Error In Economics

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Error in Economics

Author : Julian Reiss
Publisher : Routledge
ISBN 13 : 1317496825
Total Pages : 272 pages
Book Rating : 4.3/5 (174 download)

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Book Synopsis Error in Economics by : Julian Reiss

Download or read book Error in Economics written by Julian Reiss and published by Routledge. This book was released on 2016-02-04 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the correct concept behind measures of inflation? Does money cause business activity or is it the other way around? Shall we stimulate growth by raising aggregate demand or rather by lowering taxes and thereby providing incentives to produce? Policy-relevant questions such as these are of immediate and obvious importance to the welfare of societies. The standard approach in dealing with them is to build a model, based on economic theory, answer the question for the model world and then apply the results to economic phenomena outside. Data come in, if at all, only in testing a limited number of the model's consequences. Despite some critical voices, economic methodology too has by and large subscribed to a "theory first" approach to applied economics. Error in Economics systematically develops an alternative to the theory-based orthodoxy. It places the methodical study of evidence at the centre of the scientific enterprise and thus provides a foundation for a methodology of evidence-based economics. But the book does not stop at the truism that claims should be based on the best available evidence. Rather, detailed studies in the areas of measurement, causal inference and policy analysis show what it means for a claim to be evidence-based in the context of a concrete case. The examples discussed concern topics as diverse as consumer price indices, radio spectrum auctions, the transmission mechanism, natural experiments on minimum wages and the evaluation of counterfactuals for policy. Error in Economics is essential reading for economic methodologists, philosophers of science and anyone interested in how claims about socio-economic matters are validated.

Error in Economics

Author : Julian Reiss
Publisher : Routledge
ISBN 13 : 1317496817
Total Pages : 309 pages
Book Rating : 4.3/5 (174 download)

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Book Synopsis Error in Economics by : Julian Reiss

Download or read book Error in Economics written by Julian Reiss and published by Routledge. This book was released on 2016-02-04 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the correct concept behind measures of inflation? Does money cause business activity or is it the other way around? Shall we stimulate growth by raising aggregate demand or rather by lowering taxes and thereby providing incentives to produce? Policy-relevant questions such as these are of immediate and obvious importance to the welfare of societies. The standard approach in dealing with them is to build a model, based on economic theory, answer the question for the model world and then apply the results to economic phenomena outside. Data come in, if at all, only in testing a limited number of the model's consequences. Despite some critical voices, economic methodology too has by and large subscribed to a "theory first" approach to applied economics. Error in Economics systematically develops an alternative to the theory-based orthodoxy. It places the methodical study of evidence at the centre of the scientific enterprise and thus provides a foundation for a methodology of evidence-based economics. But the book does not stop at the truism that claims should be based on the best available evidence. Rather, detailed studies in the areas of measurement, causal inference and policy analysis show what it means for a claim to be evidence-based in the context of a concrete case. The examples discussed concern topics as diverse as consumer price indices, radio spectrum auctions, the transmission mechanism, natural experiments on minimum wages and the evaluation of counterfactuals for policy. Error in Economics is essential reading for economic methodologists, philosophers of science and anyone interested in how claims about socio-economic matters are validated.

Truth, Errors, and Lies

Author : Grzegorz W. Kołodko
Publisher : Columbia University Press
ISBN 13 : 0231150695
Total Pages : 474 pages
Book Rating : 4.2/5 (311 download)

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Book Synopsis Truth, Errors, and Lies by : Grzegorz W. Kołodko

Download or read book Truth, Errors, and Lies written by Grzegorz W. Kołodko and published by Columbia University Press. This book was released on 2012-09-04 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Grzegorz W. Kolodko, one of the world's leading authorities on economics and development policy and a key architect of Poland's successful economic reforms, applies his far-reaching knowledge to the past and future of the world economy, introducing a framework for understanding our global situation that transcends any single discipline or paradigm. Deploying a novel mix of scientific evaluation and personal observation, Kolodko begins with a brief discussion of misinformation and its perpetuation in economics and politics. He criticizes the simplification of complex economic and social issues and investigates the link between developments in the global economy and cultural change, scientific discoveries, and political fluctuations. Underscoring the necessity of conceptual and theoretical innovation in understanding our global economic situation, Kolodko offers a provocative study of globalization and the possibility of coming out ahead in an era of worldwide interdependence. Deeply critical of neoliberalism, which sought to transfer economic control exclusively to the private sector, Kolodko explores the virtues of social-economic development and the new rules of the economic game. He concludes with a look at our near and distant future, questioning whether we have a say in its making.

