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Economism: Bad Economics and the Rise of Inequality Hardcover – Deckle Edge, January 10, 2017

by James Kwak (Author), Simon Johnson (Foreword)

4.4 142 ratings

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Here is a bracing deconstruction of the framework for understanding the world that is learned as gospel in Economics 101, regardless of its imaginary assumptions and misleading half-truths.

Economism: an ideology that distorts the valid principles and tools of introductory college economics, propagated by self-styled experts, zealous lobbyists, clueless politicians, and ignorant pundits.

In order to illuminate the fallacies of economism, James Kwak first offers a primer on supply and demand, market equilibrium, and social welfare: the underpinnings of most popular economic arguments. Then he provides a historical account of how economism became a prevalent mode of thought in the United States—focusing on the people who packaged Econ 101 into sound bites that were then repeated until they took on the aura of truth. He shows us how issues of moment in contemporary American society—labor markets, taxes, finance, health care, and international trade, among others—are shaped by economism, demonstrating in each case with clarity and élan how, because of its failure to reflect the complexities of our world, economism has had a deleterious influence on policies that affect hundreds of millions of Americans.

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256 pages
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English
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Pantheon
Publication date

January 10, 2017
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5.14 x 0.9 x 8.8 inches
ISBN-10

9781101871195
ISBN-13

978-1101871195
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Editorial Reviews

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“For generations, we’ve been told that there’s a simple framework that can explain the mysteries of how the economy can create optimal outcomes for us all. What James Kwak shows us is that this set of ideas—what he calls ‘economism’—is magical thinking; it’s certainly not grounded in science and evidence. In this pithy book of accessible prose, Kwak begs us to contend with the messiness of the real world—and the inequality our economic system has spawned—before it’s too late.”
—Heather Boushey, executive director and chief economist, Washington Center for Equitable Growth

“In this beautiful and accessible book, James Kwak shows us how a simplistic idea about economics has captured policy-making to the detriment of sensible policy. No book better frames this pathology or better supplies the resources for resisting it.”
—Lawrence Lessig, Roy L. Furman Professor of Law and Leadership, Harvard Law School

“For years, I’ve encountered people with a strong sense that many economic arguments in support of the status quo are not just inequitable, but wrong. With Economism, they’ve got the proof they’ve been waiting for, presented in language non-economists can understand.”
—Jared Bernstein, senior fellow, Center on Budget and Policy Priorities

“The next time some smug friend insists that a higher minimum wage guarantees higher unemployment or that American medical care costs so much because government is so involved, give them the gift of Economism. Better yet, convince them the book will increase their utility, not to mention their knowledge of how markets really work. Kwak has written the myth-buster that our distorted economic debate needs. And he’s made it fun—er, welfare-enhancing—to read.”
—Jacob S. Hacker, Stanley B. Resor Professor of Political Science, Yale University

“In crisp prose, Kwak time and again debunks froshmoric economics platitudes to show why the minimum wage might decrease unemployment, why taxing profits might not reduce investment, and even why (gasp) free socialized medicine might not lead to overconsumption of health care.”
—Ian Ayres, William K. Townsend Professor of Law, Yale Law School

“Makes an important case that the fetish of ‘efficient markets’ has distorted American politics. Kwak shows that it is bad economics but potent ideology, and it has distorted debates about labor law, international trade, and financial regulation. This clearly written book is an excellent dissection of some bad ideas that have been allowed to masquerade as common sense for too long.”
—Jedediah Purdy, Robinson O. Everett Professor of Law, Duke Law School

“Politicians and pundits proclaim with the pomposity that many in Washington take to be gravitas that any tinkering with market forces will have unhappy results. But as Kwak shows, the dogma is often a self-serving pretext for policies that have led to extreme and growing concentration of income and wealth, and requires disregarding observable real-world experience.”
—Brad Miller, former member of the U.S. House of Representatives and the House Committee on Financial Services

About the Author

JAMES KWAK is a professor at the University of Connecticut School of Law and the co-author, with Simon Johnson, of 13 Bankers and White House Burning. He has a Ph.D. in intellectual history from UC Berkeley and a J.D. from the Yale Law School. Before going to law school, he worked in the business world as a management consultant and a software entrepreneur.

