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Debunking Economics

What is the score card for economics at the start of the new millennium? While there are many different schools of economic thought, it is the neo-classical school, with its alleged understanding and simplistic advocacy of the market, that has become equated in the public mind with economics. This book shows that virtually every aspect of conventional neo-classical economics' thinking is intellectually unsound. Steve Keen draws on an impressive array of advanced critical thinking. He constitutes a profound critique of the principle concepts, theories, and methodologies of the mainstream discipline. Keen raises grave doubts about economics' pretensions to established scientific status and its reliability as a guide to understanding the real world of economic life and its policy-making.
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Table of Contents

1. No More Mr Nice Guy: Why the public needs to know that economics is intellectually unsound 2. The Calculus of Hedonism: Why the pursuit of individual self-interest does not maximise social welfare 3. The Price of Everything and the Value of Nothing: Why most products cost less to produce as output rises 4. Size Does Matter: Why the economic argument against monopolies is invalid 5. To Each According to His Contribution: Why productivity doesn't determine wages 6. The Holy War over Capital: Why the productivity of capital doesn't determine profits 7. There is Madness in their Method: Why assumptions do matter 8. Let's Do the Time Warp Again: Why economics must finally treat time seriously 9. The Sum of the Parts: Why Keynes's criticisms of conventional economics are still relevant today 10. The Price is Not Right: Why finance markets can get the price of assets so badly wrong 11. Finance and Economic Breakdown: Why stock markets crash 12. 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 14. There Are Alternatives: Why there is still hope for a better economics

About the Author

Dr STEVE KEEN is an economist at the University of Western Sydney, Australia. He has written widely on economics and finance in academic journals and for the Australian media. His most recent edited publication is Commerce, Complexity and Evolution (Cambridge University Press, 2000).


"'Debunking Economics... will transform the way economics is taught and thought.' - Jan Otto Andersson, Professor of Economics, Abo Akademi University, Finland"

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