Cover image for Myths of the free market
Myths of the free market
Friedman, Kenneth S.
Personal Author:
Publication Information:
New York : Algora Pub., [2003]

Physical Description:
viii, 262 pages : illustrations ; 23 cm

Format :


Call Number
Material Type
Home Location
Item Holds
HB95 .F738 2003 Adult Non-Fiction Non-Fiction Area

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"Myths of the Free Market "is arguably the most significant book in economics and politics since John Maynard Keynes. It systematically presents a broad range of telling criticisms of free market economics, criticisms that have not been presented elsewhere.

Author Notes

Kenneth Friedman, author of the book Predictive Simplicity and more than a dozen articles in both philosophy journals and physics journals, holds an MS in Physics and PhD in Philosophy of Science from MIT; he studied non-linear thermodynamics with Ilya Prigogine in Brussels on an ACLS fellowship. After teaching for 12 years at SUNY at Oswego, where he chaired the department of philosophy, he worked as a securities analyst and money manager, capitalizing on a cyclic view of markets grounded in nonlinear thermodynamics. He is now President of a publicly traded corporation. He has been interviewed in Barron's and on CNBC and quoted in The Wall Street Journal.

Table of Contents

Prefacep. 1
Blind Faithp. 1
Economyp. 9
1. The Poverty of Laissez Faire--The Evidencep. 11
Laissez Faire Has Not Workedp. 11
Early Symptoms of Economic Declinep. 17
2. Laissez Faire--It Can't Possibly Workp. 25
Laissez Faire Cannot Maximize Wealthp. 25
Do We Want What Laissez Faire Promises?p. 29
3. Decline and Disasterp. 37
History: The Effects of Economic Inequalityp. 37
Declinep. 37
Disasterp. 40
Wealth and Taxesp. 48
4. The Spawn of "Laissez Faire"p. 53
Institutional Incubip. 53
Short-Term vs. Long-Term Investment Horizonsp. 54
Credit Overloadp. 56
Mutual Funds and Corporate Managementp. 58
Tradep. 64
Free Trade vs. Mercantilismp. 66
5. Why We Fall for Laissez Fairep. 69
Mythology of Early Laissez Fairep. 69
Laissez Faire and Our Present Interestsp. 75
6. The Virtual Reality of Classical Economicsp. 79
Economics: Theory vs. Realityp. 79
Ebullient Markets--Dangerous Economyp. 93
7. A New Economic Paradigmp. 99
An Alternative Approachp. 99
Nonlinear Thermodynamics and Economicsp. 105
Appendixp. 115
Nonlinear Economicsp. 115
Polityp. 121
Values, Science, Reasonp. 123
1. Humanismp. 129
The Propriety of Humanismp. 129
"Strict Constructionist" as a Labelp. 133
The Focus of Humanismp. 136
Individuals vs. Classesp. 141
2. Humanism and Governmentp. 151
A Humanistic Rationale for Governmentp. 151
Curbing Excessive Powerp. 158
3. Rejecting Liberalismp. 169
Freedom, Rights, and Libertarianismp. 171
Libertarianism and the Relativity of Valuesp. 177
4. Democracyp. 185
Do We (Should We) Have a Democracy?p. 185
Do We?p. 185
Should We?p. 194
Democracy vs. Laissez Fairep. 199
Is Local Government the Answer?p. 202
5. Prerequisities to Functional Democracyp. 207
Masses vs. Elitesp. 207
6. The Critical Role of Educationp. 217
Ultimate R&D: Educationp. 217
Education and the Foundations of Democracyp. 229
Finality?p. 235
Denouementp. 237
The Free Market vs. The Environmentp. 237
Referencesp. 249
Index of Namesp. 255
Index of Termsp. 259
Index of US Corporationsp. 263