Summary of Zombie Economics

How Dead Ideas Still Walk Among Us

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Zombie Economics book summary
Horrors! They keep coming back! Why economic theories that led the world to the brink of financial collapse just won’t die.

Rating

8 Overall

8 Importance

8 Innovation

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Recommendation

Like the villain in a horror movie, discredited economic theories can return to haunt you. Australian economist John Quiggin claims that some of these ideas – like total privatization, perfectly rational markets and trickle-down policies – nearly destroyed the world’s economy, and that they are trying to make one more comeback. In an attempt to drive the final stake through the brain-eating, dead soul of “zombie economics,” he knifes through the five most dangerous principles of “market liberalism.” With no apparent fear of being controversial, he presents a compelling case as to why each of those “zombie ideas” failed and describes a new, alternative approach, melding the best of free-market capitalism with judicious use of government involvement to address crucial social needs. Quiggin heavily annotates his work and provides a thoughtfully researched bibliography. Though the economic jargon can, at times, slow your progress, Quiggin’s book rewards your persistence. getAbstract recommends this eerie tour through defunct yet durable economics to anyone who enjoys a good scare. Find your silver bullets, construct your booby traps and carry your axes for good measure: Quiggin says it is high time to kill those zombies once and for all.

In this summary, you will learn

  • What five “zombie” economic ideas endure
  • How the 2008 financial crisis drove a stake through the heart of those theories
 

Summary

Die, Already!
Even when events ultimately disprove them, popular economic theories can take on a life of their own. Their influence, honed over decades, is hard to shake, and their impact lingers long after reality refutes them. The 2008 “Global Financial Crisis” laid bare the failures...
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About the Author

John Quiggin is an economics professor at the University of Queensland in Australia.


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    Guest 6 years ago
    Dear Mr. Holzgen,

    Thank you very much for your feedback. We supply abstracts across the political and economic spectrum, so we find it quite unfortunate that the first one you read is one with which you disagree. For a point of view you might find more compatible as an antidote, might I suggest The Battle.

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      Jerrod Holzgen 6 years ago
      i know it was just bad luck - you guys have alot of good stuff.
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      Guest 6 years ago
      Thanks Jerrod :) If we can be of further assistance, just let us know. Enjoy the read and thanks for being part of the getAbstract community!

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