Intellectual Path Dependence in Economics

Author : Altug Yalcintas
Publisher : Routledge
ISBN 13 : 131770469X
Total Pages : 189 pages
Book Rating : 4.3/5 (177 download)

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Book Synopsis Intellectual Path Dependence in Economics by : Altug Yalcintas

Download or read book Intellectual Path Dependence in Economics written by Altug Yalcintas and published by Routledge. This book was released on 2016-03-10 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is economics always self-corrective? Do erroneous theorems permanently disappear from the market of economic ideas? Intellectual Path Dependence in Economics argues that errors in economics are not always corrected. Although economists are often critical and open-minded, unfit explanations are nonetheless able to reproduce themselves. The problem is that theorems sometimes survive the intellectual challenges in the market of economic ideas even when they are falsified or invalidated by criticism and an abundance of counter-evidence. A key question which often gets little or no attention is: why do economists not reject theories when they have been refuted by evidence and falsified by philosophical reasoning? This book explores the answer to this question by examining the phenomenon of intellectual path dependence in the history of economic thought. It argues that the key reason why economists do not reject refuted theories is the epistemic costs of starting to use new theories. Epistemic costs are primarily the costs of scarcity of the most valued element in academic production: time. Epistemic scarcity overwhelmingly dominates the evolution of scientific research in such a way that when researchers start off a new research project, they allocate time between replicable and un-replicable research. This book is essential reading for anyone interested in the methodology, philosophy and history of economics.

Impact of Medical Errors and Malpractice on Health Economics, Quality, and Patient Safety

Author : Riga, Marina
Publisher : IGI Global
ISBN 13 : 1522523383
Total Pages : 346 pages
Book Rating : 4.5/5 (225 download)

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Book Synopsis Impact of Medical Errors and Malpractice on Health Economics, Quality, and Patient Safety by : Riga, Marina

Download or read book Impact of Medical Errors and Malpractice on Health Economics, Quality, and Patient Safety written by Riga, Marina and published by IGI Global. This book was released on 2017-01-30 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Precise and flawless medical practice is imperative due to the delicate nature of patient lives and health. Without methods and technologies to detect medical mistakes, many lives would be compromised. Impact of Medical Errors and Malpractice on Health Economics, Quality, and Patient Safety is an essential reference source for the latest research on the detection and analysis of the various implications of medical errors and addresses the hidden malpractices that exist in healthcare systems globally. Featuring extensive coverage on a broad range of topics such as clinical pathways, decision-making techniques, and health information technology, this book is ideally designed for practitioners, professionals, and researchers seeking current research on various issues in healthcare provision.

Economics in One Lesson

Author : Henry Hazlitt
Publisher : Crown Currency
ISBN 13 : 0307760626
Total Pages : 220 pages
Book Rating : 4.3/5 (77 download)

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Book Synopsis Economics in One Lesson by : Henry Hazlitt

Download or read book Economics in One Lesson written by Henry Hazlitt and published by Crown Currency. This book was released on 2010-08-11 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: With over a million copies sold, Economics in One Lesson is an essential guide to the basics of economic theory. A fundamental influence on modern libertarianism, Hazlitt defends capitalism and the free market from economic myths that persist to this day. Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy. Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since publication.

Special Issue: Exploring the Error in Experimental Economics

Author : Nicholas Bardsley
Publisher :
ISBN 13 :
Total Pages : 94 pages
Book Rating : 4.:/5 (254 download)

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Book Synopsis Special Issue: Exploring the Error in Experimental Economics by : Nicholas Bardsley

Download or read book Special Issue: Exploring the Error in Experimental Economics written by Nicholas Bardsley and published by . This book was released on 2005 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Political Arithmetic

Author : Robert William Fogel
Publisher : University of Chicago Press
ISBN 13 : 0226256618
Total Pages : 163 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis Political Arithmetic by : Robert William Fogel

Download or read book Political Arithmetic written by Robert William Fogel and published by University of Chicago Press. This book was released on 2013-04-15 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: We take for granted today that the assessments, measurements, and forecasts of economists are crucial to the decision-making of governments and businesses alike. But less than a century ago that wasn’t the case—economists simply didn’t have the necessary information or statistical tools to understand the ever more complicated modern economy. With Political Arithmetic, Nobel Prize–winning economist Robert Fogel and his collaborators tell the story of economist Simon Kuznets, the founding of the National Bureau of Economic Research, and the creation of the concept of GNP, which for the first time enabled us to measure the performance of entire economies. The book weaves together the many strands of political and economic thought and historical pressures that together created the demand for more detailed economic thinking—Progressive-era hopes for activist government, the production demands of World War I, Herbert Hoover’s interest in business cycles as President Harding’s commerce secretary, and the catastrophic economic failures of the Great Depression—and shows how, through trial and error, measurement and analysis, economists such as Kuznets rose to the occasion and in the process built a discipline whose knowledge could be put to practical use in everyday decision-making. The product of a lifetime of studying the workings of economies and skillfully employing the tools of economics, Political Arithmetic is simultaneously a history of a key period of economic thought and a testament to the power of applied ideas.

