The Assumptions Economists Make
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The Assumptions Economists Make
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Author : Jonathan Schlefer
language : en
Publisher: Harvard University Press
Release Date : 2012-03-20
The Assumptions Economists Make written by Jonathan Schlefer and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-20 with Business & Economics categories.
Economists make confident assertions in op-ed columns and on cable news—so why are their explanations often at odds with equally confident assertions from other economists? And why are all economic predictions so rarely borne out? Harnessing his frustration with these contradictions, Jonathan Schlefer set out to investigate how economists arrive at their opinions. “A lucid, plain-spoken account of the major economic models, which [Schlefer] introduces in chronological order, creating a kind of intellectual history of macroeconomics. He explains what the models assume, what they actually demonstrate—and where they fall short.” —Binyamin Applebaum, New York Times blog “Fascinating...[Schlefer’s] book is a tough critique of economics, but a deeply informed and sympathetic one.” —Justin Fox, Harvard Business Review blog “This book is an impressive and informative analysis of the economics literature—and it presents some useful insights about how a more eclectic, catholic approach might allow economics to progress more convincingly into the future.” —Michelle Baddeley, Times Higher Education “The Assumptions Economists make [is] a knowledgeable...broadside against neoclassical economics...Schlefer’s gripes concern model-building run amok...His criticisms of these models are original and sophisticated.” —Christopher Caldwell, Literary Review
What Went Wrong With Economics
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Author : Michael Reiss
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2011-07-13
What Went Wrong With Economics written by Michael Reiss and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-13 with Economics categories.
In April 2007, a report produced by the International Monetary Fund concluded that the world economy was in great shape only for the biggest economic crisis since the Great Depression to hit just months later. How could economists have got it so wrong? When engineers try to understand complex systems, they are forced to make simplifying assumptions. Sadly if these are flawed, no amount of mathematical wizardry will repair the damage. This book examines the possibility that the problem with economics stems from flawed assumptions. It appears that mainstream economics set off on the wrong foot.This book uncovers many such flaws and shows how the resulting bad economic theories have devastating consequences.Dr Michael Reiss shows how, with more realistic assumptions, economics, and our economic system, can be rescued.
The Assumptions Economists Make
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Author : Jonathan Schlefer
language : en
Publisher: Harvard University Press
Release Date : 2012-04-04
The Assumptions Economists Make written by Jonathan Schlefer and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-04-04 with Biography & Autobiography categories.
Economists make confident assertions in op-ed columns and on cable news—so why are their explanations at odds with equally confident assertions from other economists? And why are all economic predictions so rarely borne out? Harnessing his frustration with this contradiction, Schlefer set out to investigate how economists arrive at their opinions.
Economics Rules
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Author : Dani Rodrik
language : en
Publisher: OUP Oxford
Release Date : 2015-10-08
Economics Rules written by Dani Rodrik and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-08 with Business & Economics categories.
The economics profession has become a favourite punching bag in the aftermath of the global financial crisis. Economists are widely reviled and their influence derided by the general public. Yet their services have never been in greater demand. To unravel the paradox, we need to understand both the strengths and weaknesses of economics. Dani Rodrik argues that the multiplicity of theoretical frameworks - what economists call 'models' that exist side by side is economics' great strength. Economists are trained to hold diverse, possibly contradictory models of the world in their minds. This is what allows them, when they do their job right, to comprehend the world, make useful suggestions for improving it, and to advance their stock of knowledge over time. In short, it is what makes economics a 'science' a different kind of science from physics or some other natural sciences, but a science nonetheless. But syncretism is not a comfortable state of mind, and economists often jettison it for misplaced confidence and arrogance, especially when they confront questions of public policy. Economists are prone to fads and fashions, and behave too often as if their discipline is about the search for the model that works always and everywhere, rather than a portfolio of models. Their training lets them down when it comes to navigating among diverse models and figuring out which one applies where. Ideology and political preferences frequently substitute for analysis in choosing among models. So the book offers both a defence and critique of economics. Economists' way of thinking about social phenomena has great advantages. But the flexible, contextual nature of economics is also its Achilles' heel in the hands of clumsy practitioners.
Capitalism S Toxic Assumptions
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Author : Eve Poole
language : en
Publisher: Bloomsbury Publishing
Release Date : 2015-03-12
Capitalism S Toxic Assumptions written by Eve Poole and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-03-12 with Business & Economics categories.
