From the former economics columnist for Harper’s and The New York Times, a bold indictment of some of our most accepted mainstream economic theories—why they’re wrong, and how they’ve been harming America and the world. Ideas have the power to change history. But what happens when they are bad? In a tour de force of economics, history, and analysis, Jeff Madrick shows how theories on austerity, inflation, and efficient markets have become unassailable mantras over recent years, to the detriment of the country as a whole. Working backwards from the Great Recession, Madrick pulls no punches as he reconsiders seven of the greatest false idols of modern economic theory, from Say’s Law to Milton Friedman, illustrating how these ideas have been damaging markets, infrastructure, and individual livelihoods for years. Trenchant, sweeping, and empirical, Seven Bad Ideas resoundingly disrupts the status quo of modern economic theory.

A vivid history of the economics of greed told through the stories of those major figures primarily responsible. Age of Greed shows how the single-minded and selfish pursuit of immense personal wealth has been on the rise in the United States over the last forty years. Economic journalist Jeff Madrick tells this story through incisive profiles of the individuals responsible for this dramatic shift in our country’s fortunes, from the architects of the free-market economic philosophy (such as Milton Friedman and Alan Greenspan) to the politicians and businessmen (including Nixon, Reagan, Boesky, and Soros) who put it into practice. Their stories detail how a movement initially conceived as a moral battle for freedom instead brought about some of our nation's most pressing economic problems, including the intense economic inequity and instability America suffers from today. This is an indispensible guide to understanding the 1 percent.

Do you know what economists mean when they refer to you as a "rational agent"? Or why a psychologist might label your idea a "creative insight"? After reading this book, you will know how the best and brightest thinkers judge the ways we decide, argue, solve problems, and tell right from wrong.

This highly original work offers an intellectual history of four central theories underlying the market economic system, focusing on their conception, evolution, and applications. Four Central Theories of the Market Economy traces the root of the theories, their conception and articulation, as well as their evolutions to the present time. It focuses on the four theories that are generally recognized as fundamental to the discipline of economics: the invisible hand, comparative advantage, the law of markets, and the quantity theory of money. These theories have profoundly influenced the world. Chapters explore their rich intellectual history from classical Greece to today, drawing on the original works of the great economic minds of the classical era and other thinkers who prepared the path for them, as well as those who refined their works or challenged them. This volume will leave the reader with a deep understanding of these pillars of the market economic system in the context of their historical development. This book will be of great interest to all scholars and students of economics who are interested in the intellectual history of their discipline as well as scholars and students of intellectual history who are interested in economics.

The history of unemployment and concepts surrounding it remain a mystery to many Americans. Frank Stricker believes we need to understand this essential thread in our shared past. American Unemployment is an introduction for everyone that takes aim at misinformation, willful deceptions, and popular myths to set the record straight: Workers do not normally choose to be unemployed. In our current system, persistent unemployment is not an aberration. It is much more common than full employment, and the outcome of elite policy choices. Labor surpluses propped up by flawed unemployment numbers have helped to keep real wages stagnant for more than forty years. Prior to the New Deal and the era of big government, laissez-faire policies repeatedly led to depressions with heavy, even catastrophic, job losses. Undercounting the unemployed sabotages the creation of government job programs that can lead to more high-paying jobs and full employment. Written for non-economists, American Unemployment is a history and primer on vital economic topics that also provides a roadmap to better jobs and economic security.

An essential, and impossible-to-ignore, examination of one of the most pressing, harmful, and heartbreaking problems facing our country: the widespread poverty among American children. By official count, more than one out of every six American children live beneath the poverty line. But statistics alone tell little of the story. In Invisible Americans, Jeff Madrick brings to light the often invisible reality and irreparable damage of child poverty in America. Keeping his focus on the children, he examines the roots of the problem, including the toothless remnants of our social welfare system, entrenched racism, and a government unmotivated to help the most voiceless citizens. Backed by new and unambiguous research, he makes clear the devastating consequences of growing up poor: living in poverty, even temporarily, is detrimental to cognitive abilities, emotional control, and the overall health of children. The cost to society is incalculable. The inaction of politicians is unacceptable. Still, Madrick argues, there may be more reason to hope now than ever before. Rather than attempting to treat the symptoms of poverty, we might be able to ameliorate its worst effects through a single, simple, and politically feasible policy that he lays out in this impassioned and urgent call to arms.

The teenager punched on the thick wooden stake around him, and this thick wooden stake with a diameter of about half a meter was broken on the spot!