The Death of Economics
"Important and ingenious . . . ought to be read by every educatedperson." —The Spectator.
Renowned British economist Paul Ormerod explodes currenteconomic theory to offer a radical new framework for understandinghow human societies and economies really operate. His bold andimpassioned arguments about how and why economics should be recastto reflect the current ills of Western society —includingunemployment, crime, and poverty —are both persuasive andcontroversial. Integrating ideas from biology, physics, artificialintelligence, and the behavioral sciences, Ormerod's groundbreakingapproach is sure to have far-reaching repercussions.
"A clear, concise, and yet sophisticated history of economicthought that should be required reading for Economics 101 courses.The fundamental challenge is to view the economy more as anorganism than a machine and place it in its larger political,social, and moral context." —The Washington Post
"A vigorous, informed, and thoughtful critique of the dismalscience." —Kirkus Reviews.
"Crucial reading for the concerned citizen, which ought to meanall of us. . . . This book is very timely indeed." —TheObserver
"Economics has some battles to fight. . . . Unless economistsimprove their ability to analyze and prescribe in an intelligentway, and to provide a modicum of accuracy in their forecasts, thetwentieth-century pseudoscience of economics will become atwenty-first-century museum piece." —Sunday Times(London).
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i Average annual rates of inflation and unemployment, 1951-92 118 2 Scatter plot
of American inflation and unemployment, 1953-92 128 3 Scatter plot of American
inflation and unemployment, 1953-92 129 4 Scatter plot of changes in ...
Quaker Oats, Campbell Soup, Heinz, Procter and Gamble, Schlitz and Anheuser
Brewing, Eastman Kodak, American Telephone and Telegraph, Singer,
Westinghouse, Union Carbide - all these are examples of companies which took
In other words, the evidence from America since the early 1950s points to at least
three and perhaps as many as five different Phillips curves, and thus to as many
as five different levels of the 'natural rate' of unemployment. Moreover, on each ...
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THE DEATH OF ECONOMICSUser Review - Kirkus
An old Wall Street adage holds that if all the world's economists were laid end to end, they would never reach a conclusion. Ormerod suffers from no such inadequacy in this vigorous, informed, and ... Read full review
Roots of Economic Orthodoxy
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