The Assumptions Economists Make

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The Assumptions Economists Make

Author : Jonathan Schlefer
Publisher : Harvard University Press
ISBN 13 : 0674068831
Total Pages : 412 pages
Book Rating : 4.6/5 (74 download)

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Book Synopsis The Assumptions Economists Make by : Jonathan Schlefer

Download or read book The Assumptions Economists Make written by Jonathan Schlefer and published by Harvard University Press. This book was released on 2012-03-20 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

The Assumptions Economists Make

Author : Jonathan Schlefer
Publisher : Harvard University Press
ISBN 13 : 0674065522
Total Pages : 376 pages
Book Rating : 4.6/5 (74 download)

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Book Synopsis The Assumptions Economists Make by : Jonathan Schlefer

Download or read book The Assumptions Economists Make written by Jonathan Schlefer and published by Harvard University Press. This book was released on 2012-04-04 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

What Went Wrong with Economics

Author : Michael Reiss
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781463670290
Total Pages : 0 pages
Book Rating : 4.6/5 (72 download)

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Book Synopsis What Went Wrong with Economics by : Michael Reiss

Download or read book What Went Wrong with Economics written by Michael Reiss and published by Createspace Independent Publishing Platform. This book was released on 2011-07-13 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Taking Economics Seriously

Author : Dean Baker
Publisher : MIT Press
ISBN 13 : 0262291533
Total Pages : 48 pages
Book Rating : 4.2/5 (622 download)

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Book Synopsis Taking Economics Seriously by : Dean Baker

Download or read book Taking Economics Seriously written by Dean Baker and published by MIT Press. This book was released on 2010-04-02 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading economist's exploration of what our economic arrangements might look like if we applied basic principles without ideological blinders. There is nothing wrong with economics, Dean Baker contends, but economists routinely ignore their own principles when it comes to economic policy. What would policy look like if we took basic principles of mainstream economics seriously and applied them consistently? In the debate over regulation, for example, Baker—one of the few economists who predicted the meltdown of fall 2008—points out that ideological blinders have obscured the fact there is no “free market” to protect. Modern markets are highly regulated, although intrusive regulations such as copyright and patents are rarely viewed as regulatory devices. If we admit the extent to which the economy is and will be regulated, we have many more options in designing policy and deciding who benefits from it. On health care reform, Baker complains that economists ignore another basic idea: marginal cost pricing. Unlike all other industries, medical services are priced extraordinarily high, far above the cost of production, yet that discrepancy is rarely addressed in the debate about health care reform. What if we applied marginal cost pricing—making doctors' wages competitive and charging less for prescription drugs and tests such as MRIs? Taking Economics Seriously offers an alternative Econ 101. It introduces economic principles and thinks through what we might gain if we free ourselves from ideological blinders and get back to basics in the most troubled parts of our economy.

Seven Bad Ideas

Author : Jeff Madrick
Publisher : Vintage
ISBN 13 : 0307950727
Total Pages : 274 pages
Book Rating : 4.3/5 (79 download)

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Book Synopsis Seven Bad Ideas by : Jeff Madrick

Download or read book Seven Bad Ideas written by Jeff Madrick and published by Vintage. This book was released on 2015-08-18 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the former economics columnist for Harper’s and The New York Times, a bold indictment of some of our most accepted mainstream economic theories—why they’re wrong, and how they’ve been harming America and the world. Ideas have the power to change history. But what happens when they are bad? In a tour de force of economics, history, and analysis, Jeff Madrick shows how theories on austerity, inflation, and efficient markets have become unassailable mantras over recent years, to the detriment of the country as a whole. Working backwards from the Great Recession, Madrick pulls no punches as he reconsiders seven of the greatest false idols of modern economic theory, from Say’s Law to Milton Friedman, illustrating how these ideas have been damaging markets, infrastructure, and individual livelihoods for years. Trenchant, sweeping, and empirical, Seven Bad Ideas resoundingly disrupts the status quo of modern economic theory.

Economics Rules

Author : Dani Rodrik
Publisher : Oxford University Press, USA
ISBN 13 : 0198736894
Total Pages : 268 pages
Book Rating : 4.1/5 (987 download)

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Book Synopsis Economics Rules by : Dani Rodrik

Download or read book Economics Rules written by Dani Rodrik and published by Oxford University Press, USA. This book was released on 2015 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading economist trains a lens on his own discipline to uncover when it fails and when it works.

