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Paul Krugman's book "Arguing with Zombies: Economics, Politics, and the Fight for a Better Future" challenges existing paradigms in economics by debunking what he calls "zombie ideas". These are ideas that, despite being disproven by evidence, continue to influence economic policy and public opinion. For example, he discusses the economics of social security and critiques privatized systems, arguing that they lead to higher fees and increased risks, while still necessitating government spending to prevent poverty among the elderly. Thus, he challenges the paradigm that privatization is always more efficient and beneficial.
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The economics of social security is not too complicated: over 99% of social security's revenues go toward benefits and less than 1% for overhead. In countries with privatized systems, the fees are far higher. In Britain, alarm over large fees charged by investment companies led to government regulators imposing a "charge cap." A system with British-level management fees will reduce net returns by over a quarter while increasing risks. Worse, in countries with privatized systems like Britain and Chile, government spending is still necessary to avoid widespread poverty among the elderly.
Asked on the following book summary:
“Zombie ideas” simply refuse to die despite mountains of evidence to disprove them. How do you fight them? Paul Krugman, Nobel Prize winner in Economi...
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