Filthy Lucre: Economics for People Who Hate Capitalism

Philosopher Joseph Heath examines common economic misconceptions in this 2009 book, systematically addressing twelve widespread fallacies about capitalism and markets. The work alternates between analyzing myths popular with the political left and right, creating a balanced critique of economic misunderstandings across the ideological spectrum. The text dissects fundamental economic concepts including competition, trade specialization, and market efficiency. Heath evaluates specific practices like price gouging, outsourcing, and free trade, while examining the appropriate role of government intervention in different types of markets. This book emerged during a surge of economic literature published after the 2008 global financial crisis. Released in the United States under the title "Economics without Illusions: Debunking the Myths of Modern Capitalism," it joins the broader discourse on market economies and their regulation. The work serves as both a defense and critique of capitalism, challenging ideological assumptions on all sides while promoting a more nuanced understanding of economic principles and their real-world applications.

Readers describe this book as a balanced examination of economic concepts that challenges both left-wing and right-wing misconceptions about capitalism. Many note that Heath takes a moderate position while debunking common fallacies. Liked: - Clear explanations of complex economic ideas - Balanced critique of both socialist and free-market extremes - Use of real-world examples and case studies - Academic rigor while remaining accessible Disliked: - Some readers found the tone condescending - Canadian-focused examples not relevant for international readers - Later chapters become more technical and dense - A few readers felt it didn't go deep enough into alternatives to capitalism Ratings: Goodreads: 4.0/5 (361 ratings) Amazon: 4.3/5 (28 ratings) Notable reader quote: "Finally, an economics book that doesn't try to convert you to either extreme but instead explains how things actually work" - Goodreads reviewer

23 Things They Don't Tell You About Capitalism by Ha-Joon Chang Takes a myth-busting approach to examining free market economics while presenting alternative perspectives on how capitalism functions in practice.

The Price of Everything by Russell Roberts Uses narrative storytelling to explain complex economic concepts and market mechanisms through discussions between a student and professor.

The Undercover Economist by Tim Harford Breaks down everyday economic phenomena by examining real-world scenarios from coffee shops to supermarket pricing strategies.

Economics: The User's Guide by Ha-Joon Chang Presents economic concepts through historical context and explains various economic schools of thought without technical jargon.

Naked Economics by Charles Wheelan Strips economics to its core principles through practical examples and explanations of market forces in daily life.

🔹 Joseph Heath is a professor of philosophy at the University of Toronto and has written several other acclaimed books on economics and social issues, including "The Rebel Sell" and "Enlightenment 2.0" 🔹 The book's original Canadian title was "Economics Without Illusions: Debunking the Myths of Modern Capitalism" before being republished as "Filthy Lucre" in other markets 🔹 The 2008 financial crisis, which helped inspire this book, resulted in approximately $2 trillion in lost real estate wealth and $7 trillion in lost stock wealth in the United States alone 🔹 The term "filthy lucre" appears in the King James Bible (Titus 1:11) and has been used since the 16th century to describe money obtained dishonestly or at the cost of one's principles 🔹 The book's balanced approach reflects a growing trend in economic literature known as "Third Way" thinking, which seeks to combine elements of both free-market capitalism and government intervention