By investigating how these myths arose, why they gained traction, how to know they’re wrong, and what damage they’ve done, Jeff Madrick demands that we rethink what we imagine we know about economics, and suggests that we can prevent or, failing that, effectively solve the next Great Recession by tossing the old, bad ideas out and adopting an updated understanding of the dynamics involved in a prosperous, equitable, sustainable economy. It may take a lot to get policymakers, media, and the world to question and reject the proclamations of MIT and Harvard economists, but Madrick’s book hopes to contribute to that effort.
|By: Jesse Myerson Saturday November 29, 2014 1:59 pm|
|By: Elliott Saturday November 29, 2014 9:00 am|
Since the financial turmoil of the 1970s made stagnating wages and relatively high unemployment the norm, Jeff Madrick argues, many leading economists have retrenched to the classical (and outdated) bulwarks of theory, drawing their ideas more from purist principles than from the real-world behavior of governments and markets—while, ironically, deeply affecting those governments and markets by their counsel.
Madrick atomizes seven of the greatest false idols of modern economic theory, illustrating how these ideas have been damaging markets, infrastructure, and individual livelihoods for years, causing hundreds of billions of dollars of wasted investment, financial crisis after financial crisis, poor and unequal public education, primitive public transportation, gross inequality of income and wealth and stagnating wages, and uncontrolled military spending.
|By: BrandonJ Wednesday December 18, 2013 11:15 am|
A recent report by The Chronicle for Higher Education has found 42 private college presidents made over $1 million in executive pay, up from last year’s figure of 36 millionaire presidents. The list was based on 2011 federal tax data from institutions receiving endowments.
|By: Jeff Madrick Saturday December 17, 2011 1:59 pm|
Perhaps we should begin with an offering from Goldman Sachs he covered closely, the Abacus deal, for which Goldman was fined. Mr. Cohan, please explain whether you believe Goldman was guilty of unethical or illegal activity in the sale of Abacus. Ultimately, I hope we get your views on why there have been no convictions, and why.
|By: Max Fraad Wolff Sunday July 3, 2011 1:59 pm|
Age of Greed offers a long survey of the rise of regulation liberated financial markets and actors. The historical sweep is artful and well presented. The text argues for a return to more caged financial markets and actors. The steady and mounting pressures on the American middle class are correlated with the rising excesses, fortunes and missteps of financiers and their vehicles.
|By: Tula Connell Friday October 23, 2009 1:45 pm|
Economist Jeff Madrick, director of policy research at The New School’s Bernard Schwartz Center for Economic Policy Analysis, is among several key speakers at next week’s Building the New Economy conference here in Washington, D.C. AFL-CIO President Richard Trumka and United Steelworkers President Leo Gerard also are among keynote speakers. Here, Madrick shares with us why government involvement in the economy is essential to ensure a robust, successful nation.
|By: Tula Connell Thursday May 21, 2009 1:30 pm|
So, the world isn’t flat after all. Not that those of us around the Lake ever bought into Thomas Friedman-speak. But many in this country did, especially those running the political show, and now we have a chance to shape a progressive future on the ashes of such failied visions.
And that progressive future needs a widespread recognition of the acceptance of the need to Buy America. A good first step is taking the American Auto Revivial Pledge.