The Problem of Production

Author : Per L Bylund
Publisher : Routledge
ISBN 13 : 1317217802
Total Pages : 225 pages
Book Rating : 4.3/5 (172 download)

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Book Synopsis The Problem of Production by : Per L Bylund

Download or read book The Problem of Production written by Per L Bylund and published by Routledge. This book was released on 2015-12-22 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of the firm has been fertile ground for economists. Bylund proposes a new theory, rooted in Austrian economics, which examines the firm as a part of the market, and not as a free-standing entity. In this integrated view, a theory is offered which incorporates entrepreneurship, production, market process and economic development.

Debunking Economics

Author : Steve Keen
Publisher : Zed Books
ISBN 13 : 9781856499927
Total Pages : 356 pages
Book Rating : 4.4/5 (999 download)

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Book Synopsis Debunking Economics by : Steve Keen

Download or read book Debunking Economics written by Steve Keen and published by Zed Books. This book was released on 2001-07-28 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

A Guide to What's Wrong with Economics

Author : Edward Fullbrook
Publisher : Anthem Press
ISBN 13 : 0857287370
Total Pages : 332 pages
Book Rating : 4.8/5 (572 download)

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Book Synopsis A Guide to What's Wrong with Economics by : Edward Fullbrook

Download or read book A Guide to What's Wrong with Economics written by Edward Fullbrook and published by Anthem Press. This book was released on 2004 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Adapt

Author : Tim Harford
Publisher : Farrar, Straus and Giroux
ISBN 13 : 1429920688
Total Pages : 322 pages
Book Rating : 4.4/5 (299 download)

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Book Synopsis Adapt by : Tim Harford

Download or read book Adapt written by Tim Harford and published by Farrar, Straus and Giroux. This book was released on 2011-05-10 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this groundbreaking book, Tim Harford, the Undercover Economist, shows us a new and inspiring approach to solving the most pressing problems in our lives. When faced with complex situations, we have all become accustomed to looking to our leaders to set out a plan of action and blaze a path to success. Harford argues that today's challenges simply cannot be tackled with ready-made solutions and expert opinion; the world has become far too unpredictable and profoundly complex. Instead, we must adapt. Deftly weaving together psychology, evolutionary biology, anthropology, physics, and economics, along with the compelling story of hard-won lessons learned in the field, Harford makes a passionate case for the importance of adaptive trial and error in tackling issues such as climate change, poverty, and financial crises—as well as in fostering innovation and creativity in our business and personal lives. Taking us from corporate boardrooms to the deserts of Iraq, Adapt clearly explains the necessary ingredients for turning failure into success. It is a breakthrough handbook for surviving—and prospering— in our complex and ever-shifting world.

The Economics of Entrepeneurial Error

Author : Gilberto Gama Salgado
Publisher :
ISBN 13 :
Total Pages : 378 pages
Book Rating : 4.:/5 (551 download)

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Book Synopsis The Economics of Entrepeneurial Error by : Gilberto Gama Salgado

Download or read book The Economics of Entrepeneurial Error written by Gilberto Gama Salgado and published by . This book was released on 1999 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt:

WRONG

Author : Richard S. Grossman
Publisher : Oxford University Press, USA
ISBN 13 : 0199322198
Total Pages : 291 pages
Book Rating : 4.1/5 (993 download)

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Book Synopsis WRONG by : Richard S. Grossman

Download or read book WRONG written by Richard S. Grossman and published by Oxford University Press, USA. This book was released on 2013 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: The industrialized world has long been rocked by economic crises, often caused by policy makers who are guided by ideology rather than cold, hard analysis. WRONG examines the worst economic policy blunders of the last 250 years, providing a valuable guide book for policy makers... and the citizens who elect them.

The Cult of Statistical Significance

Author : Deirdre Nansen McCloskey
Publisher : University of Michigan Press
ISBN 13 : 0472026100
Total Pages : 349 pages
Book Rating : 4.4/5 (72 download)

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Book Synopsis The Cult of Statistical Significance by : Deirdre Nansen McCloskey

