Zombie Economics: How Dead Ideas Still Walk among Us
One ofBloomberg News's (bloomberg.com/news) Top Thirty Business Books of the Year for 2010Co-Winner of the 2012 Gold Medal Book Award in Economics, Axiom BusinessOne ofFinancial Times(FT.com)'s Books of the Year in Nonfiction Round-Up in the Science & Environment list for 2010One ofNaked Capitalismblog's , "Must Read" Economics Books, Yves Smith for 2011"This book is certainly a good read for anyone eager to know why it is urgent that economists come up with a socially useful body of thought or suggestions."--Shanghai Daily"Entertaining and thought-provoking. . . . [W]orks as a good summary for non-specialists of how the economics debate has developed."--Philip Coggan,Economist"Quiggin is a writer of great verve who marshals some powerful evidence."--Financial Times(FT Critics Pick 2010)"Lucid, lively and loaded with hard data, passionate, provocative and . . . persuasive. . . . [Zombie Economics] should be required reading, even for those who aren't Keynesians or Krugmaniacs."--Glenn C. Altschuler,Barron's"Apparently some economists have a sense of humor, dismal though it may be. Quiggin uses the 2008 global financial crisis as the focal point for examining five core macroeconomic and financial theories that have been--to use zombie terminology--killed by our current predicament. . . . Economics students and interested lay readers will find this valuable."--Library Journal"Erroneous economic ideas resemble the living dead, writes John Quiggin in his smart new bookZombie Economics. They are dangerous yet impossible to kill. Even after a financial crisis buries them, they survive in our minds and can rise unbidden from the necropolis of ideology."--James Pressley,Bloomberg News"The financial crisis has disproved many cherished tenets of 'market liberalism', such as the 'Efficient Markets Hypothesis', yet these zombie ideas still shamble through newspapers and journals. Enter economist Quiggin, calmly wielding dual shotguns to blast them relentlessly in the face. . . . As Quiggin explains with elegance, lucidity and deadpan humour, the undead ideas here are interconnected: killing one causes it to knock over another in a sort of zombie-dominoes effect."--Guardian"Zombie Economicsis . . . a highly readable and sobering assessment of the role played by discredited economic ideas in the global financial and economic meltdown of 2008-09. Quiggin delves deeply into the origins and development of all the star culprits so loved by the economic right in recent decades: from the efficient markets hypothesis to privatization and Real Business Cycle Theory. None has stood up to the stern test posed by real markets and economies in crisis. Yet most live on, still featured in many curriculums and advocated by those academics who have staked their careers on them."--Globe & Mail"It's hard to resist a book calledZombie Economics, and University of Queensland professor John Quiggin makes his tale as compelling as his title. . . . It's the rare read that's both thoughtful and fun."--Biz Ed"[A]n excellent new book."--Jessica Irvine,Sydney Morning Herald"I haven't done justice to Quiggin's book, so if you're interested in a readable exposition of the exploits of academic economists over the past 35 years I recommend it highly. It's the story of how economists forgot much of what they knew. Please, guys, don't do that again."--Ross Gittins,Sydney Morning Herald"As well as exposing how these flawed ideas brought on the global crisis and how they live on, Quiggin offers his view on a new way forward in economic theory. It's time to bury the zombie."--Fiona Capp,The Age"From the so-called 'great moderation' concept to the implications of the efficient markets hypothesis, Quiggin does an excellent job summarizing each zombie idea and explaining why it is discredited in a simple (but not simplistic) manner."--Choice"[Cogent] and readable . . ."--The Nation"Cleverly titled, with a wonderful and very un-academic cartoon cover and written without excessive jargon, Zombie Economics provides an elegant critical introduction and analysis of some of the key ideas of modern economic thought."--Satyajit Das,Naked Capitalism blog"Put a bullet through the decaying brain of walking-dead economics by reading Quiggin."--Seth Sandronsky,SN&R;"Peppered with humorous quotations, theory and history, Quiggin has assembled a compelling read about the misguided intellectual economic assumptions of the last forty years and also gives possible solutions to our current financial dilemma."--Ted Stamas, Bullfax.com"I encourage my colleagues in sociology, psychology, and management to read this book and leverage it to lead to a more integrated social science and, perhaps, a more socially aware economic science."--Brent Goldfarb,Administrative Science Quarterly