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Item Details
| Title:
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UNECONOMIC ECONOMICS AND THE CRISIS OF THE MODEL WORLD
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| By: |
Matthew Watson |
| Format: |
Electronic book text |
| List price:
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£45.00 |
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We believe that this item is permanently unavailable, and so we cannot source
it.
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| ISBN 10: |
1137385502 |
| ISBN 13: |
9781137385505 |
| Publisher: |
PALGRAVE MACMILLAN |
| Pub. date: |
22 January, 2014 |
| Series: |
Building a Sustainable Recovery: Speri Research & Policy |
| Description: |
What has gone wrong with economics? Economists now routinely devise highly sophisticated abstract models that score top marks for theoretical rigour but are clearly divorced from observable activities in the current economy. This creates an 'uneconomic economics', where models explain relationships in blackboard rather than real-life markets. |
| Synopsis: |
Matthew Watson analyses the political response to imploding markets through the lens of the history of thought, asking 'what has gone wrong with economics?' against the backdrop of the global financial crisis. The most important historical trend, he suggests, is the development of an 'uneconomic economics' whereby attention is placed on explaining relationships in perfectly efficient blackboard markets rather than the much more chaotic institutions encountered in everyday economic interactions. Economists now routinely devise highly sophisticated abstract models which are theoretically rigorous but fail to capture the way businesses are actually undertaken. The acknowledgement of a gap between models and the real world has led many commentators to initially pronounce that the financial crisis was equally a crisis of economics. The author shows, though, that the subsequent redefinition of the crisis as a problem of over-extended state spending has successfully rehabilitated the model world of orthodox economics opinion. |
| Publication: |
UK |
| Imprint: |
Palgrave Macmillan |
| Returns: |
Non-returnable |
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