Excerpt. © Reprinted by permission. All rights reserved.

1
The Best of All Possible Worlds

Gottfried Wilhelm Leibniz was one of the most brilliant people of any age—an inventor of calculus, an expert in virtually all of the natural sciences, and a pioneer of modern philosophy. One of his central preoccupations, however, was a fundamentally religious question: If God is both benevolent and all-powerful, why do evil and suffering exist? In his 1710 Theodicy, Leibniz answered, “There is an infinitude of possible worlds among which God must needs have chosen the best, since he does nothing without acting in accordance with supreme reason.” If a better world were possible, God would have created that one instead; therefore, we live in the best of all possible worlds.

Unfortunately for Leibniz, his philosophy is best known as the subject of Voltaire’s satirical novel Candide, a manifesto of the French Enlightenment. In Voltaire’s story, Pangloss proves to his student Candide that we live in the “best of all possible worlds,” and Candide cheerfully repeats the mantra “all is for the best” as he suffers an increasingly fantastic succession of misfortunes.

Voltaire was mocking not just Leibniz but also the use of religion to justify the social order of the time. Early modern Europe was a world of widespread material hardship in which a privileged few lived in relative comfort while the masses struggled to make ends meet—an archaic order that was upended by the French Revolution of 1789. If you were a landowning aristocrat in prerevolutionary Europe—when the “1 percent” owned something like 60 percent of everything there was to own—how would you have explained the vast gulf in living standards between you and the common people? You might not have been a strict Leibnizian Optimist, but most likely you would have taken refuge in a religious understanding of the social order. Depending on your denomination, you might have believed that the socioeconomic hierarchy was dictated by God or that the virtuous poor would earn their just deserts in a kingdom to come. According to the sociologist Max Weber, we owe the rise of capitalism to Calvinist Protestants who saw their material success as proof of their personal salvation. One way or another, religion provided a ready justification for a vastly unequal society.

Fast-forward to the late nineteenth century. The Western world has been utterly transformed by industrialization and the growth of the urban working class. But society once again appears dominated by a small number of extraordinarily wealthy families with names like Rockefeller, Carnegie, Mellon, and Morgan. On the eve of World War I, the 1 percent own more than 40 percent of total wealth in the United States. If you are a rich industrialist living in a Hudson Valley mansion, how do you rationalize an economic system that allows you and your peers to live like French monarchs while books like How the Other Half Lives are exposing the squalor of urban slums?

In a post-Enlightenment world, traditional religion is unlikely to do the trick. Instead, you can appeal to modern science in the form of Darwinian evolution, metaphorically applied to human society. Herbert Spencer, who was enormously influential in the United States after the Civil War, claimed that societal evolution required the “survival of the fittest”: “the poverty of the incapable, the distresses that come upon the imprudent, the starvation of the idle, and those shoulderings aside of the weak by the strong” all ultimately serve the long-term progress of humanity. William Graham Sumner translated this doctrine into a celebration of the wealthy: “[The millionaires] may fairly be regarded as the naturally selected agents of society for certain work. They get high wages and live in luxury, but the bargain is a good one for society.” Any attempt to tinker with this natural order of things would be doomed to failure. For the businessmen who emerged victorious from the “evolutionary” struggle, this worldview provided a convenient justification for their riches and social standing. In the words of the historian Richard Hofstadter, Social Darwinism “was seized upon as a welcome addition, perhaps the most powerful of all, to the store of ideas to which solid and conservative men appealed when they wished to reconcile their fellows to some of the hardships of life.”

