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

The 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

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Comments

Some Simple Guesses...

Before creating this site, I had searched for a site that I had used that allowed individuals to predict the likelihood of numerous events, and would provide a 'wisdom of crowds' calculations. When I first signed up, and put in predictions on the likelihood for (1) proof of God and (2) the US attacking Korea, both of which I place at .02 and .10, respectively. No great feat to get these correct though although the Korean estimate might change if Kim-Jong Il falls; I've read that the US and China are making plans to rush in and take over. A pressing concern for myself and the much of the US population is the likelihood of a recession. With so much negativity in the business world, subprime fiascos, potential monoline failures, the war in Iraq, increasing consumer defaults/bankruptcies, and a reduction in consumer spending portends a recession. I don't know whether there is much of an upside, other than increased exports because of the weak US dollar. I'd give th...

Foregone Conclusion

I haven't recently written here about the recession, but it seems like there is an seeming consensus that there will be, or currently is, a recession, and that it will long-lasting. No predictions on my part...

Why Amazon Is Caught in an Unexpected Brawl in New York

#1 I was surprised that less affluent groups and minorities were for Amazon coming to NYC, although I was aware that locals in my area would be in favor. I live in Murray Hill, and it has a large number of software developers, in number and percentage, in Manhattan, and many - most? - people in our zip code earn in the six figures. I've worked as a software developer for over 15 years, and have occasionally been contacted by Amazon for my skills, although I would not put too much on this as I am always being contacted by recruiters, much of worthless. Although I am likely to benefit from Amazon coming to NYC, I am not a fan of the deal in its current incarnation. It takes too much money from our coffers, circumvents city governance, will place a large burden on existing resources, and will drive up costs for many New York residents. It seems the biggest boosters would be the real estate industry, along with anyone that might be able to profit from selling to the behemoth... h...

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