Filthy Lucre

Filthy Lucre, by University of Toronto philosopher Joseph Heath, aims to make economics more accessible to general readers and to strengthen their grasp of how markets work at a time of sharp swings and deep uncertainty. Heath, who co-wrote The Rebel Sell with Andrew Potter, relies on everyday illustrations rather than dense theory.

The book examines six common economic misconceptions, three associated with conservative thinking and three with progressive thinking. On the right, Heath challenges the idea that capitalism is the natural order of things, the assumption that any tax cut is a good one, and the belief that individual responsibility can fix every social problem. On the left, he argues against the urge to tinker with prices, explains why the pursuit of profit is not inherently a bad thing, and shows why some jobs will remain unpleasant no matter how much wages are improved or reformed.

Heath writes for readers troubled by a political climate in which populist rhetoric and shaky public understanding of economics are shaping policy. He suggests that the current state of economic debate would dismay John Maynard Keynes and John Kenneth Galbraith, and he sets out to question the basic principles of economics and monetary policy across the political spectrum.