Download Debunking Economics: The Naked Emperor Dethroned? (Revised by Steve Keen PDF

By Steve Keen

<I>Debunking Economics - Revised and elevated Edition</I> exposes what many non-economists could have suspected and a minority of economists have lengthy identified: that monetary thought isn't just unpalatable, but in addition simple incorrect. whilst the unique Debunking Economics was released again in 2001, the marketplace economic system appeared invincible, and traditional "neoclassical" financial conception basked within the limelight. Steve prepared argued that economists deserved not one of the credits for the economy's functionality, and "The fake self belief it has engendered within the balance of the industry financial system has inspired policy-makers to dismantle a few of the associations which firstly advanced to attempt to maintain its instability inside limits." That instability exploded with the devastating monetary challenge of 2007, and now haunts the worldwide economic climate with the possibility of one other melancholy. during this extended and up-to-date new version, prepared builds on his scathing critique of traditional financial thought whereas explaining what mainstream economists can't: why the obstacle happened, why it really is proving to be intractable, and what should be performed to finish it. crucial for a person who has ever doubted the recommendation or reasoning of economists, <I>Debunking Economics - Revised and increased Edition</I> presents a signpost to a greater destiny.

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Additional resources for Debunking Economics: The Naked Emperor Dethroned? (Revised and Expanded Edition)

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In either case, I’d suggest that you hold judgment until you finish this book. no more mr nice guy | 15 Consequently, neoclassical economics, far from being the font of eco­ nomic wisdom, is actually the biggest impediment to understanding how the economy actually works – and why, periodically, it has serious breakdowns. If we are ever to have an economic theory that actually describes the economy, let alone one that helps us manage it, neoclassical economics has to go. Revisionism Yet this is not how neoclassical economists themselves have reacted to the crisis.

Yet much of conventional no more mr nice guy | 29 economic theory is illogical. Those who occupy the center stage of modern politics should find a firmer foundation for their politics than an illogical economic theory. The same comment, of course, applies to those at the left-wing end of the political spectrum, who base their support for radical social change on conventional Marxian economics. As I argue in Chapter 17, conventional Marxism is as replete with logical errors as is neoclassical economics, even though Marx himself provides a far better foundation for economic analysis than did Walras or Marshall.

As I explain in the next chapter, this applies to the simplest and in many ways most fundamental concept in neoclassical economics – the ‘downwardsloping demand curve’ that is one half of its iconic ‘supply and demand’ analysis of markets. e. that an individual will buy more units of a com­ modity if its price falls – but the attempt to prove that the market demand curve also sloped downwards failed. However, textbooks writers are either 20 | two truly ignorant of this failure, or delude themselves about the failure, or deliberately obfuscate it.

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