What is the score card for economics at the start of the new millennium? While there are many different schools of economic thought, it is the neo-classical school, with its alleged understanding and simplistic advocacy of the market, that has become equated in the public mind with economics. This book shows that virtually every aspect of conventional neo-classical economics' thinking is intellectually unsound. Steve Keen draws on an impressive array of advanced critical thinking. He constitutes a profound critique of the principle concepts, theories, and methodologies of the mainstream discipline. Keen raises grave doubts about economics' pretensions to established scientific status and its reliability as a guide to understanding the real world of economic life and its policy-making.
|Product dimensions:||9.33(w) x 9.03(h) x 0.77(d)|
About the Author
Steve Keen is Senior Lecturer in Economics and Finance, University of Western Sydney.
Table of Contents
|List of figures||vi|
|List of tables||vii|
|1||No more Mr Nice Guy||1|
|2||The calculus of hedonism||23|
|3||The price of everything and the value of nothing||54|
|4||Size does matter||85|
|5||To each according to his contribution||110|
|6||The holy war over capital||129|
|7||There is madness in their method||148|
|8||Let's do the Time Warp again||165|
|9||The sum of the parts||188|
|10||The price is not right||214|
|11||Finance and economic breakdown||243|
|12||Don't shoot me, I'm only the piano||258|
|13||Nothing to lose but their minds||269|
|14||There are alternatives||300|
Most Helpful Customer Reviews
Debunking Economics: The Naked Emperor of the Social Sciences based on 0 ratings. 2 reviews.
For people, like me, who had almost given up entirely on the academic field of Economics because of ridiculous theories and poor teaching, there is fortunately still Steve Keen. In this book, the Australian Keen shows the errors of the standard views of neoclassical (orthodox) economics. Not just some side aspects of the theory, but the actual core views of economics as it is taught in universities everywhere unravels before your eyes. Keen masterfully applies both economic models and historical analysis to show that orthodox economists not only do not know what theories exist in their own field, but they also have no inkling of the history of economics and what this means for their approach. This, combined with a possibly even poorer understanding of the philosophy of science (Keen uses Milton Friedman as the main example, but more could have been named), leads to a series of ridiculous assumptions and even more ridiculous results. That the economists consistently ignore the way industrial managers and market analysts etc. do NOT apply their pet theories is just the icing on the cake. The book is heavy reading for those with no knowledge of economics or maths, but certainly not impossible. A basic understanding of economics and mathematics as taught at high school level (at least in The Netherlands) goes a long way, and Keen fortunately writes well and attempts to avoid long mathematical proofs as much as possible. The only downside to the book is that his treatment of alternative theories, especially the quite closely linked Austrian school of economics, is very short and vague. This leads to the impression that Keen knows what's wrong with neoclassics, but not what is to be done instead. His critique of Marxist political economics is also very weak, especially considering how little interest he pays to it. Therefore, start by reading this book, but don't end there.
`Debunking Economics may not delight economic conservatives, but it is certainly necessary. Our hope must be that it will be read by enough people to prompt reform of our economic thinking and save our endangered societies¿ - James Cumes, author of `How to Become a Millionaire without really working¿, and other books`Particularly useful to those, like myself, who are interested in economics but not formally trained in it. Debunking Economics reveals that neoclassical economic doctrines are faulty... because the fundamental assumptions from which such doctrines have been derived are less than self-evident¿ - Henry C.K. Liu, Chairman, Liu Investment Group`If you are interested in how the economy really works (and want to challenge an economist) then read this book¿ - James Dick, Professional Members Division, The Economic Society of Australia `Keen¿s serious but accessible look at the shaky logical and mathematical foundations of neoclassical economics will be of great interest to students and open-minded economists alike. And his insightful survey of alternative schools of thought lends substance to his call for a new economics.¿ - Don Goldstein, Associate Professor of Economics, Allegheny College`A wide-ranging yet accessible critique of the staples of neoclassical pedagogy¿ - Alan G. Isaac, Associate Professor of Economics, American University`This text carefully follows the form of argument familiar to all economics undergraduates, through to conclusions from which under-graduates are more usually protected. Avoiding polemic or hyperbole, the case that he presents is all the more damning for its clarity and systematic approach¿ - John M. Legge, Associate Professor, LaTrobe University`Debunking Economics... will transform the way economics is taught and thought¿ - Jan Otto Andersson, Professor of Economics, Åbo Akademi University, Finland`Professional economists include their own best critics. Steve Keen is one of the very best... translating the algebra into plain language, he deploys a devastating theoretical attack on neoclassical theory¿ - Hugh Stretton, Fellow of the Academies of the Humanities and Social Sciences, and author of `Economics: A New Introduction¿`Refreshingly provocative¿ - Geoffrey Fishburn, Department of Economics, University of New South Wales