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David Orrell

Economyths

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When Economyths was first published in 2010, David Orrell showed how mainstream economics is based on key myths such as fair competition, rational behaviour, stability and eternal growth – and how these myths lead paradoxically to their opposites: inequality, an irrational economy, financial instability and a collision with nature’s limits.

Since then, we’ve had Occupy, political upheaval, flash crashes in financial markets, the warmest few years in recorded history – and a growing chorus demanding fundamental reform. So how has economics responded?

In this revised and expanded edition, Orrell shows how the ten myths still dominate economics. He reveals their roots in thought that goes back to the ancient Greeks, making them hard to dislodge. And he uncovers, demolishes and develops an alternative to the greatest economyth of all – the one that will lead to the collapse of orthodox economics.
Эта книга сейчас недоступна
523 бумажные страницы
Дата публикации оригинала
2017
Год выхода издания
2017
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Цитаты

  • Yulia Ogorodnikovaцитирует5 лет назад
    1900, even before Einstein’s explanation of Brownian motion, the French economist Louis Bachelier came up with a similar theory for the economy. In his Ph.D. thesis, he proposed that financial markets are always close to equilibrium, but are buffeted around by the actions of individual investors as they respond in different ways to news or just the market’s current state. Any change in price is therefore essentially random. As with a piece of pollen undergoing Brownian motion, the market might look like it’s alive and has a sense of purpose, but that’s just an illusion.
  • Yulia Ogorodnikovaцитирует5 лет назад
    Bachelier’s work initially made little impact, perhaps because it appeared to say that forecasting was a waste of time (never popular with forecasters).
  • Yulia Ogorodnikovaцитирует5 лет назад
    Economics is a mathematical representation of human behaviour, and like any mathematical model it is based on certain assumptions.

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