What Went Wrong with Economics: The flawed assumptions that led economists astray
October 14, 2011 
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What Went Wrong with Economics,
Are you concerned about finances? Would you like a better understanding of the economic system but don’t know where to start? What Went Wrong with Economics: The flawed assumptions that led economists astray by Michael Reiss may be the answer.
Reiss emphasizes that money is more than an exchange for goods and services. He believes and supports the idea that money can, and does, behave independently. Through hypothetical illustrations, which the author calls “thought experiments,” the author explains how money is created and destroyed, stocks, bonds, trading on margin, market bubbles, IPO’s, and day trading.
I most appreciated the fact that Reiss did not just explain the problems with the present economic system and its consequences. He concludes with a variety of beginning steps that need to take place to achieve the needed change.
His ideas for change would not be easy, but are definitely worth consideration. The book would be ideal for use in the education system, both public and private, as it would develop open discussion as to what went wrong, what works and why. The ultimate return would be for the correction of our current economic problems beginning with minimizing loans and re-balancing the fractional reserve system.
I received this book to review free through Library Thing.
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|Simple and contemporary,
What Went Wrong with Economics: The flawed assumptions that led economists astray by Michael Reiss is a simple primer on the economic issues affecting us all these days.
The author uses fairly simple language to explain the issues and some suggested steps to resolve those.
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|What Went Wrong with Economics,
What Went Wrong with Economics: The flawed assumptions that led economists astray: The flawed assumptions that led economists astray… by Michael Reiss
Michael Reiss has given us a fantastic short primer that makes sense of the economic disaster that has descended upon the world economy in the last few years. The simplicity with which he presents what appears to be a highly complex system of money is astounding. Every person who considers buying a stock, applying for a mortgage, or saving for retirement should read this book. Will it change your world? Perhaps!
Bu understanding how money is created and destroyed by banks, fractional reserve banking, and productive and non-productive loans. We can learn to manage our own futures in a very troublesome economy. Reiss introduces us to “Pseudo-investing” explains the pitfalls of this disastrous practice.
Finally he wraps up with a plan that seems so simple, but is unlikely to be implemented because of one factor he ignores – greed! I am hopeful that Reiss will rise as an honest truth-sayer in our economic maelstrom. Perhaps the highly paid economists at the Federal Reserve and our Secretary of Treasury should be given a gratis copy.
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