Synopses & Reviews
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.
In the wake of the economic disasters of the past decade, perhaps we could all use a refresher course in economics to help us understand. The ABCs of Political Economy
provides a lively and accessible introduction to modern political economy. In this compelling book, informed by the work of such eminent economic philosophers as Karl Marx, Thorstein Veblen, Michal Kalecki, Joan Robinson, and Hyman Minksy, Robin Hahnel provides the essential tools to comprehend todayandrsquo;s economic crises.
and#160;and#160;and#160;and#160;and#160;and#160;and#160;and#160;and#160;and#160;and#160; Hahnel explains the origins of the financial crisis of 2008, the ensuing andldquo;Great Recession,andrdquo; and why government policies in Europe and North America over the past six years have failed to improve matters for the majority of their citizens. It also helps explain the economic causes of climate change and what will be required if it is to be resolved effectively and fairly. The ABCs of Political Economy is perfect for anyone who wants to equip themselves with the ability to grasp as well as challenge existing preconceptions of political economy.
In the wake of the global financial crisis, most of the discussion has been focused on questions of debt. And the response, almost uniformly, has been austerity and privatization: cuts to services that have been painted as forms of reckless spending by a bloated public sector. In Debt or Democracy
, Mary Mellor turns the whole conversation upside down, showing that the important question is not who owes what, but who controls the creation and circulation of money in the first place. When the problem is examined from that angle, it becomes clear that privatization, far from being the answer to our problem, is the very source of it—the subordination of public finance to private interest.
A direct challenge to conventional economic thinking, Debt or Democracy offers a bracing new analysis of our economic crisis and offers cogent, radical alternatives to create a more just and sustainable economic future.
About the Author
Robin Hahnel is professor emeritus of economics at American University in Washington DC. He is author of Economic Justice and Democracy; Green Economics; and Of the People, By the People: The Case for a Participatory Economy.
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