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How “rational irrationality” and a misunderstanding of the marketplace led to economic disaster.
In his new book, New Yorker writer John Cassidy sounds a dire warning about elegant and classic economic theories that gloss over the glaring realities of failed markets. Cassidy turns to the burgeoning field of behavioral economics to explain how we arrived at the global economic crisis. Behavioral economics rejects decision-making based on rational self-interest for human vices, such as hubris, selfishness, and shortsightedness. Such behaviors are what lead to spikes in oil prices, CEO greed, and the boom-and-bust cycle of the real-estate market, Cassidy writes. Publishers Weekly says, “Both a narrative and a call to arms, the book provides an intellectual and historical context for the string of denial and bad decisions that led to the disastrous ‘illusion of harmony,’ the lure of real estate, and the Great Crunch of 2008.” The notion of a self-correction marketplace is a false one, Cassidy argues, and it may just be time for Wall Street to get real.
John Talks Joe
Lloyd Grove is editor at large for The Daily Beast. He is also a frequent contributor to New York magazine and was a contributing editor for Condé Nast Portfolio. He wrote a gossip column for the New York Daily News from 2003 to 2006. Prior to that, he wrote the Reliable Source column for the Washington Post, where he spent 23 years covering politics, the media, and other subjects.
Why America Must Learn to Bow
Martin Jacques is the cofounder of the UK think tank Demos, writes a regular column for The Guardian, and is a visiting research fellow at the London School of Economics Asia Research Centre. His new book, When China Rules the World, is available now.
Going Rogue: The Index
Christopher Buckley's books include Supreme Courtship, The White House Mess, Thank You for Smoking, Little Green Men, and Florence of Arabia. He was chief speechwriter for Vice President George H.W. Bush, and is editor-at-large of ForbesLife magazine. His new book is Losing Mum and Pup, a memoir. Buckley's Daily Beast column is the winner of an Online Journalism Award in the category of Online Commentary.
American Music Awards Rewind
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Airports From Hell
The Daily Beast is dedicated to news and commentary, culture, and entertainment. We carefully curate the web’s most essential stories and bring you original must-reads from our talented contributors.
Week in Political Cartoons
The Daily Beast is dedicated to news and commentary, culture, and entertainment. We carefully curate the web’s most essential stories and bring you original must-reads from our talented contributors.
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