This book provides an excellent and important account of the mechanics of capitalism, and demonstrates how different groups and elites consistently further their own economic interests at the expense of others. (Free access to the introduction).
Journeys into intellectual and economic history allow the reader to travel to the source of the political power enjoyed by our current-day financiers, and unveil a whole host of systematic problems – such as that our banks are the main beneficiaries of today’s unstable, debt-oriented monetary system, or that leading economists often play a role in helping CEOs massively inflate their salaries without improving their performance – that are today more pertinent, and prevalent, than ever.
To investigate these issues, Economists and the Powerful looks closely at the incentives pursued by economists, and explores the history of the economic doctrines supported in our current financial climate. Via this scrutinizing approach, the text approaches the most overlooked issue of all: the matter of how, when and why the questioning of power was erased from the radar screen of mainstream economics – and the influence this subversive removal has had upon the modern financial world.
From governments and banks to business and labor, Norbert Häring and Niall Douglas provide a far-reaching survey of the role played by power in economics – a role that too many economists are still determined to ignore.