seus concidadãos.” 0 likes
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