Economics for the rest of us : debunking the science that makes life dismal / Moshe Adler.

Format:

Book

Author/Creator:

Adler, Moshe.

Language:

English

Subjects (All):

Economics.

Income distribution.

Wages.

Physical Description:

1 online resource (241 p.)

Place of Publication:

New York : New Press, c2010.

Language Note:

English

Summary:

"Vivid case studies... Adler's frustration with wrongheaded economic thinking is as entertaining as it is thought provoking." - Publishers Weekly Why do so many contemporary economists consider food subsidies in starving countries, rent control in rich cities, and health insurance everywhere "inefficient"? Why do they feel that corporate executives deserve no less than their multimillion-dollar "compensation" packages and workers no more than their meager wages? Here is a lively and accessible debunking of the two elements that make economics the "science" of the rich: the definition of what is efficient and the theory of how wages are determined. The first is used to justify the cruelest policies, the second grand larceny. Filled with lively examples-from food riots in Indonesia to eminent domain in Connecticut and everyone from Adam Smith to Jeremy Bentham to Larry Summers- Economics for the Rest of Us shows how today's dominant economic theories evolved, how they explicitly favor the rich over the poor, and why they're not the only or best options. Written for anyone with an interest in understanding contemporary economic thinking-and why it is dead wrong- Economics for the Rest of Us offers a foundation for a fundamentally more just economic system. "Brilliant." -David Cay Johnston, Pulitzer Prize-winning and New York Times -bestselling author of It's Even Worse Than You Think

Contents:

CONTENTS; FIGURES; TABLES; INTRODUCTION; Part I ECONOMIC EFFICIENCY AND THE ROLE OF GOVERNMENT ; 1 . INCOME EQUALITY: THE EARLIEST STANDARD OF EFFICIENCY ; 2 . EQUALITY DOES NOT MATTER: PARETO EFFICIENCY AND THE FREE MARKET ; 3 . THE PARETO EFFICIENCY COPS ; 4 . WHY REDISTRIBUTING GOODS MAY BE PARETO EFFICIENT AFTER ALL ; 5 . A BRIEF HISTORY OF THE FEDERAL INCOME TAX ; 6 . IT IS NOT PARETO EFFICIENT: THE RICH PAY TOO MUCH TAXES (OR, LAFFER'S NAPKIN) ; 7 . PRIVATE GOODS ; 8 . GOVERNMENT-SUPPLIED GOODS ; Part II THEORIES OF WAGES ; INTRODUCTION: CLASSICAL AND NEO-CLASSICAL THEORIES OF WAGES

9 . THE CLASSICAL THEORY OF WAGES 10.THE NEO-CLASSICAL THEORY OF WAGES: JOHN BATES CLARK ; 11. THE EVIDENCE ; 12. THE MINIMUM WAGE ; 13. THEORIES OF WAGES AND THE GREAT DEPRESSION ; 14. "STICKY WAGES" ; 15. "EFFICIENCY WAGES" OR: WHY UNEMPLOYMENT IS THE FAULT OF SHIRKING BY WORKERS ; 16. EXECUTIVE COMPENSATION ; AFTERWORD; ACKNOWLEDGMENTS; NOTES

Notes:

Description based upon print version of record.

Includes bibliographical references.

ISBN:

9786612745393

9781282745391

1282745395

9781595585271

1595585273

OCLC:

630545153