This book began as a bare glimmer of an idea back in 2010, when Simon Johnson and I were deciding what to do after writing 13 Bankers. We chose instead to write White House Burning, a book about the politics and economics of deficits and the national debt—an issue unfortunately highlighted by the debt ceiling crises of 2011 and 2013. During the intervening years, however, I only became more distressed by the way that stylized economic lessons, typically drawn from the first chapters of an introductory textbook, are commonly held up as irrefutable descriptions of the real world—and more convinced that a book like this one needed to be written.
Because this is my first book without the safety net of a co-author, I have been fortunate to work with much of the old team from 13 Bankers and White House Burning. Simon and I discussed various incarnations of the central idea over the years, and he provided advice and encouragement throughout the process. Rafe Sagalyn, my agent, once again provided invaluable suggestions on how to frame my various thoughts into a coherent book project. Erroll McDonald, my editor, helped me clarify some of the key conceptual issues raised by economism and oversaw the transformation of ideas into a finished book. Many people at Knopf Doubleday played important roles in that process, including Kristen Bearse, Catherine Courtade, Janet Hansen, Altie Karper, Lisa Montebello, and Nicholas Thomson.
I could not have written this book without drawing on the work of hundreds of scholars and journalists who have come before me, many of whom are acknowledged in the text or the endnotes. I have also discussed this book and the topics in it with more people than I can remember. Some of the people who provided helpful suggestions or encouragement, particularly as the overall argument was taking shape, included Jill Anderson, Anne Dailey, Seth Ditchik, Kaaryn Gustafson, Alexandra Lahav, John Mahaney, Niki Papadopoulos, and Holger Spamann. I am particularly indebted to the friends who read whole chapters (or the entire manuscript) and provided valuable feedback: Michael Ash, Simon Johnson, Nosup Kwak, Frank Pasquale, Peter Siegelman, Jennifer Taub, and Stephen Utz. For research help, I am grateful to Hilary McClellen and to the staff of the Thomas J. Meskill Law Library at the University of Connecticut School of Law, particularly Anne Rajotte and the research assistants Bryan Bowyer, Carolyn Child, and Thomas Eisenmann. Rachael Brown and Hilary McClellen painstakingly checked virtually all of the facts in the book, and Hilary assisted with proofreading as well. I’ve always considered myself a pretty good writer, but Laura Femino helped make everything better.
The University of Connecticut School of Law provided financial support (which Donna Gionfriddo helped me access). Dean Timothy Fisher also allowed me to take one semester of unpaid leave to work on this book.
Closer to home, I would never have been in a position to write this book without the upbringing and education I received from my parents, Nosup and Inkyung Kwak, and the friendship and support of my sister, Mary Kwak. Ed and Faydine Brandt, Adele Dowell, Melisa Fosberg, and Will Stamell all helped me find the time to escape up to the attic and write. My children, Willow and Henry, have been a constant inspiration and a reminder of why ideas matter. My wife, Sylvia Brandt, has supported and encouraged me through two decades, four careers, and now three books. I can never thank her enough.