Now fast-forward to today. Across the developed world, vast fortunes are again ascendant. In the United States, the top 1 percent take home a larger share of total income than at any time except the late 1920s. The total wealth of the world’s billionaires has quadrupled in the past two decades (even when the definition of “billionaire” is adjusted for inflation). The signs of excess are visible everywhere, from Stephen Schwarzman’s $3 million birthday party to Bill Ackman’s $90 million New York apartment that he doesn’t plan to live in. In the meantime, ordinary people are struggling. In the United States, the average family makes only 8 percent more money (after adjusting for inflation) than it did in the early 1970s, and even that meager increase is due to the fact that more people work today, whether by choice or by necessity; median income for men has actually fallen. In the 1950s, a typical CEO of a large company took home as much money as twenty average employees; today he makes as much as two hundred workers. The percentage of families in poverty has remained essentially unchanged for the past half century. A rising tide no longer lifts all boats.

If you are a Wall Street master of the universe or a billionaire hedge fund manager, you face the same challenge as the aristocrats and industrialists of centuries past: How do you justify the vast economic chasm that separates you from the people you pass on the street every day? Appeals to Christian theology or evolutionary necessity are unlikely to be convincing today. Instead, you can turn to another source of absolute truth: Economics 101. According to an introductory economics class, each person’s income is equal to her marginal product: you are necessarily paid the value of your work. Inequality simply reflects the fact that some people are smarter, more skilled, or more hardworking than others. Tinkering with the natural distribution of income—say, through taxes—would reduce the incentive to work, making everyone worse off. The law of supply and demand ensures that all resources are put to their optimal use, maximizing social welfare. Attempts to interfere with these fundamental principles—regulations, for example—only create “deadweight losses” that reduce the total output of the economy. We live in the best of all possible worlds (or we would, if only we could get rid of those taxes and regulations), not because God would otherwise have made a different one, but because any other world would make everyone worse off.

Product details

ASIN ‏ : ‎ 1101871199
Publisher ‏ : ‎ Pantheon (January 10, 2017)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 256 pages
ISBN-10 ‏ : ‎ 9781101871195
ISBN-13 ‏ : ‎ 978-1101871195
Item Weight ‏ : ‎ 15 ounces
Dimensions ‏ : ‎ 5.14 x 0.9 x 8.8 inches

Best Sellers Rank: #685,964 in Books (See Top 100 in Books)
- #615 in Political Economy
- #710 in Theory of Economics
- #1,078 in Economic Conditions (Books)

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4.4 142 ratings

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11 customers mention "Writing quality"11 positive0 negative

Customers find the writing quality compelling, useful, and clear. They also appreciate the great analysis and critique of the pitfalls of neoliberal political. Readers also mention that the chapter on health care was terrific. Overall, they describe the book as first-class, crisp, and level-headed.

"...Mr. Kwak, however, rises above that temptation and provides fair and full explanations of (neo)classical economics that match up with the..." Read more

"...This is a fairly short book, simply explained, but as useful as any I have read in understanding the difference between Reagonomics/neoliberalism..." Read more

"Absolutely compelling reading. At last a logical explanation for the growth of inequality and the absolute lack of action to fix it...." Read more

"Excellent treatment of an important subject...." Read more

3 customers mention "Writing style"3 positive0 negative

Customers find the writing style excellent, clear, and easy to understand.

"...Sort of like choosing a calculator that shows that 2 + 2 = 5 but is easy to use and gives you the answer that you want...." Read more

"Well-written and easy to understand. The author takes no position and describes the status quo with high accuracy." Read more