Money and Government

Author : Robert Skidelsky
Publisher : Yale University Press
ISBN 13 : 030024424X
Total Pages : 496 pages
Book Rating : 4.3/5 (2 download)

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Book Synopsis Money and Government by : Robert Skidelsky

Download or read book Money and Government written by Robert Skidelsky and published by Yale University Press. This book was released on 2018-11-13 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: A critical examination of economics' past and future, and how it needs to change, by one of the most eminent political economists of our time The dominant view in economics is that money and government should play only minor roles in economic life. Economic outcomes, it is claimed, are best left to the "invisible hand" of the market. Yet these claims remain staunchly unsettled. The view taken in this important new book is that the omnipresence of uncertainty makes money and government essential features of any market economy. Since Adam Smith, classical economics has espoused non-intervention in markets. The Great Depression brought Keynesian economics to the fore; but stagflation in the 1970s brought a return to small-state orthodoxy. The 2008 global financial crash should have brought a reevaluation of that stance; instead the response has been punishing austerity and anemic recovery. This book aims to reintroduce Keynes’s central insights to a new generation of economists, and embolden them to return money and government to the starring roles in the economic drama that they deserve.

Doughnut Economics

Author : Kate Raworth
Publisher : Chelsea Green Publishing
ISBN 13 : 1603587969
Total Pages : 322 pages
Book Rating : 4.6/5 (35 download)

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Book Synopsis Doughnut Economics by : Kate Raworth

Download or read book Doughnut Economics written by Kate Raworth and published by Chelsea Green Publishing. This book was released on 2018-03-08 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics is the mother tongue of public policy. It dominates our decision-making for the future, guides multi-billion-dollar investments, and shapes our responses to climate change, inequality, and other environmental and social challenges that define our times. Pity then, or more like disaster, that its fundamental ideas are centuries out of date yet are still taught in college courses worldwide and still used to address critical issues in government and business alike. That’s why it is time, says renegade economist Kate Raworth, to revise our economic thinking for the 21st century. In Doughnut Economics, she sets out seven key ways to fundamentally reframe our understanding of what economics is and does. Along the way, she points out how we can break our addiction to growth; redesign money, finance, and business to be in service to people; and create economies that are regenerative and distributive by design. Named after the now-iconic “doughnut” image that Raworth first drew to depict a sweet spot of human prosperity (an image that appealed to the Occupy Movement, the United Nations, eco-activists, and business leaders alike), Doughnut Economics offers a radically new compass for guiding global development, government policy, and corporate strategy, and sets new standards for what economic success looks like. Raworth handpicks the best emergent ideas—from ecological, behavioral, feminist, and institutional economics to complexity thinking and Earth-systems science—to address this question: How can we turn economies that need to grow, whether or not they make us thrive, into economies that make us thrive, whether or not they grow? Simple, playful, and eloquent, Doughnut Economics offers game-changing analysis and inspiration for a new generation of economic thinkers.

Africa

Author : Assistant Professor Morten Jerven
Publisher : Zed Books Ltd.
ISBN 13 : 1783601353
Total Pages : 121 pages
Book Rating : 4.7/5 (836 download)

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Book Synopsis Africa by : Assistant Professor Morten Jerven

Download or read book Africa written by Assistant Professor Morten Jerven and published by Zed Books Ltd.. This book was released on 2015-06-11 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: ‘A valuable corrective to the fraying narrative of [African] failure.’ Foreign Affairs Not so long ago, Africa was being described as the hopeless continent. Recently, though, talk has turned to Africa rising, with enthusiastic voices exclaiming the potential for economic growth across many of its countries. What, then, is the truth behind Africa’s growth, or lack of it? In this provocative book, Morten Jerven fundamentally reframes the debate, challenging mainstream accounts of African economic history. Whilst for the past two decades experts have focused on explaining why there has been a ‘chronic failure of growth’ in Africa, Jerven shows that most African economies have been growing at a rapid pace since the mid nineties. In addition, African economies grew rapidly in the fifties, the sixties, and even into the seventies. Thus, African states were dismissed as incapable of development based largely on observations made during the 1980s and early 1990s. The result has been misguided analysis, and few practical lessons learned. This is an essential account of the real impact economic growth has had on Africa, and what it means for the continent’s future.

