Review of Debunking Economics
Very good book to read in the context of The Great Recession. I was aware of this kind of critique since reading (many years ago) Mirowksi’s Against Mechanism, but this book consolidates the expose of neo-classical economics. It is important to see how much pundit commentary is confused by economic issues (in the wake of so much theoretical confusion). An important book, to say the least.
Neo-classical lunacy, January 6, 2012
By John C. Landon “nemonemini”
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This review is from: Debunking Economics – Revised and Expanded Edition: The Naked Emperor Dethroned? (Paperback)
This is one of the most important books on economics in print, and a good guide to anyone trying to navigate the confusing realm of economic theory, dominated by the so-called ‘neo-classical’ brand of mathematical science fiction now monopolizing the domain of policy. The expose of neo-classical economics is something I was alerted to many years ago by such writers as Mirowksi (in a book no longer in print), and Kuttner has been critical here also. But the sense that things didn’t add up hovers over the arcana of equilibrium theory in the hard-to-penetrate math jungles of such as Arrow-Debreu. Who as an outsider can manage in such a field of sophistries? This book is therefore a lifeboat for those who have witnessed The Great Recession in some bewilderment at the failure of the economics profession to stop talking through their hat. The book is a mine of multiple topics and reviews the whole field in its history and theory, and leads the reader through the at first counterintuitive realization that the majority of economists are suffering severe delusion. That bad economic theories are making the current economic fiasco worse requires a book such as this to explain the extent and complicated nature of the hallucinatory paradigm gripping the profession. One of the liabilities of the current Great Recession is the absent of any coherent commentary and the puzzle this generates in those without the expertise or training to understand that their sense of ill-ease is normal. It is hard to grasp at first that economic models now current are based on a set of fictional abstractions, and can’t be correct. The realization that this is so can help to start looking at economic realities for what they are without the mediation of the professional idiocy of economic so-called ‘experts’.