"Some good writing but not detailed enough for the price..." Read more

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coffee cat

Excellent and Clearly Written

Reviewed in the United States on April 21, 2017

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The essence of this book is that students are introduced (and indoctrinated) in a model of economics that doesn't reflect reality. This simplified (and unrealistic) model can then be used to justify economic choices, such as eliminating minimum wage or justifying huge salaries for CEO's, such as reducing taxes on rich people, such as eliminating health care or eliminating regulations on financial products.
I really appreciated that Mr. Kwak carefully and thoroughly explains the (neo)classical positions on the above mentioned subjects before explaining why and how the actual results don't match the predicted (neo)classical results. Many authors will provide incomplete or inaccurate descriptions of opposing viewpoints so that it will provide them better "leverage" to argue against their opponents. Mr. Kwak, however, rises above that temptation and provides fair and full explanations of (neo)classical economics that match up with the descriptions that I've read by proponents (and professors) of economics that I've read.
What I most appreciated was his chapter titled, "The Long March of Economism" that describes the rise of (neo)classical economics after the Great Depression and World War II. He carefully documents how certain economists (Hayek, Friedman, etc) were aided by a variety of conservative think tanks (funded by the rich) whose collective repetition of the over-simplified unrealistic models of (neo)classical economics eventually affected how economics is taught, changing popular beliefs and idealizing economics into a few simplified ideas, easy to understand. Sort of like choosing a calculator that shows that 2 + 2 = 5 but is easy to use and gives you the answer that you want.
This book should be required reading in all Economics 101 course taught in colleges and universities.

6 people found this helpful

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ruslan

How “Econ 101” Rhetoric Misleads Us

Reviewed in the United States on May 7, 2018

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Kwak provides a criticism of the use of “Econ 101” rhetoric to make conclusions on policy issues whose susbstance demands much more than simply stating what a supply and demand graph shows. Touching on subjects such as taxation, health care and finance, with a different policy area for each chapter, Kwak compares the mainstream “economism” rhetoric that each topic recieves to the diverse scholarly literature for each of these issues, contrasting simply sayings to the complexity of reality. He shows that like certain ideologies before it, “economism” has mystified a large section of the public into believing that an understanding marginal costs and benefits is all that is required for a complete discussion on any policy issue and this has resulted in the unconscience serving of the interests of society’s most fortunate at the expense of the least fortunate. While the book starts slow and may be underwhelming for those famailiar with the discussed topics, the strength of the book lies in the literature which is draws, which may be enlightening for any reader interested in public policy, be it general readers, students or academics.

5 people found this helpful

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Anne Mills

Excellent: Shows How An Economic Theory Has Been Oversimplified Into an Ideology

Reviewed in the United States on March 20, 2017

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In this book James Kwak shows how an oversimplified version of classical economics, a version he calls "Economism" or "Economics 101", has become the credo of the right. More than that, it has taken over the center as well, dominating economic policy discussion and economic policy making in the US. By arguing that the market will always produce the best outcome, Economism has become a powerful argument for minimizing government. But Economism is vastly oversimplified -- markets are not perfect, economic actors are not rational, information is not universally available, and Economism can lead to false conclusions. (Oddly enough, this never seems to affect its proponants. We've had 50 years of tax cuts, and they still argue that all we need to unleash growth is another tax cut). Finally, he argues that the rise of Economism is no accident. It is a point of view that vastly favors the agenda of the very rich, and its spread through our culture has been funded and nourished by the very rich.

Kwak has nothing against economics, but he wants to see economics used as a tool, based on hard evidence, rather than as a profession of faith to justify policies that favor the 0.1%. As a professional economist, I think he has got it right.

14 people found this helpful

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Thoughtworks

Very Useful Book in Understanding the Costs of Believing Neoliberals' Version of Economics

Reviewed in the United States on April 5, 2017

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I've read many books on economics over the last few years, trying to understand how to best argue against the nonsensical narrative presented by the right-wing (Heritage Foundation/Cato Institute, etc.), and Wall Street itself, regarding the state of our economy, and how it works. This is a fairly short book, simply explained, but as useful as any I have read in understanding the difference between Reagonomics/neoliberalism and real life...and how it is costing all of us. I highly recommend reading this book. Everyone should understand its points.

13 people found this helpful

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Amazon Customer

It should be Compulsory to read this book

Reviewed in the United States on March 23, 2017

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Absolutely compelling reading. At last a logical explanation for the growth of inequality and the absolute lack of action to fix it. Should be made compulsory reading for all school students so they can see how the world is biased against them like any other time.