Download or read book The Cult of Statistical Significance written by Deirdre Nansen McCloskey and published by University of Michigan Press. This book was released on 2010-02-11 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: “McCloskey and Ziliak have been pushing this very elementary, very correct, very important argument through several articles over several years and for reasons I cannot fathom it is still resisted. If it takes a book to get it across, I hope this book will do it. It ought to.” —Thomas Schelling, Distinguished University Professor, School of Public Policy, University of Maryland, and 2005 Nobel Prize Laureate in Economics “With humor, insight, piercing logic and a nod to history, Ziliak and McCloskey show how economists—and other scientists—suffer from a mass delusion about statistical analysis. The quest for statistical significance that pervades science today is a deeply flawed substitute for thoughtful analysis. . . . Yet few participants in the scientific bureaucracy have been willing to admit what Ziliak and McCloskey make clear: the emperor has no clothes.” —Kenneth Rothman, Professor of Epidemiology, Boston University School of Health The Cult of Statistical Significance shows, field by field, how “statistical significance,” a technique that dominates many sciences, has been a huge mistake. The authors find that researchers in a broad spectrum of fields, from agronomy to zoology, employ “testing” that doesn’t test and “estimating” that doesn’t estimate. The facts will startle the outside reader: how could a group of brilliant scientists wander so far from scientific magnitudes? This study will encourage scientists who want to know how to get the statistical sciences back on track and fulfill their quantitative promise. The book shows for the first time how wide the disaster is, and how bad for science, and it traces the problem to its historical, sociological, and philosophical roots. Stephen T. Ziliak is the author or editor of many articles and two books. He currently lives in Chicago, where he is Professor of Economics at Roosevelt University. Deirdre N. McCloskey, Distinguished Professor of Economics, History, English, and Communication at the University of Illinois at Chicago, is the author of twenty books and three hundred scholarly articles. She has held Guggenheim and National Humanities Fellowships. She is best known for How to Be Human* Though an Economist (University of Michigan Press, 2000) and her most recent book, The Bourgeois Virtues: Ethics for an Age of Commerce (2006).

Economics, Accounting and the True Nature of Capitalism

Author : Jacques Richard
Publisher : Routledge
ISBN 13 : 100048405X
Total Pages : 182 pages
Book Rating : 4.0/5 (4 download)

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Book Synopsis Economics, Accounting and the True Nature of Capitalism by : Jacques Richard

Download or read book Economics, Accounting and the True Nature of Capitalism written by Jacques Richard and published by Routledge. This book was released on 2021-11-29 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost all economists, whether classical, neoclassical or Marxist, have failed in their analyses of capitalism to consider the underpinning systems of accounting. This book draws attention to this lacuna, focusing specifically on the concept of capital: a major concept that dominates all teaching and practice in both economics and management. It is argued that while for the practitioners of capitalism – in accounting and business – the capital in their accounts is a debt to be repaid (or a thing to be kept), for economists, it has been considered a means (or even a resource or an asset) intended to be worn out. This category error has led to economists failing to comprehend the true nature of capitalism. On this basis, this book proposes a new definition of capitalism that brings about considerable changes in the attitude to be had towards this economic system, in particular, the means to bring about its replacement. This book will be of significant interest to readers of political economy, history of economic thought, critical accounting and heterodox economics.

Economics of Good and Evil

Author : Tomas Sedlacek
Publisher : Oxford University Press
ISBN 13 : 0199831904
Total Pages : 366 pages
Book Rating : 4.1/5 (998 download)

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Book Synopsis Economics of Good and Evil by : Tomas Sedlacek

Download or read book Economics of Good and Evil written by Tomas Sedlacek and published by Oxford University Press. This book was released on 2011-07-01 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tomas Sedlacek has shaken the study of economics as few ever have. Named one of the "Young Guns" and one of the "five hot minds in economics" by the Yale Economic Review, he serves on the National Economic Council in Prague, where his provocative writing has achieved bestseller status. How has he done it? By arguing a simple, almost heretical proposition: economics is ultimately about good and evil. In The Economics of Good and Evil, Sedlacek radically rethinks his field, challenging our assumptions about the world. Economics is touted as a science, a value-free mathematical inquiry, he writes, but it's actually a cultural phenomenon, a product of our civilization. It began within philosophy--Adam Smith himself not only wrote The Wealth of Nations, but also The Theory of Moral Sentiments--and economics, as Sedlacek shows, is woven out of history, myth, religion, and ethics. "Even the most sophisticated mathematical model," Sedlacek writes, "is, de facto, a story, a parable, our effort to (rationally) grasp the world around us." Economics not only describes the world, but establishes normative standards, identifying ideal conditions. Science, he claims, is a system of beliefs to which we are committed. To grasp the beliefs underlying economics, he breaks out of the field's confines with a tour de force exploration of economic thinking, broadly defined, over the millennia. He ranges from the epic of Gilgamesh and the Old Testament to the emergence of Christianity, from Descartes and Adam Smith to the consumerism in Fight Club. Throughout, he asks searching meta-economic questions: What is the meaning and the point of economics? Can we do ethically all that we can do technically? Does it pay to be good? Placing the wisdom of philosophers and poets over strict mathematical models of human behavior, Sedlacek's groundbreaking work promises to change the way we calculate economic value.