Ebook: Zombie Economics: How Dead Ideas Still Walk Among Us

Front cover; Title Page; Copyright; Contents; Preface to the Australian Edition; Preface to the First Edition; Introduction; CHAPTER 1: THE GREAT MODERATION; Birth: Calm after the Storms; Life: The Great Risk Shift; Death: The Dissenters and Their Vindication; Reanimation: A Global Crisis or a Transitory Blip?; After the Zombies: Rethinking the Experience of the Twentieth Century; Further Reading; CHAPTER 2: THE EFFICIENT MARKETS HYPOTHESIS; Birth: From Casino to Calculating Machine; Life: Black-Scholes, Bankers, and Bubbles; Death: The Crisis of 2008; Reanimation: Chicago Revives the Dead.;In the graveyard of economic ideology, dead ideas still stalk the land. The recent financial crisis laid bare many of the assumptions behind market liberalism - the theory that markets always know best, regardless of the problem. For decades, its advocates had dominated economics, helping to create an unthinking faith in markets, in which speculative investments were seen as fundamentally safe. The crisis seemed to kill off such ideas, but they still live on in the minds of many - members of the public, commentators, politicians, economists, and even those charged with cleaning up the mess. In Zombie Economics, John Quiggin explains how dead ideas still walk among us, in Australia and abroad - and why we must find a way to kill them once and for all if we are to avoid an even bigger crisis in the future. And because these ideas will never die unless there is an alternative, Zombie Economics also looks ahead at what could replace market liberalism, arguing that a simple return to Keynesian economics and the politics of the welfare state will not be enough - either to kill dead ideas, or to prevent future crises. This local edition includes a new chapter and preface on the Australian scene.