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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But whatever the exact shape, an ellipse emerges from the theoretical model.
When this ... LV models generate patterns of behaviour in their variables which
exhibit the key features shown by unemployment in the developed economies.
In the LV model, for example, as the boom becomes stronger, wage demands
intensify and the growth of profits begins to slow down. This actual slow-down in
profits is a signal to companies to revise down their expectations of future profits
The model of the LV system is in many ways extremely simple. There is an
equation to determine the growth of output, another for investment, and a third for
real wage increases. (For interested readers, a mathematical description of the ...
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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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