Unintended Consequences

Unintended Consequences

Why Everything You’ve Been Told About the Economy Is Wrong

Additional Formats
  • Ebook
  • ISBN 9781101602584
  • 320 Pages
  • Portfolio
  • 18 and up


In the aftermath of the Financial Crisis, many com­monly held beliefs have emerged to explain its cause. Conventional wisdom blames Wall Street and the mortgage industry for using low down pay­ments, teaser rates, and other predatory tactics to seduce unsuspecting home owners into assuming mortgages they couldn’t afford. It blames average Americans for borrowing recklessly and spend­ing too much. And it blames the tax policies and deregulatory environment of the Reagan and Bush administrations for encouraging reckless risk taking by wealthy individuals and financial institutions. But according to Unintended Consequences, the conventional wisdom masks the real causes of our economic disruption and puts us at risk of facing a slew of unintended-and potentially dangerous-consequences.


 “The most cogent and persuasive analysis of the financial crisis to date.”

—Andrei Shleifer, Harvard

“A full-throated defense of economic dynamism…refreshing at a time when so many take the failure of capitalism for granted.”

The Wall Street Journal

“Deep and well-argued analyses on almost every issue.”

The New York Times

“Should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.”

The New Republic

“The economics class you ought to have had.”

The Washington Times

“Reveals the author’s intelligence and skill at elucidating economics.”

Bloomberg Businessweek

“Deserves the attention of policymakers in Washington.”

Publishers Weekly

“An amazing number of good ideas and interesting points…very impressive.”

—Steven Levitt, Univ. of Chicago, coauthor of Freakonomics