Zombie Economics

Co-Winner of the 2012 Gold Medal Book Award in Economics, Axiom Business "Entertaining and thought-provoking... [W]orks as a good summary for non-specialists of how the economics debate has developed."--Philip Coggan, Economist "Lucid, lively and loaded with hard data, passionate, provocative and ... persuasive... (Zombie Economics) should be required reading, even for those who aren't Keynesians or Krugmaniacs."--Glenn C. Altschuler, Barron's "The financial crisis has disproved many cherished tenets of 'market liberalism', such as the 'Efficient Markets Hypothesis', yet these zombie ideas still shamble through newspapers and journals. Enter economist Quiggin, calmly wielding dual shotguns to blast them relentlessly in the face... As Quiggin explains with elegance, lucidity and deadpan humour, the undead ideas here are interconnected: killing one causes it to knock over another in a sort of zombie-dominoes effect."--Guardian "Quiggin is a writer of great verve who marshals some powerful evidence."--Financial Times (FT Critics Pick 2010) "Zombie Economics is ... a highly readable and sobering assessment of the role played by discredited economic ideas in the global financial and economic meltdown of 2008-09. Quiggin delves deeply into the origins and development of all the star culprits so loved by the economic right in recent decades: from the efficient markets hypothesis to privatization and Real Business Cycle Theory. None has stood up to the stern test posed by real markets and economies in crisis. Yet most live on, still featured in many curriculums and advocated by those academics who have staked their careers on them."--Globe & Mail "It's hard to resist a book called Zombie Economics, and University of Queensland professor John Quiggin makes his tale as compelling as his title... It's the rare read that's both thoughtful and fun."--Biz Ed Magazine "[C]ogent and readable."--Nation "Apparently some economists have a sense of humor, dismal though it may be. Quiggin uses the 2008 global financial crisis as the focal point for examining five core macroeconomic and financial theories that have been--to use zombie terminology--killed by our current predicament... Economics students and interested lay readers will find this valuable."--Library Journal "Erroneous economic ideas resemble the living dead, writes John Quiggin in his smart new book Zombie Economics. They are dangerous yet impossible to kill. Even after a financial crisis buries them, they survive in our minds and can rise unbidden from the necropolis of ideology."--James Pressley, Bloomberg News "I haven't done justice to Quiggin's book, so if you're interested in a readable exposition of the exploits of academic economists over the past 35 years I recommend it highly. It's the story of how economists forgot much of what they knew. Please, guys, don't do that again."--Ross Gittins, Sydney Morning Herald "As well as exposing how these flawed ideas brought on the global crisis and how they live on, Quiggin offers his view on a new way forward in economic theory. It's time to bury the zombie."--Fiona Capp, The Age "From the so-called 'great moderation' concept to the implications of the efficient markets hypothesis, Quiggin does an excellent job summarizing each zombie idea and explaining why it is discredited in a simple (but not simplistic) manner."--Choice "Cleverly titled, with a wonderful and very un-academic cartoon cover and written without excessive jargon, Zombie Economics provides an elegant critical introduction and analysis of some of the key ideas of modern economic thought."--Satyajit Das, Naked Capitalism blog "Put a bullet through the decaying brain of walking-dead economics by reading Quiggin."--Seth Sandronsky, SN&R "Peppered with humorous quotations, theory and history, Quiggin has assembled a compelling read about the misguided intellectual economic assumptions of the last forty years and also gives possible solutions to our current financial dilemma."--Ted Stamas, Bullfax.com "This book is certainly a good read for anyone eager to know why it is urgent that economists come up with a socially useful body of thought or suggestions."--Shanghai Daily "[A]n excellent new book."--Jessica Irvine, Sydney Morning Herald "When I put on my economist's hat, I admire my field's ability to publicly hang its soiled laundry in public. I encourage my colleagues in sociology, psychology, and management to read this book and leverage it to lead to a more integrated social science and, perhaps, a more socially aware economic science"--.Brent Goldfarb, Administrative Science Quarterly "Quiggin manages to be argumentative, accurate, straight forward and convincing, while on occasion humorous. Certainly a good companion for anyone hoping to navigate the swamps of messy, and failed economic ideas."--Sarthak Shankar, Organiser "If we're lucky, there will be more books like this one, criticizing 'market liberal' economics (neoliberalism or laissezfaire) from the left. John Quiggin ... presents a learned and frankly social-democratic attack on market liberalism."--James G. Devine, Science & Society "[T]his book, which is written for a general audience and is highly informative and entertaining."--Gaurab Aryal, Economic Record