Summary:
The book critically examines the flaws in the classical economic theory of market efficiency, exploring historical and contemporary examples of market failure. It delves into the consequences of unregulated markets and the role of government intervention, highlighting the need for a more realistic understanding of economics to prevent future financial disasters.
Key points:
1. Rational Irrationality: Cassidy says people make choices that seem smart for them but can be bad for everyone, causing economic problems like financial crises.
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