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Synopsis
Why do 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 examplesfrom food riots in Indonesia to eminent domain in Connecticut and everyone from Adam Smith to Jeremy Bentham to Larry SummersEconomics 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 thinkingand why it is dead wrongEconomics for the Rest of Us offers a foundation for a fundamentally more just economic system.
Filled with lively examplesfrom food riots in Indonesia to eminent domain in Connecticut and everyone from Adam Smith to Jeremy Bentham to Larry SummersEconomics 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 thinkingand why it is dead wrongEconomics for the Rest of Us offers a foundation for a fundamentally more just economic system.
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About the Author
Moshe Adler teaches economics at Columbia University and at the Center for Labor Studies at Empire State College. His articles and editorials have appeared in the New York Times, the Washington Post, the Los Angeles Times, and Counterpunch, as well as in the most prestigious academic journals. He lives in New York City.
Reviews
Armed with vivid case studies and a populist axe to grind, Columbia economics professor Adler debunks the conventional economic wisdom that what's good for the rich and powerful is good for the economy through discussions of economic efficiency and how wages are determined. His main target is "the critical building block of modern economics"--Pareto efficiency--the theory that no one can be made better off without someone else being made worse off. Pareto efficiency balks at equitable resource allocation (especially from rich to poor); Adler argues that the model, carried to its extreme, proves that poor people should not be allowed to breathe clean air and that rich people pay far too many taxes, leading into a fascinating discussion of wage disparity. The claim that a person earns an amount determined by the value of what she produces is fundamentally flawed, he maintains, and the evidence shows that wages are determined by the powers a worker possesses--or does not possess--at the bargaining table. Adler's frustration with wrongheaded economic thinking is as entertaining as it is thought provoking.
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Academic Adler sets out to explain the key concepts and theories of mainstream economics and less-known alternatives. The book considers the two cornerstones of economics. One is economic efficiency and its definition, which at one time included distribution of income but now focuses upon free markets, ruling out government intervention to decrease inequality. The second cornerstone, what a worker earns, is not based on the value of an individual’s contribution to production, which the author contends is a flawed concept; wages are determined by the power workers possess or do not possess at the bargaining table, and Adler points to CEOs’ obscene compensation, which he concludes is awarded because they work for shareholders who are too numerous and lack control. Everyone will not agree with the author, but he makes thoughtful arguments intended for educated readers who are not schooled in economics. --Mary Whaley
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Condition: Very Good. As entertaining as it is thought provoking (Publisher's Weekly), 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. At a time when growing numbers of people are deeply anxious about the workings of our economy--and when our very future as a society is up for grabs--economist Moshe Adler offers a lively and accessible debunking of two elements that make economics the science of the rich: the definition of what is efficient and the theory of how wages are determined. Filled with lively examples, from food riots in Indonesia to the eminent domain in Connecticut and everyone from Adam Smith to Jeremy Bentham to Larry Summers, here is a bold and important book that offers a foundation for a fundamentally more just economic system. Seller Inventory # CIN1595581014VG
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Economics for the Rest of Us: Debunking the Science That Makes Life Dismal
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Condition: Good. As entertaining as it is thought provoking (Publisher's Weekly), 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. At a time when growing numbers of people are deeply anxious about the workings of our economy--and when our very future as a society is up for grabs--economist Moshe Adler offers a lively and accessible debunking of two elements that make economics the science of the rich: the definition of what is efficient and the theory of how wages are determined. Filled with lively examples, from food riots in Indonesia to the eminent domain in Connecticut and everyone from Adam Smith to Jeremy Bentham to Larry Summers, here is a bold and important book that offers a foundation for a fundamentally more just economic system. Seller Inventory # CIN1595581014G
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Economics for the Rest of Us: Debunking the Science that Makes Life Dismal
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