- Published on Tuesday, July 05, 2011
Nicole Bengiveno/The New York Times/Redux
Economists Paul Krugman and Robin Wells provide a conscientious, thorough review of Jeff Madrick's new book, Age of Greed, in The New York Review of Books. Titled, "The Busts Keep Getting Bigger: Why?" the review states:
"The Age of Greed is a fascinating and deeply disturbing tale of hypocrisy, corruption, and insatiable greed. But more than that, it’s a much-needed reminder of just how we got into the mess we’re in—a reminder that is greatly needed when we are still being told that greed is good.
Madrick also does an especially persuasive job of demythologizing Milton Friedman, who provided intellectual heft for the antigovernment movement. As Madrick points out, although Friedman offered some important economic insights, he often shoehorned real-life data to fit into a one-sided narrative, gaining his theories wider acceptance than was ultimately justified. And Friedman, like Reagan, preferred “overly simple assertions of free market claims,” discarding the caveats."