Seven Bad Ideas

How Mainstream Economists Have Damaged America and the World

Seven Bad Ideas

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. Budget deficits are bad. A strong dollar is good. Controlling inflation is paramount. Pay reflects greater worker skills. A deregulated free market is fair and effective. Theories like these have become mantras among American economists both liberal and conservative over recent decades. Validated originally by patron saints like Milton Friedman, they’ve assumed the status of self-evident truths across much of the mainstream. Jeff Madrick, former columnist for The New York Times and Harper’s, argues compellingly that a reconsideration is long overdue. Since the financial turmoil of the 1970s made stagnating wages and relatively high unemployment the norm, Madrick argues, many leading economists have retrenched to the classical (and outdated) bulwarks of theory, drawing their ideas more from purist principles than from the real-world behavior of governments and markets—while, ironically, deeply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. Using the Great Recession as his foremost case study, Madrick shows how the decisions America should have made before, during, and after the financial crisis were suppressed by wrongheaded but popular theory, and how the consequences are still disadvantaging working America and undermining the foundations of global commerce. Madrick spares no sinners as he reveals how the “Friedman doctrine” has undermined the meaning of citizenship and community, how the “Great Moderation” became a great jobs emergency, and how economists were so concerned with getting the incentives right for Wall Street that they got financial regulation all wrong. He in turn examines the too-often-marginalized good ideas of modern economics and convincingly argues just how beneficial they could be—if they can gain traction among policy makers. Trenchant, sweeping, and empirical, Seven Bad Ideas resoundingly disrupts the status quo of modern economic theory.

American Unemployment

Past, Present, and Future

American Unemployment

The history of unemployment and many 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.

Four Central Theories of the Market Economy

Conception, evolution and application

Four Central Theories of the Market Economy

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 Communist Manifesto

The Communist Manifesto

The Communist Manifesto was first published in London in 1848 by two young men in their twenties, Karl Marx and Friedrich Engels, and its impact reverberated across the globe and through the next century. Foreshadowing globalization 150 years before it happened, the Manifesto brims with prescient insights into the crisis facing capitalism today. It is an essential read for anyone seeking to understand the modern political landscape. This edition includes a new introduction by the bestselling author of And the Weak Suffer What They Must? and Talking to My Daughter About the Economy, Yanis Varoufakis.

The Oversoul Seven Trilogy

The Education of Oversoul Seven, The Further Education of Oversoul Seven, Oversoul Seven and the Museum of Time

The Oversoul Seven Trilogy

The Oversoul Seven Trilogy is one of the most imaginative tales ever written. Inspired by Jane Roberts’ own experiences with the Seth Material, it explores life, death, time and space, providing a fascinating and provocative perspective on the nature of reality. In The Education of Oversoul Seven, Seven learns to communicate with four of his “incarnations” whose lives are separated by centuries, yet who also co-exist. In The Further Education of Oversoul Seven, the adventure continues with Seven facing new lessons as his human incarnations struggle with the problems of sanity, free will, and even godhood. In Oversoul Seven and the Museum of Time, Seven journeys to the Museum of Time in search of the “Codicils,” which are eternal truths that bring about the greatest opportunities for vitality, understanding, and fulfillment. The adventures of Oversoul Seven are at once an intriguing fantasy, a mind-altering exploration of our inner being, and a vibrant celebration of life.

Careers in Advertising

Careers in Advertising

Consumers are bombarded with thousands of advertisements every day, but that's nothing compared to the number of resumes employers see at an ad agency. Everyone knows that landing a job in advertising is no easy sell. How do you put together a good enough book to get a copywriting job or break into the business as an account planner? In Careers in Advertising, experts from each department explain their work and share ideas and advice on how to get a job. Readers will get a first-hand look at how things work in high-powered departments such as: Account Management at TBWA/Chiat Day The Creative Department at Grey Advertising The Media Department at FCB/Leber Katz Partners The Research Department at Leo Burnett New Business at Ogilvy and Mather Worldwide The Traffic Department at Adler Boschetto Peebles & Partners Interactive Advertising at Thunder House Online Marketing A comprehensive directory of more than 200 ad agencies and industry associations across the U.S. provides all the information a job-seeker needs, including personnel contacts at each firm. Ad executives from an array of specialty areas have contributed to this book, including Shelly Lazarus, CEO of Ogilvy & Mather Worldwide, and Regina Leonard, Associate Manager of Human Resources at BBDO Worldwide.

The Politics of Bad Ideas

The Great Tax Cut Delusion and the Decline of Good Government in America

The Politics of Bad Ideas

This highly anticipated addition to the “Great Questions in Politics” series offers a provocative argument about the persistence of bad ideas in shaping American economic policy. The result of a collaboration between political scientist Bryan D. Jones and economist Walter Williams, The Politics of Bad Ideas is indispensable reading for any study of American government, public policy, or economic and budgetary analysis. The Politics of Bad Ideas examines why, over the last quarter century, bad economic ideas -- such as cutting taxes without cutting spending -- have become so influential in shaping government policies. Using in-depth research and trenchant political and economic analysis, the book explores why those bad ideas continue to survive despite overwhelming evidence that they in fact cause damage to the federal government's long-term fiscal stability and the American economy.

Invisible Americans

The Tragic Cost of Child Poverty

Invisible Americans

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 Seven Summits of Success

The Seven Summits of Success

When Rebecca Stephens first formed her goal of climbing Everest she was a young journalist with hardly any climbing experience, but with a strong vision and limitless determination to achieve her dream. It was a highly ambitious goal for such an inexperienced climber. Yet only four years on, she became the first British woman to climb the highest mountain in the world. That achievement led directly to her second great ambition: to be the first British woman to climb the Seven Summits, the tallest peak on each of the world's seven continents. In this inspiring book, Rebecca Stephens and management guru Robert Heller join forces to explore the mental skills, practical abilities and psychological powers that enabled her to achieve her dream. Whatever your personal ambition may be, the lessons of this unique book will lead you to identify, master and scale your own individual heights.