One person found this helpful

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Martin Lobel

Misuse of economic theories to pad the pockets of the plutocrats

Reviewed in the United States on June 28, 2017

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Easy explanation for the layman of how the plutocrats have used bad economic theory to pad their pockets at the expense of the middle class.

One person found this helpful

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Robert A Milne

Excellent treatment of an important subject

Reviewed in the United States on January 23, 2017

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Excellent treatment of an important subject. This should be read by anyone interested in understanding how we arrived at a point where the right is offering ideology based on nonsensical assumptions and the left is without focus and vision.

5 people found this helpful

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B. O. Reilly

this book is excellent. It explains how a simplified (or simple-minded) version ...

Reviewed in the United Kingdom on April 24, 2018

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As far as it goes, this book is excellent. It explains how a simplified (or simple-minded) version of the standard Econ 101 course, centred on the supply and demand diagram has come to be used to justify misconceived policies. There is, however, one flaw in the argument. The author assumes that the only problem is that economics is explained in this oversimplified way and that there is no problem with economics either as an academic discipline or a profession. This assumption is wrong. Mainstream economics has lost its way. It is no longer interested in understanding and describing the real world yet it is used as the basis of economic policy. The problem identified in this book is a serious one but it is only half the story. People cannot have a useful view of how the economy works unless there an economics that is interested in studying human behaviour.

One person found this helpful

R. Hill

An intellectual self defence manual

Reviewed in Canada on March 12, 2017

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"Economism" is the simplistic economic reasoning taken from the first few chapters of the typical Econ 101 text and applied to all public policy questions. It is a caricature of actual economics, but serves nicely to support the narrow interests of the wealthy. Kwak traces its intellectual origins to the scribblings of economists such as Friedrich Hayek and Milton Friedman explains the paths by which it came to dominate public discussion of economic policy.

In a series of case studies, Kwak explains what economism has to say about things like minimum wages, free trade, and financial market regulation, citing and quoting the propagandists who promote this view. He then shows what actual economics has to say about these questions.

The book is written for an American audience and has American oriented chapters on healthcare and financial market regulation. It will nevertheless be useful for readers in other countries where economism pollutes the air in public policy debate. Most people will need assistance in understanding why economism is both bad theory and unsupported by empirical evidence. This book provides it.

S. Hare

Sharp and clear criticism of biased economics

Reviewed in Italy on April 23, 2017

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Free market is by far the best way to make an economy work, but market fundamentalism leads to unsatisfying, unstable, or unfair outcomes. James Kwak explains how in plain words.

ACEMAXX-ANALYTICS

Der radikale Marktfundamentalismus

Reviewed in Germany on April 10, 2017

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Der Arbeitsmarkt funktioniert nicht wie der Kartoffelmarkt, weil am Arbeitsmarkt Angebot und Nachfrage nicht unabhängig voneinander sind.

Das Gleichgewicht bei der Preisbildung lässt sich daher nicht einfach mit der Zeichnung der Nachfrage- und Angebotskurve aus dem Lehrbuch herstellen.

Es ist deshalb eine Illusion zu glauben, dass die Beschäftigung steigen würde, wenn die Löhne fielen. Dieselbe Analogie gilt auch für andere Bereiche des ökonomischen Lebens, wie James Kwak in seinem neulich erschienenen Buch „Economism“ erläutert.

Das Phänomen, das wettbewerbsorientierte Marktmodell, das in der Volkswirtschaftslehre (Economics 101) ganz am Anfang gelehrt wird, eins zu eins mit eigenartigen Interpretationen radikal auf die Welt anzuwenden, nennt der an der University of Connecticut School of Law lehrende Wirtschaftsprofessor „Economism“.

Economism ist so tonangebend, dass die gesamte zeitgenössische Kultur des politischen und des intellektuellen Lebens davon geprägt bzw. geplagt wird. Angesichts der wachsenden Ungleichheit droht sogar mit der Zeit das soziale Gefüge zu zerbrechen.