Economic Theory and Cognitive Science

Author : Don Ross
Publisher : MIT Press
ISBN 13 : 9780262182461
Total Pages : 466 pages
Book Rating : 4.1/5 (824 download)

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Book Synopsis Economic Theory and Cognitive Science by : Don Ross

Download or read book Economic Theory and Cognitive Science written by Don Ross and published by MIT Press. This book was released on 2005 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: A hilariously funny cookbook–cum–how–I–did–it memoir by the chef/restaurateur who created New York's dazzling Ápizz restaurant. At the age of thirty–seven, John LaFemina left a lucrative career as a jeweler to become a chef. Instead of going back to school, or getting on–the–job training, he did it the hard way: he bought the restaurant and then taught himself to cook. Today he owns two of New York's great Italian restaurants–Ápizz and Peasant–and is one of the city's most–talked–about chefs, earning rave reviews from fans and critics. In this gorgeous cookbook, he not only shares scores of recipes, but describes his life as a Canarsie boy learning about meatballs and macaroni in his mother's kitchen–and reveals how he drew on a lifetime of Italian cooking, and his own hard work and exquisite taste to create his dream restaurant from scratch. LaFemina takes us step–by–step through the process of finding the perfect location (and figuring out how many meatballs you have to sell to pay the rent), designing a restaurant, procuring all the necessary permits and licenses, and creating the menu. And this is just the first part of running a restaurant. He shares his experiences in dealing with the public and the press, unexpected disasters, and finally, basking in the glory of a popular restaurant. Along with his inspiring story, John LaFemina also shares 100 mouthwatering recipes, including: Lasagna with Braised Wild Boar Mushroom Risotto Veal, Beef, and Pork Meatballs with Ricotta Filling Open Ravioli with Roasted Butternut Squash Creamsicle Panna Cotta Chocolate Banana Bread Pudding

Palace Politics

Author : Jonathan Schlefer
Publisher : University of Texas Press
ISBN 13 : 0292774850
Total Pages : 313 pages
Book Rating : 4.2/5 (927 download)

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Book Synopsis Palace Politics by : Jonathan Schlefer

Download or read book Palace Politics written by Jonathan Schlefer and published by University of Texas Press. This book was released on 2009-09-15 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bringing rare interviews and meticulous research to the cloaked world of Mexican politics in the mid-twentieth century, Palace Politics provides a captivating look at the authoritarian Mexican state—one of the longest-lived regimes of its kind in recent history—as well as the origins of political instability itself, with revelations that can be applied to a variety of contemporary political situations around the globe. Culling a trove of remarkable firsthand accounts from former Mexican presidents, finance ministers, interior ministers, and other high officials from the 1950s through the 1980s, Jonathan Schlefer describes a world in which elite politics planted the seeds of a mammoth socioeconomic crisis. Palace Politics outlines the process by which political infighting among small rival factions of high officials drove Mexico to precarious situations at all levels of government. Schlefer also demonstrates how, earlier on, elite cooperation among these factions had helped sustain one of the most stable growth economies in Latin America, until all-or-nothing struggles began to tear the Mexican ruling party apart in the 1970s. A vivid, seamlessly narrated history, Palace Politics is essential reading for anyone seeking to better understand not only the nation next door but also the workings of elite politics in general.

Misbehaving: The Making of Behavioral Economics

Author : Richard H. Thaler
Publisher : W. W. Norton & Company
ISBN 13 : 0393246779
Total Pages : 502 pages
Book Rating : 4.3/5 (932 download)

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Book Synopsis Misbehaving: The Making of Behavioral Economics by : Richard H. Thaler

Download or read book Misbehaving: The Making of Behavioral Economics written by Richard H. Thaler and published by W. W. Norton & Company. This book was released on 2015-05-11 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt: Winner of the Nobel Prize in Economics Get ready to change the way you think about economics. Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world. Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments. Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber. Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining. Shortlisted for the Financial Times & McKinsey Business Book of the Year Award

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.

