What S Wrong With Economics

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A Guide To What S Wrong With Economics

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Author : Edward Fullbrook
language : en
Publisher: Anthem Press
Release Date : 2004

A Guide To What S Wrong With Economics written by Edward Fullbrook and has been published by Anthem Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.

During a time of accelerating momentum for radical change in the study of economics, 'A Guide to What's Wrong with Economics' comprehensively re-examines the shortcomings of neoclassical economics and considers a number of alternative formulations.

Where Economics Went Wrong

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Author : David Colander
language : en
Publisher: Princeton University Press
Release Date : 2018-11-27

Where Economics Went Wrong written by David Colander and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-27 with Business & Economics categories.

How modern economics abandoned classical liberalism and lost its way Milton Friedman once predicted that advances in scientific economics would resolve debates about whether raising the minimum wage is good policy. Decades later, Friedman’s prediction has not come true. In Where Economics Went Wrong, David Colander and Craig Freedman argue that it never will. Why? Because economic policy, when done correctly, is an art and a craft. It is not, and cannot be, a science. The authors explain why classical liberal economists understood this essential difference, why modern economists abandoned it, and why now is the time for the profession to return to its classical liberal roots. Carefully distinguishing policy from science and theory, classical liberal economists emphasized values and context, treating economic policy analysis as a moral science where a dialogue of sensibilities and judgments allowed for the same scientific basis to arrive at a variety of policy recommendations. Using the University of Chicago—one of the last bastions of classical liberal economics—as a case study, Colander and Freedman examine how both the MIT and Chicago variants of modern economics eschewed classical liberalism in their attempt to make economic policy analysis a science. By examining the way in which the discipline managed to lose its bearings, the authors delve into such issues as the development of welfare economics in relation to economic science, alternative voices within the Chicago School, and exactly how Friedman got it wrong. Contending that the division between science and prescription needs to be restored, Where Economics Went Wrong makes the case for a more nuanced and self-aware policy analysis by economists.

Economyths

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Author : David Orrell
language : en
Publisher: Icon Books
Release Date : 2017-07-06

Economyths written by David Orrell and has been published by Icon Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-06 with Political Science categories.

When Economyths was first published in 2010, David Orrell showed how mainstream economics is based on key myths such as fair competition, rational behaviour, stability and eternal growth – and how these myths lead paradoxically to their opposites: inequality, an irrational economy, financial instability and a collision with nature's limits. Since then, we've had Occupy, political upheaval, flash crashes in financial markets, the warmest few years in recorded history – and a growing chorus demanding fundamental reform. So how has economics responded? In this revised and expanded edition, Orrell shows how the ten myths still dominate economics. He reveals their roots in thought that goes back to the ancient Greeks, making them hard to dislodge. And he uncovers, demolishes and develops an alternative to the greatest economyth of all – the one that will lead to the collapse of orthodox economics.

Cogs And Monsters

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Author : Diane Coyle
language : en
Publisher: Princeton University Press
Release Date : 2023-04-11

Cogs And Monsters written by Diane Coyle and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04-11 with Business & Economics categories.

How economics needs to change to keep pace with the twenty-first century and the digital economy Digital technology, big data, big tech, machine learning, and AI are revolutionizing both the tools of economics and the phenomena it seeks to measure, understand, and shape. In Cogs and Monsters, Diane Coyle explores the enormous problems—but also opportunities—facing economics today and examines what it must do to help policymakers solve the world’s crises, from pandemic recovery and inequality to slow growth and the climate emergency. Mainstream economics, Coyle says, still assumes people are “cogs”—self-interested, calculating, independent agents interacting in defined contexts. But the digital economy is much more characterized by “monsters”—untethered, snowballing, and socially influenced unknowns. What is worse, by treating people as cogs, economics is creating its own monsters, leaving itself without the tools to understand the new problems it faces. In response, Coyle asks whether economic individualism is still valid in the digital economy, whether we need to measure growth and progress in new ways, and whether economics can ever be objective, since it influences what it analyzes. Just as important, the discipline needs to correct its striking lack of diversity and inclusion if it is to be able to offer new solutions to new problems. Filled with original insights, Cogs and Monsters offers a road map for how economics can adapt to the rewiring of society, including by digital technologies, and realize its potential to play a hugely positive role in the twenty-first century.

What Is Wrong With Islamic Economics

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Author : Muhammad Akram Khan
language : en
Publisher: Edward Elgar Publishing
Release Date : 2013-01-01

What Is Wrong With Islamic Economics written by Muhammad Akram Khan and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-01 with Business & Economics categories.

