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The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society Binyamin Appelbaum

Summary:
Book review by Marshall steinbaum.Binyamin Appelbaum’s new book has lived up to its controversial billing, particularly among its subjects. The book condemns the role the economics profession has played in breeding inequality, and holds economists to account for the resulting backlash of xenophobic white nationalism. When the New York Times published an excerpt, the reaction was sadly predictable: How dare he suggest that economists don’t care about inequality? It is only because of economists that we know that inequality has risen. How dare he point out that economists have occupied a privileged position in public life? These behind-the-scenes advisors very close to power should not be implicated in whatever unsatisfactory state of economic affairs exists today. Boston Review  The

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Book review by Marshall steinbaum.

Binyamin Appelbaum’s new book has lived up to its controversial billing, particularly among its subjects. The book condemns the role the economics profession has played in breeding inequality, and holds economists to account for the resulting backlash of xenophobic white nationalism. When the New York Times published an excerpt, the reaction was sadly predictable: How dare he suggest that economists don’t care about inequality? It is only because of economists that we know that inequality has risen. How dare he point out that economists have occupied a privileged position in public life? These behind-the-scenes advisors very close to power should not be implicated in whatever unsatisfactory state of economic affairs exists today.

Boston Review 


The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society Binyamin Appelbaum

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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