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Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned?

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Synopses & Reviews

Publisher Comments:

Debunking Economics - Revised and Expanded Edition, now including a downloadable supplement for courses, exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. When the original Debunking Economics was published back in 2001, the market economy seemed invincible, and conventional "neoclassical" economic theory basked in the limelight. Steve Keen argued that economists deserved none of the credit for the economy's performance, and "The false confidence it has engendered in the stability of the market economy has encouraged policy-makers to dismantle some of the institutions which initially evolved to try to keep its instability within limits." That instability exploded with the devastating financial crisis of 2007, and now haunts the global economy with the prospect of another Depression. In this expanded and updated new edition, Keen builds on his scathing critique of conventional economic theory while explaining what mainstream economists cannot: why the crisis occurred, why it is proving to be intractable, and what needs to be done to end it. Essential for anyone who has ever doubted the advice or reasoning of economists, Debunking Economics - Revised and Expanded Edition provides a signpost to a better future.

About the Author

Steve Keen is Associate Professor of Economics & Finance at the University of Western Sydney.

Table of Contents

No More Mr Nice Guy: Why the public needs to know that economics is intellectually unsound * The Calculus of Hedonism:  Why the pursuit of individual self-interest does not maximise social welfare * The Price of Everything and the Value of Nothing:  Why most products cost less to produce as output rises * Size Does Matter:  Why the economic argument against monopolies is invalid * To Each According to His Contribution:  Why productivity doesn't determine wages * The Holy War over Capital:  Why the productivity of capital doesn't determine profits * There is Madness in their Method: Why assumptions do matter * Let's Do the Time Warp Again: Why economics must finally treat time seriously * The Sum of the Parts:  Why Keynes's criticisms of conventional economics are still relevant today * The Price is Not Right:  Why finance markets can get the price of assets so badly wrong * Finance and Economic Breakdown: Why stock markets crash * Don't Shoot Me, I'm Only the Piano: Why mathematics is not the problem 13. Nothing to lose but their minds:  Why Marxists are irrelevant, but Marx is not * There Are Alternatives: Why there is still hope for a better economics


Product Details

ISBN:
9781848139923
Author:
Keen, Steve
Publisher:
Zed Books
Subject:
Economic History
Subject:
Economics - Theory
Subject:
Business-History and Biography
Subject:
Economics - General
Copyright:
Edition Description:
Trade paper
Publication Date:
20111031
Binding:
TRADE PAPER
Grade Level:
Professional and scholarly
Language:
English
Pages:
554
Dimensions:
9.31 x 6.15 x 1.06 in

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Business » History and Biographies
History and Social Science » Economics » General
History and Social Science » Politics » General

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