Tempered with Reality: Economics in Theory and Practice

Tempered with Reality: Economics in Theory and Practice analyzes several economic theories and measures each against reality to determine whether or not these theories actually work in the real world. The book explains what economics is truly all about: how it works, how it is flawed, and what the future may hold for economies around the world. It examines how the theories that work in perfect equilibrium in the classroom may no longer apply to an increasingly complex business and economic environment. The seven chapters of the book address familiar topics such as free markets, unemployment, inflation, fiscal and monetary policy, and the International Monetary Fund. However, the text explores these topics from a very modern perspective and includes pressing, real-world issues such as:

-Mega-banks and Their Impact on Main Street
-The Way Derivatives Swarmed Banking Balance Sheets
-How Governments throughout the “Free World” guaranteed private profits for banks, but socialized losses
-Outsourcing
-Massive Sovereign Debt

Tempered with Reality can be used in Economics and International Economics courses. The accessible style of the writing makes the book appropriate not only for students and academics, but for any reader interested in learning about the important consequences of economic theory run amok.

Anthony O'Malley earned his degree in Business at University College, Dublin, Ireland, and his M.A. at Baruch College, CUNY. Currently he teaches in the Marketing and International Business Department at Baruch College. Professor O'Malley previously worked as an options trader for a major Irish bank. He has written and published numerous books, including The Federal Reserve Bank, Treasury, Income Taxes, and Debt: Connecting the Dots.