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ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism,Used
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ECONned examines the unquestioned role of economists as policymakers, and how they helped create an unmitigated economic disaster.Why are we in such a financial mess today? There are lots of proximate causes: overleverage, global imbalances, bad financial technology that lead to widespread underestimation of risk. But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease.Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the last twentyfive years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, and rejection of clear signs of growing instability.In eConned, author Yves Smith reveals:why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the way for a solid recoveryhow economists have come to play a profoundly antidemocratic role in policyhow financial models and concepts that were discredited more than thirty years ago are still widely used by banks, regulators, and investorshow management and employees of major financial firms looted them, enriching themselves and leaving the mess to taxpayershow financial deregulation enabled predatory behavior by Wall Street towards investorshow economics has no theory of financial systems, yet economists fearlessly prescribe how to manage them
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