Saturday, June 02, 2018

Debunking Economics

I have just read Debunking Economics by Steve Keen, an Australian economist. He is no slug, because he is one of the few economists who warned of the GFC before it happened.

In this book, he goes through the development of economics and exposes all the false assumptions and illogical foundations that plague neoclassical economics.

It is many years since I formally studied economics, so I had forgotten how bad the experience was. Reading this book reminded of how frustrating it is working with assumptions about economic and personal behaviour that are totally unrealistic. No wonder economic predictions are usually wrong and that policy recommendations fail to achieve the results they promised.

Everyone studying economics formally should read this book.

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