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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The 'marginal revolution', as it has come to be known within economics, of
Jevons and Walras and their successors formalised a part of Adam Smith's work,
and demonstrated more rigorously that under certain assumptions the free-
In essence, the economists of the marginal revolution emphasised the former part
of Smith's work and made it more rigorous, while those such as Veblen stressed
the importance of the latter part, of institutions and of social and cultural values.
... trade associations 54-5 marginal cost 5 1 marginal economics and Adam
Smith 45-6 criticism of 50-5 1, 66 factors causing success and attraction of 46-7
key concept 49 and small firms 48, 52, 55 marginal revenue 51 marginal
revolution 45, ...
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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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