ÔI read with great interest the current state of Islamic economics and finance as examined by Muhammad Akram Khan, who has given a fresh outlook for the readers to find out its limitations and to search for its solutions. Khan has read widely in the subject matter, and presented his views with reference to literature and thoughtful and logical arguments. While many may not agree with his arguments or will have a better explanation, I find his arguments at least worthy of examination to strengthen the arguments of those who might oppose him. Although Khan is critical of the subject matter, he is very sympathetic to the greater objectives of Islamic economics and provides his own prescriptions to achieve those objectives.Õ Ð M. Kabir Hassan, University of New Orleans, US ÔThis is a very thought provoking book coming at a crucial stage in the development of Islamic economics and finance. Although the reader may not agree with some of the conclusions reached, it is clearly a scholarly and extensively researched piece of work; it should be read by all serious students of the subject area. Amongst other things, it throws light on the reasons why the practical implementation of Islamic economics and finance, particularly in relation to the financial system and financial institutions, has not always conformed to the true theoretical foundations laid down by Islamic scholars.Õ Ð John Presley, Loughborough University, UK and recipient of Islamic Development Bank Prize in Islamic Finance, 2001Ð2002 ÔÒIslamic economic system is a type of capitalism with a spiritual dimensionÓ is a major conclusion of this book. I applaud this insight of Muhammad Akram Khan. The same can be perhaps said of Islamic finance, which, in its hurry to build viable and efficient financial institutions, has ignored the very same need to start with profits-and-risk-sharing principle and no-riba principles to build pricing models to anchor the new sub-discpline. The good news is that, in the course of time to come, AkramÕs advocacy may be realised since such serious works have already begun.Õ Ð Mohamed Ariff, University Putra Malaysia and Bond University, Australia ÔAlthough there are many books on Islamic economics, this critical, but sympathetic, account by Muhammad Akram Khan is worthy of attention. The author has clearly read widely on the subject and appreciates the limitations of much that he has read. Islamic economics is a work in progress and by focusing on its shortcomings, Khan challenges the assumptions of many working in the field. His discussion of methodology is insightful, and even the prohibition of riba, for many the defining characteristic of Islamic finance, is examined from a fresh perspective. While many will not agree with the analysis and the conclusions, even critics should be able to appreciate the strengths of the arguments made. In summary this is a worthwhile, and in many respects an innovative, survey of the state of Islamic economics and finance. It deserves to be widely read.Õ Ð Rodney Wilson, Durham University, UK What is Wrong with Islamic Economics? takes an objective look at the state of the art in Islamic economics and finance. It analyses reasons for perceived stagnation and also suggests a way forward. As well as probing various myths, the book presents several innovative ideas and a methodology for developing the subject on new foundations. It also highlights weaknesses in the conventional position on prohibition of interest, which has led Islamic banks devise a series of legal tricks. The author notes how the original aim of devising a new brand of banking has become less prominent whilst Islamic banks now position themselves more closely to conventional banks. The book also offers insights into how certain traditional thinking has seemingly ignored the egalitarian spirit of the law of zakah and created a scenario where zakah is not able to help the billions of poor people around the globe. This detailed book will appeal to students, professors, researchers, Islamic banks and finance houses, consulting companies, accounting firms, and regulatory bodies. Professional economists, libraries in research and training organizations, as well as anyone with a general interest in the topic will find much to interest them.

Economics As A Science Of Human Behaviour

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Author : Bruno S. Frey
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-12-01

Economics As A Science Of Human Behaviour written by Bruno S. Frey and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-01 with Business & Economics categories.

This book champions the view that economics is a social science, and that, moreover, it may serve as a new paradigm for the social sciences. Economics is taken to be part of those sciences which deal with actual problems of society by providing insights, improving our understanding and suggesting solutions. I am aware that the way problems are addressed here has little in common with economics as it is generally understood today; most economists make strong efforts to imitate the exact sciences. Economics tends to become a branch of applied mathematics; the majority of all publications in professional journals and books are full of axioms, lemmas and proofs, and they are much concerned with purely formal deductions. Often, when the results are translated into verbal language, or when they are applied empirically, disappointingly little of interest remains. The book wants to show that another type of economics exists which is surprisingly little known. This type of economics has its own particular point of view. It centres on a concept of man, or a model of human behaviour, which differs from those normally used in other social sciences such as sociology, political science, law, or psychology. I do not, however, claim that economics is the only legitimate social science. On the contrary, economics can provide useful insights only in collaboration with the other social Vll Vlll PREFACE sciences-an aspect which has been disregarded by mathematically oriented economics.

Who Runs The Economy

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Author : Robert Skidelsky
language : en
Publisher: Springer
Release Date : 2016-08-30

Who Runs The Economy written by Robert Skidelsky and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-30 with Business & Economics categories.

Since the financial crisis of 2008 and the following Great Recession, there has been surprisingly little change in the systems of ideas, institutions and policies which preceded the crash and helped bring it about. 'Mainstream' economics carries on much as it did before. Despite much discussion of what went wrong, very little has substantially changed. Perhaps the answer has something to do with power; a subject on which economics is unusually quiet. Whilst economics may be able to discuss bargaining power and market power, it fails to explore the reciprocal connections between economic ideas and politics: the political power of economic ideas on the one side, and the influence of power structures on economic thought on the other. This book explores how the supposedly neutral discipline of economics does not simply describe human behaviour, but in fact shapes it.

What S The Use Of Economics

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Author : Diane Coyle
language : en
Publisher: London School of Economics and Political Science
Release Date : 2012

What S The Use Of Economics written by Diane Coyle and has been published by London School of Economics and Political Science this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Economics categories.

The gap between important real-word problems and the workhorse mathematical model-based economics being taught to students has become a chasm. This book examines what economists need to bring to their jobs, and the way in which economics education in universities could be improved to fit them better for the real world.

What S Wrong With Economics

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Author : Benjamin N. Ward
language : en
Publisher:
Release Date : 1972

What S Wrong With Economics written by Benjamin N. Ward and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1972 with categories.

What S Wrong With Economics

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Author : Robert Skidelsky
language : en
Publisher: Yale University Press
Release Date : 2020-04-28

What S Wrong With Economics written by Robert Skidelsky and has been published by Yale University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-28 with Business & Economics categories.

A passionate and informed critique of mainstream economics from one of the leading economic thinkers of our time 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.