Title: How Markets Fail: The Logic of Economic Calamities
Author: John Cassidy
Type: Non Fiction
Released: November 23, 2010
Length: 416 pp
In his book How Markets Fail, now in paperback, John Cassidy dissects the efficient-market hypothesis, or the notion that the market is always right. Cassidy reviews the history of economic thought from Adam Smith's 'invisible hand' to John Maynard Keynes, and uses psychology and behavioralism to show that the market really is not all that rational. Cassidy argues that Wall Street and financial regulators need to re-think this view in order to prevent future economic calamities like the one we've experienced these last few years.