How markets fail: the logic of economic calamities

Warnings ignored and the conventional wisdom

Adam Smith's invisible hand

Friedrich Hayek's telecommunications system

The perfect markets of Lausanne

The mathematics of bliss

The evangelist

The coin-tossing view of finance

The triumph of utopian economics

The prof and the polar bears

A taxonomy of failure

The prisoner's dilemma and rational irrationality

Hidden information and the market for lemons

Keynes's beauty contest

The rational herd

Psychology returns to economics

Hyman Minsky and Ponzi finance

Greenspan shrugs

The lure of real estate

The subprime chain

In the alphabet soup

A matter of incentives

London Bridge is falling down

Socialism in our time.