Die Hauptaussage dieses lesenswerten Buches ist, dass Economism heute in der Gesellschaft so unverhältnismässig einflussreich geworden ist, dass Millionen von Menschen auf der Strecke bleiben.

Wer ist aber für die völlig verfehlte Politik, die sich auf „Economics 101“ beruft und in Form von „Economism“ verbreitet, verantwortlich? Welche Kräfte stehen dahinter? Was sind die Motive?

Der Autor unterstreicht mit Nachdruck, die Ansicht nicht zu teilen, dass die „neoklassische Schule“ für den Aufstieg des neoliberalen Kapitalismus und die Zunahme der Ungleichheit in den fortentwickelten Ländern verantwortlich ist.

Seiner Meinung nach ist das Problem auf geringe Kenntnisse über die Art und Weise, wie die Wirtschaft in der Wirklichkeit funktioniert, zurückführen.

Das Problem sei, dass die Menschen, die Wirtschaft studieren, im Allgemeinen denken, dass wettbewerbsfähige Märkte optimale Ergebnisse liefern würden.

Zu wenig Wissen sei prädestiniert dazu, das Geschehen aufzubauschen. Es verführe die Menschen, oberflächlich zu handeln. Wenn man über die Wirtschaft mehr wüsste, erführe man, dass die Welt mehr ist als nur das Angebot und die Nachfrage, der Preise und die Menge, so Kwak.

Mit einem solchen Chart wollen uns die Verfechter des „Economism“ weissmachen, dass Mindestlöhne die Beschäftigung senken, Graph: James Kwak in: „Economism“, 2017

Im dritten Kapitel seines Buches beschreibt er den langen Marsch des Economism als eine ursprüngliche (Protest-)Bewegung gegen den New Deal.

New Deal steht als Oberbegriff für die Wirtschafts- und Sozialreformen, die in den USA zwischen den Jahren 1933 und 1939 unter US-Präsident Franklin Delano Roosevelt (FDR) als Antwort auf die Great Depression durchgesetzt wurden.

Der „Ökonomismus“, der von selbst-ernannten Experten, eifrigen Lobbyisten, ahnungslosen Politikern und unwissenden Fachgelehrten ausgetragen wird, wirkt durch die Verfälschung die gültigen Grundsätze und Werkzeuge der VWL-Einführung in der Tat dogmatisch.

Protagonisten sind, wie der Autor schildert, rechtsorientierte Think Tanks (z.B. FEE: Foundation for Economic Education, AEI: American Enterprise Institute), rechtskonservative Stiftungen (The Heritage Foundation) und konservative Institutionen (The Cato Institute), die sich v.a. auf Ludwig von Mises („The Road to Serfdom“, 1944), Friedrich Hayeks („The Constitution of Liberty“, 1960) und Milton Friedmans („Capitalism and Freedom“, 1962) Werke berufen.

Dazu kommen zahlreiche TV- und Rundfunk-Sendungen (z.B. Rush Limbaugh), die hemmungslos versuchen, den neoliberalen Irrweg gangbar zu machen.

Die Story von Hayeks Siegeszug ist daher die Story des Economism. Die grösste Errungenschaft ist dabei, eine politische Ideologie als einen leichten und einfach zu bedienenden, angeblich neutralen Rahmen zu verpacken und zu vermarkten.

Die ausdrückliche Ideologie ist heute als Marktfundamentalismus bzw. Neoliberalismus bekannt. Nutzniesser der Fetischisierung der privaten Märkte sind ausschliesslich die Reichen und Unternehmen (die wiederum weitgehenden im Besitz der Reichen sind), nicht gewöhnliche Familien. Wir leben nicht in der bestmöglichen Welt.

Das ist ein super-starkes, lesenswertes Buch, als Pflichtfach für die allgemeine Bildung, nicht nur für Ökonomen.

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Reviewed in Canada on March 1, 2017

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This was a gift for my dad, a retired economics professor. He thoroughly enjoyed authors viewpoint

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Economism: Bad Economics and the Rise of Inequality Hardcover – Deckle Edge, January 10, 2017

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