In a previous post of the same title, I promised to write a review of the book The Economics Anti-Textbook by Rod Hill and Tony Myatt, and I can herewith unambiguously state, that I may perhaps do that -- provided I'll ever get to it. The problem is that in the meantime I bought and read Zombie Economics by John Quiggin, and I must say that this is essential reading for anyone who wants to be taken seriously in economics debates. Indeed so much so, that I reserve the right to ignore anything anyone says who has not read it.
Zombie Economics deals with economic models and theories that found a horrible death as a result of the financial crisis, but that still walk among us like those rotting and stinking corpses familiar from dingy zombie movies. Prof. John Quiggin does a great job in systematically debunking the theories that brought about the financial crisis, by first explaining the theory, then showing how it contributed to the crisis, how and why it died, and finally how it crawled from the grave as a zombie to wreak further havoc on an economy still struggling from the crisis.