Unintended Consequences: Why Everything You've Been Told About the Economy Is Wrong
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Was the American economy's long run of success before 2008 resting on weak foundations? Many commentators believe so. They point to Wall Street firms and mortgage lenders who allegedly lured buyers into loans they could not afford, to households that spent beyond their means, and to tax rules from the Reagan and Bush years that supposedly rewarded reckless gambling.
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Edward Conard takes a different view. He sets out his own account of how the economy actually functions, explains why the United States has pulled ahead of other wealthy nations, and examines what really set off the financial crash. The book closes by weighing reforms that could shore up the system against future shocks without choking off the growth that makes it work.
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