Summary:
The book critiques economic theories and policies that the author argues have been discredited but continue to influence global economic thought and practice. It examines concepts like the efficient market hypothesis and trickle-down economics, explaining how these "zombie ideas" persist despite evidence of their failures.
Key points:
1. Great Moderation Myth: Quiggin argues the "Great Moderation" was a false sense of stability, hiding growing financial risks that caused the 2008 crisis. He believes it made policymakers and banks too confident.
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