Economics versus reality : how to be effective in the real world in spite of economic theory

著者

• Legge, John M.

書誌事項

Economics versus reality : how to be effective in the real world in spite of economic theory

John M. Legge

Transaction Publishers, c2016

• : paper

注記

Bibliography: p. 303-310

Includes index

内容説明・目次

内容説明

John M. Legge shows the many ways in which the real world diverges from economics textbooks. He argues that mainstream economic theory took a disastrous turn 140 years ago, when it attempted to use calculus to explain human behaviour. A real economy involves people who are not variables in equations. This error led to a second, mainstream economics becoming obsessed with equilibrium. However, constant change is the reality and one cannot explain the present without understanding the path taken to get here. This book presents economics in historical context. It includes a short account of the contributions by some of the key figures in economic theory, starting with Adam Smith. Smith placed great weight on morality: he believed that economic activity took place in a society and could not be justified except insofar as it advanced the interests of that society. Too many economists have come to believe that the interests of society can be measured by a number: that if a policy change raises GDP it is justified, whatever its impact on people. Legge places the economy within society, and society within the environment, explaining that every significant decision has a social and environmental impact, as well as an economic dimension. Seeking to provide answers to students, professional business managers, and those interested in the political process, this work addresses the gap between theory and reality.

目次

Preface Note on Measurements Acknowledgments 1 Uses and Abuses of Economics Textbook Economics Economics and the Environment Economics and Society Politics Economics and Infallibility Economic Miracles Class War Models and Reality 2 Names to Reckon With The Classical Economists Adam Smith David Ricardo Thomas Malthus Karl Marx Neoclassical Economists Background Jevons and Walras Alfred Marshall Paul Samuelson The Heroes Schumpeter Keynes The Chicago School Neoliberalism Origins Public Choice and Regulatory Capture Milton Friedman Ordo-liberalism Neoliberalism Stage 3 in Practice The Washington Consensus 3 Competition: Real or Perfect? Perfect Competition Teaching Perfection The Welfare Flaw The Mathematical Error The Attractions of Perfect Competition The F-twist Realistic Competition IO Economics Monopolistic Competition Price in the Real World Representative Consumers? Representative Firms? Unique Attributes Change and Continuity 4 Money and Banking Fiat Currencies Banking in Theory and in Practice Fractional Reserve Banking Dustytown, United States Reality Turned Upside Down Political Consequences Regulated Banking Saving and Investment Interest 5 Macroeconomics Crises Are Endogenous Counterattack Microfoundations Drivers of Employment and Unemployment Instability Monetary Neutrality The Politics of Trade Trade in General Contemporary Issues Trade and Investment 6 Inflation Prices and Wages Innovation, Prices, and Employment Origins of Inflation Normal Inflation Hyperinflation Asset Price Inflation The 1970s and After The 1980s The Great Moderation The Politics of Inflation 7 The Great Recession and the Eurozone Crisis How the Scene Was Set Limitations on Liberalism Enter Chaos and Complexity The Great Depression The Keynesian Revolution Turbulence Neoliberalism Ascendant The Southeast Asian Crisis Crisis Phase 1: Subprime Crisis Phase 2: The Eurozone 8 The Labor Market Classical Theory Neoclassical Theory: Outline and Critique The Inside/Outside Disparity Labor Market Structure: The Galbraith Analysis How It Really Works Unemployment Keynes on Unemployment NAIRU and Full Employment Education and Training Equity Considerations Matching Skills to Need Winner Takes All? Education and Experience Policies and Results Responding to the Skills Crisis Proven Labor-Market Alternatives France Germany Japan 9 The Engine of Growth Growth in Theory Schumpeter's Spiral Staircase Neoclassical Growth Theory Product Differentiation: Consumer Fraud or Valuable Innovation? Innovation in

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詳細情報

• NII書誌ID(NCID): BB20591873
• ISBN:
  • 9781412862516
• LCCN: 2015007956
• 出版国コード: us
• タイトル言語コード: eng
• 本文言語コード: eng
• 出版地: New Brunswick
• ページ数/冊数: xvii, 318 p.
• 大きさ: 23 cm
• 分類:
  • LCC : HB171
  • DC23 : 330
• 件名:
  • LCSH : Economics
  • LCSH : Economic history