The Dismal Science: 'Seven Bad Ideas,' by Jeff Madrick

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Paul Krugman's synopsis and mild suggestions about "an important and broadly accurate story about what went wrong. Economists presented as reality an idealized vision of free markets, dressed up in fancy math that gave it a false appearance of rigor. As a result, the world was unprepared when markets went bad."

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Adam Smith used the phrase “invisible hand” only once in “The Wealth of Nations,” and he probably didn’t mean to say what most people now think he said. But never mind: Today the phrase is almost always used to mean the proposition that market economies can be trusted to get everything, or almost everything, right without more than marginal government intervention. Is this belief well grounded in theory and evidence? No.
Paul Krugman, "The Dismal Science: 'Seven Bad Ideas,' by Jeff MadrickThe Dismal Science: 'Seven Bad Ideas,' by Jeff Madrick"