Skip to main content

Review - The Economics of Innocent Fraud: Truth for Our Time

The Economics of Innocent Fraud: Truth for Our TimeThe Economics of Innocent Fraud: Truth for Our Time by John Kenneth Galbraith
My rating: 5 of 5 stars

A very short read, but insightful and extremely compact. Galbraith lays out in overview a critique of the concepts taught in finance and economics, which are in reality, false, and that many of the high-minded ideas bandied about regarding management, financial, corporate and governmental, are simply self-serving beliefs with little merit. A few:

- Shareholder control of corporations

- Executive pay

- Separation of public and private

View all my reviews

Comments

Popular posts from this blog

It Started With a Jolt: How New York Became a Tech Town

#1 When a city is dominated by one industry, particularly finance, that can spell ruin for its inhabitants. Good for the wealthy and the people in the industry, mediocre for many others. Tech might smooth things out a bit, but there is no reason we need to give anything to a behemoth for coming here. Many are already make NYC home. Although not the only one, NYC has some of the best universities, many top-tier companies, pools of talented people, and the best cultural amenities. There was no reason to kowtow to a behemoth to come here. NYC is big and innovative, and it will stay big and innovative for the foreseeable future. Tech was here before and will it be here after, without being dominated by a single company. https://www.nytimes.com/2019/02/22/technology/nyc-tech-startups.html?comments#permid=30741436 #2 Why we would we want to be a tech town or any kind of single-industry town? Why would we want to trade one harmful kind of industry, finance, for an equally bad indust...

The Misadventures of an Idealistic Restaurant in Cut-Throat New York - Response

Consumers need to bear the brunt of a decent wage, mandated by law, a sufficient living one, and when enacted across the board, prices rise such that we are paying adequately. If left to individual restauranteurs it will always be a race to the bottom... https://www.nytimes.com/2018/12/21/nyregion/the-misadventures-of-an-idealistic-restaurant-in-a-cut-throat-city.html?comments#permid=29866833

Response: Paging Robert Burns by Krugman

Along these lines, from a recent release, and supportive of your post: "Previous portraits of Davos delegates as uprooted jetsetters or global networkers easily overlook their influence on society. Our findings reveal that the forum actively shifts the burden for the solution of problems from governments and corporations to individual consumers, with significant personal and societal costs," the authors conclude. The release from Eurekalert