Seven Bad Ideas: How Mainstream Economists Have Damaged America And The World

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.