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Preface vii Introduction 1 Chapter 1: The Great Moderation 5Birth: Calm after the Storms 8 Life: The Great Risk Shift 13 Death: TheDissenters and Their Vindication 19 Reanimation: A Global Crisis or aTransitory Blip? 30 After the Zombies: Rethinking the Experience of theTwentieth Century 31 Further Reading 34 Chapter 2: The EfficientMarkets Hypothesis 35 Birth: From Casino to Calculating Machine 36 Life:Black-Scholes, Bankers, and Bubbles 39 Death: The Crisis of 2008 50Reanimation: Chicago Revives the Dead 64 After the Zombies: The State andthe Market 66 Further Reading 77 Chapter 3: Dynamic Stochastic GeneralEquili brium 79 Birth: From the Phillips Curve to the NAIRU, and Beyond 83Life: Rationality and the Representative Agent 106 Death: How Did EconomistsGet It So Wrong? 110 Reanimation: How Obama Caused the Global FinancialCrisis 121 After the Zombies: Toward a Realistic Macroeconomics 123 FurtherReading 133 Chapter 4: Trickle -down Economics 136 Birth: FromSupply-side Economics to Dynamic Scoring 138 Life: Excuses for Inequality146 Death: The Rich Get Richer and the Poor Go Nowhere 152 Reanimation:Mobility without Movement 167 After the Zombies: Economics, Inequality, andEquity 168 Further Reading 172 Chapter 5: Privati zation 174 Birth: WeAre All Market Liberals Now 178 Life: A Policy in Search of a Rationale 182Death: Puzzles and Failures 187 Reanimation: Dead for Good? 199 After theZombies: The Mixed Economy 200 Further Reading 204 Conclusion: Economicsfor the Twenty -first Century 206 Rethinking the Experience of the TwentiethCentury 206 A New Approach to Risk and Uncertainty 207 What Is Needed inEconomics 210 References 213 Index 229