Scan barcode
brycecmiller's review against another edition
4.0
While I don't agree with every opinion by Kwak, he does an excellent job providing a historical narrative of "economism" and showing how it has appeared in modern US policy. Will definitely read again at some point and read all the notes and references as I go.
bijou3owl's review against another edition
informative
medium-paced
3.0
The discussions on the theory, framework, and history of economism were very good. As were the detailed applied examples.
However, when it talks about specific modern policies and politician stances, it feels *incredibly* dated reading in 2024. Like "oh you sweet summer child you wrote this in 2016, didn't you."
Not that the author could have predicted that, within a year or so of publication, the conservative platform would flip itself on its head, and that the majority of the political figures and policies they talked about in detail would no longer be in the picture, but still.
However, when it talks about specific modern policies and politician stances, it feels *incredibly* dated reading in 2024. Like "oh you sweet summer child you wrote this in 2016, didn't you."
Not that the author could have predicted that, within a year or so of publication, the conservative platform would flip itself on its head, and that the majority of the political figures and policies they talked about in detail would no longer be in the picture, but still.
moh's review against another edition
4.0
Well. *blinks, reorients myself* I did not expect this to be my scariest book of the season.
tupacsgurl's review against another edition
Not everything that works on paper works in real life. What’s good for some is not actually good for all.
oskhen's review against another edition
3.0
An extremely digestible and clear book about, well, Bad economics and the rise of inequality. It effectively combats common pitfalls and the ideology of 'Economism', which is nothing more than an oversimplification of economics that has infiltrated every sector of the US and effectively shifted control from the common people to the rich. One caveat, extremely US-centric, but very interesting nonetheless and obviously relevant no matter where you're from.T
seeyf's review against another edition
4.0
The author picks apart the basic principles and assumptions of Economics 101 that are often quoted by conservatives or classical liberals against proposals for a minimum wage, universal healthcare, or higher taxes. Though the examples given are mostly from an American context, they also apply to many other countries that have subscribed to the neoliberal consensus.
kecordell's review against another edition
4.0
Minimum Wage
- no connection between minimum wage and unemployment
- $10.10 minimum wage would reduce employment by 500,000 jobs, but increase incomes for most poor families (900,000 people would move above the poverty line)
- a 10% raise in minimum wage reduces the number of families living in poverty by 2-3 percent.
- reduce inequality by lowering the pay gap
Marginal Utility and Taxes
- optimal tax rate on the very rich is 73% (Diamond and Saez)
- no connection between minimum wage and unemployment
- $10.10 minimum wage would reduce employment by 500,000 jobs, but increase incomes for most poor families (900,000 people would move above the poverty line)
- a 10% raise in minimum wage reduces the number of families living in poverty by 2-3 percent.
- reduce inequality by lowering the pay gap
Marginal Utility and Taxes
- optimal tax rate on the very rich is 73% (Diamond and Saez)
miguelf's review against another edition
5.0
This book was recently recommended on the Pitchfork Economics podcast to better understand the approach that many hold on Economics that is learned in a standards Economics class. Yes, one can learn quite a bit in any 101 level course in college and often it serves as a basis for what many will use throughout their career in a field. However, simplistic approaches of supply and demand have driven negative outcomes and have perversely influenced winner take all policies and ideology. Kwak defines this as Economism, and states that it “is what you are left with if you learn the first-year models, forget that there are assumptions involved, and never get your hands dirty with real-world data”. It’s a very refreshing take throughout with various examples and does help explain the often skewed and biased approaches to complex economic issues.