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Tag Archives: economism

Economism on Marketplace

By James Kwak David Brancaccio of Marketplace has started a new radio project called Econ Extra Credit: reading a first-year economics textbook, one chapter per week, along with his listeners. Luckily, he chose one of the textbooks produced by the CORE project, a group of economists who set out to rewrite the economics curriculum in the wake of the financial crisis and Great Recession. David invited me to talk with him about “Economics 101” and the one-sided impression of the world that...

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Indoctrinated by Econ 101 — John Warner

My fundamental understanding of the world has been warped by a now challenged approach. I'm not alone.… In the end, the chief byproduct of my general education exposure was a kind of indoctrination into the centrality of markets to understanding human behavior and the apparent importance of economics professors. I’m not alone. Introductory economics could be one of the most widely received credits in all of higher education. And unlike other common courses (like say, first-year writing),...

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Simon Johnson — Saving Capitalism from Economics 101

All across the United States, students are settling into college – and coming to grips with “Econ 101.” This introductory course is typically taught with a broadly reassuring message: if markets are allowed to work, good outcomes – such as productivity growth, increasing wages, and generally shared prosperity – will surely follow. Unfortunately, as my co-author James Kwak points out in his recent book, Economism: Bad Economics and the Rise of Inequality, Econ 101 is so far from being the...

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The Importance of Fairness: A New Economic Vision for the Democratic Party

By James Kwak A lot has been written recently about the direction of the Democratic Party. This is what I think. I have been a Democrat my entire life. Today, the Democratic Party matters more than ever because it is the only organization currently capable, at least theoretically, of preventing the Republicans from turning the United States into a fully-fledged banana republic, ruled by and for a handful of billionaire families and corporate chieftains, with a stagnant economy and...

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The Importance of Fairness: A New Economic Vision for the Democratic Party

By James Kwak A lot has been written recently about the direction of the Democratic Party. This is what I think. I have been a Democrat my entire life. Today, the Democratic Party matters more than ever because it is the only organization currently capable, at least theoretically, of preventing the Republicans from turning the United States into a fully-fledged banana republic, ruled by and for a handful of billionaire families and corporate chieftains, with a stagnant economy and...

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Economism and Arbitration Clauses

By James Kwak As banking scandals go, Wells Fargo opening millions of new accounts for existing customers so that it could pump up its cross-selling metrics for investors is about as clear-cut as it gets. It’s up there with HSBC telling its employees how to get around U.S. regulations in order to launder money for drug cartels, or traders and treasury officials at several banks conspiring to fix LIBOR. Holding Wells responsible, however, was a bit trickier. The bank agreed to restitution...

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Economism and Arbitration Clauses

By James Kwak As banking scandals go, Wells Fargo opening millions of new accounts for existing customers so that it could pump up its cross-selling metrics for investors is about as clear-cut as it gets. It’s up there with HSBC telling its employees how to get around U.S. regulations in order to launder money for drug cartels, or traders and treasury officials at several banks conspiring to fix LIBOR. Holding Wells responsible, however, was a bit trickier. The bank agreed to restitution...

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How Markets Work

By James Kwak The Congressional Budget Office’s assessment of the Republican health care plan, as passed in the House, is out. The bottom line is that many more people will lack health coverage than under current law—23 million by 2026—even though the bill allows states to relax the essential health benefits package, which should in theory attract younger, healthier people. This is not a surprise. I just want to comment on the role of markets in all of this, which I think is not fully...

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How Markets Work

By James Kwak The Congressional Budget Office’s assessment of the Republican health care plan, as passed in the House, is out. The bottom line is that many more people will lack health coverage than under current law—23 million by 2026—even though the bill allows states to relax the essential health benefits package, which should in theory attract younger, healthier people. This is not a surprise. I just want to comment on the role of markets in all of this, which I think is not fully...

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