This insightful book looks at how mainstream economics' quest for scientific certainty has led to a narrowing of vision and a convergence on an orthodoxy that is unhealthy for the field, not to mention the societies which base policy decisions on the advice of flawed economic models. Noted economic thinker Robert Skidelsky explains the circumstances that have brought about this constriction and proposes an approach to economics which includes philosophy, history, sociology, and politics.
Skidelsky's clearly written and compelling critique takes aim at the way that economics is taught in today's universities, where a focus on modelling leaves students ill-equipped to grapple with what is important and true about human life. He argues for a return to the ideal set out by John Maynard Keynes that the economist must be a "mathematician, historian, statesman, [and] philosopher" in equal measure.
Michael Thrower is an economist.
The best intro to critiques of mainstream Econ out there, overview includes: methodological individualism, uncertainty and equalibrium modelling. Great for the Econ student wondering why the heterodox are so critical
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"trenchant and highly readable synthesis of material not often brought together in one place. It should be required reading for anyone new to the field, students and general readers alike."--@BostonReview on Robert Skidelsky's What’s Wrong with Economics? https://t.co/TPsVmQ6vMT
Someone With a Better Idea (SWABI), Lynn Ellsworth, economist, founded Friends of Duane Park, Tribeca Trust, Humanscale NYC, Empire Station Coalition.Views mine
Neo-classical econ has been validly criticized and attacked from within and without since - well forever, Still, am enjoying Robert Skidelsky's more recent "What's Wrong With Economics?" book today. Dear non-econs: fancy math does not makes anything "science". https://t.co/cghhhG9qoY
"This impassioned critique aims to show how economic laws have limited scope compared with the laws in natural science. To be effective, Skidelsky argues, economics must include institutions and their power, and move towards social sciences such as politics and sociology."--Andrew Robinson, Nature
"[T]his book is a staple for trying to quench curiosity and a great bridge from a bachelor's in standard economics to economic methodology and the philosophy of economics."--Ella Needler and Maria JoĂŁo Pimenta, Erasmus Journal for Philosophy and Economics
"Trenchant and highly readable. . . . Should be required reading for anyone new to the field, students and general readers alike."--Simon Torracinta, Boston Review
"Robert Skidelsky has written the book that anyone who wants to learn economics--and anyone who thinks that they know economics--should read."--Meghnad Desai, author of Hubris: Why Economists Failed to Predict the Crisis and How to Avoid the Next One
"This is a cogent and highly readable exposure of economics as a discourse, often free from the constraints of history and politics, and therefore free to inhabit an imaginary world underpinned by the seductive verities of logic and mathematics. It also helps to explain why 2008 took the whole world by surprise."--Gareth Stedman Jones, author of An End to Poverty?
"Skidelsky gives a wonderfully readable, compelling and compassionate account of where economics goes wrong. This is an urgent message for all sides to hear."--Nancy Cartwright, professor of philosophy, Durham University