In Science, no-one believes the earth is flat any more. Economists, on the other hand, haven't budged from their original worldview. Market Capitalism depends on seven big ideas: competition, the 'invisible hand', utility, agency theory, pricing, shareholder value, and limited liability. These served the world well in the past, but over the years they have become cancerous, and are slowly killing the system as a whole. Eve Poole argues that if you zoom in on any of these firm foundations, they start to blur and wobble. Here she offers alternative views for a healthier system. And looking at them together, it becomes clear why we're so stuck. The capitalist system masquerades as a machine programmed by experts, with only Economists and Governments qualified to tinker with it. But the market is just a mass of messages about supply and demand. The rich world shapes the market in its image, because it has more 'votes'. So if we want to change the way things are, we don't need to wait for the experts, we can start now. In each chapter, Poole shows how quiet action by consumers, investors, employees and employers can make big changes, by shifting behaviours and adjusting the way financial 'votes' are cast in the market.
Economics Gone Astray
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Author : Bluford H Putnam
language : en
Publisher: World Scientific
Release Date : 2019-01-04
Economics Gone Astray written by Bluford H Putnam and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-01-04 with Business & Economics categories.
'It is written in clear English, without equations, and with plenty of charts to ground one’s understanding in the real world … The authors make a compelling case that economists need to take their simplifying assumptions more seriously, to embrace statistical techniques that can track dynamic markets with time-varying parameters, and to always be aware of the importance of shifts in the underlying context.'Global Commodities Applied Research DigestEconomics Gone Astray is a collection of essays on critical topics in macroeconomics that frame the issues in terms of clearly stated assumptions, highlighting the errors often made by professional economists, and allowing readers to better analyze market behavior and the economic consequences of policy decisions.The book differs from textbook economics, as it tackles sophisticated topics without using mathematics or technical jargon. This makes the book highly accessible to all types of readers, from investors and investment professionals, to professors and their students.The book's style integrates a large quantity of clearly drawn charts which help anchor the readers' perceptions of the topics being examined, from inflation to taxes, to demographics.
A Scheme Of Economic Theory
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Author : George Lennox Sharman Shackle
language : en
Publisher: CUP Archive
Release Date : 1965
A Scheme Of Economic Theory written by George Lennox Sharman Shackle and has been published by CUP Archive this book supported file pdf, txt, epub, kindle and other format this book has been release on 1965 with Business & Economics categories.
By their nature and purpose different economic theories make almost opposite assumptions and use entirely different conceptions or aspects of time. These contrasting assumptions, which occur frequently, are essential to the nature of the various theories and cannot therefore be combined into a general theory. Coherence can only be obtained by an explicit scheme in which these theories are ordered to each other. In this book Professor Shackle seeks a single, unified and coherent basis which would serve for all economic theories, particularly in regard to their treatment of time and to the possibility of acquiring the knowledge on which these theories are based. Professor Shackle's examination of these theories and models will be of interest to economists attempting to find coherence in the diversity of economic theory
The Methodology Of Economic Model Building Routledge Revivals
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Author : Lawrence A. Boland
language : en
Publisher: Routledge
Release Date : 2014-05-01
The Methodology Of Economic Model Building Routledge Revivals written by Lawrence A. Boland and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-01 with Business & Economics categories.
The major methodological task for modern economists has been to establish the testability of models. Too often, however, methodological assumptions can make a model virtually impossible to test even under ideal conditions, yet few theorists have examined the requirements and problems of assuring testability in economics. In The Methodology of Economic Model Building, first published in 1989, Lawrence Boland presents the results of a research project that spanned more than twenty years. He examines how economists have applied the philosophy of Karl Popper, relating methodological debates about falsifiability to wider discussions about the truth status of models in natural and social sciences. He concludes that model building in economics reflects more the methodological prescriptions of the economist Paul Samuelson than Popper’s ‘falsificationism’. This title will prove invaluable to both students and researchers, and represents a substantial contribution to debates about the scientific status of economics.
Is Behavioral Economics Doomed
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Author : David K. Levine
language : en
Publisher: Open Book Publishers
Release Date : 2012
Is Behavioral Economics Doomed written by David K. Levine and has been published by Open Book Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.
Understanding Economic Forecasts
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Author : David F. Hendry
language : en
Publisher: MIT Press
Release Date : 2003
Understanding Economic Forecasts written by David F. Hendry and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
How to interpret and evaluate economic forecasts and the uncertainties inherent in them.