Economics Rules: The Rights and Wrongs of the Dismal Science

Author : Dani Rodrik
Publisher : W. W. Norton & Company
ISBN 13 : 0393246426
Total Pages : 272 pages
Book Rating : 4.3/5 (932 download)

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Book Synopsis Economics Rules: The Rights and Wrongs of the Dismal Science by : Dani Rodrik

Download or read book Economics Rules: The Rights and Wrongs of the Dismal Science written by Dani Rodrik and published by W. W. Norton & Company. This book was released on 2015-10-13 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A hugely valuable contribution. . . . In setting out a defence of the best in economics, Rodrik has also provided a goal for the discipline as a whole.” —Martin Sandbu, Financial Times In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat account of the discipline. Drawing on the history of the field and his deep experience as a practitioner, Rodrik argues that economics can be a powerful tool that improves the world—but only when economists abandon universal theories and focus on getting the context right. Economics Rules argues that the discipline's much-derided mathematical models are its true strength. Models are the tools that make economics a science. Too often, however, economists mistake a model for the model that applies everywhere and at all times. In six chapters that trace his discipline from Adam Smith to present-day work on globalization, Rodrik shows how diverse situations call for different models. Each model tells a partial story about how the world works. These stories offer wide-ranging, and sometimes contradictory, lessons—just as children’s fables offer diverse morals. Whether the question concerns the rise of global inequality, the consequences of free trade, or the value of deficit spending, Rodrik explains how using the right models can deliver valuable new insights about social reality and public policy. Beyond the science, economics requires the craft to apply suitable models to the context. The 2008 collapse of Lehman Brothers challenged many economists' deepest assumptions about free markets. Rodrik reveals that economists' model toolkit is much richer than these free-market models. With pragmatic model selection, economists can develop successful antipoverty programs in Mexico, growth strategies in Africa, and intelligent remedies for domestic inequality. At once a forceful critique and defense of the discipline, Economics Rules charts a path toward a more humble but more effective science.

The Handbook of Organizational Economics

Author : Robert S. Gibbons
Publisher : Princeton University Press
ISBN 13 : 0691132798
Total Pages : 1248 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The Handbook of Organizational Economics by : Robert S. Gibbons

Download or read book The Handbook of Organizational Economics written by Robert S. Gibbons and published by Princeton University Press. This book was released on 2013 with total page 1248 pages. Available in PDF, EPUB and Kindle. Book excerpt: (E-book available via MyiLibrary) In even the most market-oriented economies, most economic transactions occur not in markets but inside managed organizations, particularly business firms. Organizational economics seeks to understand the nature and workings of such organizations and their impact on economic performance. The Handbook of Organizational Economics surveys the major theories, evidence, and methods used in the field. It displays the breadth of topics in organizational economics, including the roles of individuals and groups in organizations, organizational structures and processes, the boundaries of the firm, contracts between and within firms, and more.

Understanding Economic Forecasts

Author : David F. Hendry
Publisher : MIT Press
ISBN 13 : 9780262582421
Total Pages : 236 pages
Book Rating : 4.5/5 (824 download)

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Book Synopsis Understanding Economic Forecasts by : David F. Hendry

Download or read book Understanding Economic Forecasts written by David F. Hendry and published by MIT Press. This book was released on 2003 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to interpret and evaluate economic forecasts and the uncertainties inherent in them.

A Concise History of Economists' Assumptions about Markets

Author : Robert Edward Mitchell
Publisher : Bloomsbury Publishing USA
ISBN 13 : 1440833109
Total Pages : 192 pages
Book Rating : 4.4/5 (48 download)

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Book Synopsis A Concise History of Economists' Assumptions about Markets by : Robert Edward Mitchell

Download or read book A Concise History of Economists' Assumptions about Markets written by Robert Edward Mitchell and published by Bloomsbury Publishing USA. This book was released on 2014-08-28 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open-minded, multidisciplinary approach challenges existing world views on the endogenous and exogenous forces that drive markets and economies. Nine narrative chapters and a conclusion provide an accessible history of key premises and assumptions in the mental models proposed by several major economists since the 1776 publication of Adam Smith's The Wealth of Nations and show how—and why—those models and their underlying assumptions have changed over time. The book addresses the legacies of major economists, describes their historical and analytical influence, documents the interaction among various schools of thought as well as how they differ, and the implications that this history has for economics and the policy sciences in the decades ahead. The author focuses on the mental maps economists have created in an attempt to understand the forces that destroyed "order," explaining how these maps incorporate a non-mathematical presentation of evolving dictionaries, novel analytical perspectives, new evidence, and a reliance on value assumptions. He traces the underlying assumptions, continuities, and differences among major economists including Adam Smith, Thomas Malthus, David Ricardo, Alfred Marshall, John Maynard Keynes, Karl Marx, Thorstein Veblen, and Joseph Schumpeter. Readers will grasp how the classic theories still influence economists' mental models today and come away with a basic economic literacy that puts this important social science in historical context. This is essential reading for all the social and policy sciences.