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 equal economic system.
Chat with Moshe Adler about his new book, hosted by Max Fraad Wolff, Progressive Reader
"In this brilliant eye opener, Moshe Adler shows how more than a century ago the man-made concepts of economics were transformed from egalitarian concern with the welfare of everyone into analytical tools biased in favor of the rich. With clarity, and in language any educated person can grasp, Adler shows how economics largely abandoned concern with how economic efficiency is affected by distribution of resources and equality in favor of precepts that favor concentration of wealth and income."
—David Cay Johnston, Pulitzer Prize-winning author of Free Lunch and Perfectly Legal
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.
Excerpt: Economics for the Rest of Us by Moshe Adler, Progressive Reader
Economics for the Rest of Us: Debunking the Science That Makes Life Dismal
By Moshe Adler
Professors of introductory economics are fond of telling their students about the eternal quest for a one-handed economist who would not be able to say, “On the other hand . . .” Is the recession about to end? Economists always [...]
Book Discussion: Economics for the Rest of Us by Moshe Adler, Progressive Reader
A masterful and wonderfully accessible book that does for economics what Howard Zinn did for American history—Freakonomics crossed with The Tipping Point.
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” [...]