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Economyths: Ten Ways Economics Gets It Wrong (Kindle Edition) Reviews
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Economyths: Ten Ways Economics Gets It Wrong (Kindle Edition) Features:
Product Details
Publisher: Icon Books
Release date: 6 May 2010
Number of Pages: 256 pages
ASIN: B003V8B5YS
Amazon.co.uk Sales Rank: 3
Here are the description of the product:
Product Description
Review
"This is without doubt the best book I've read this year, and probably one of the most important books I've ever read.... Orrell exposes the rotten heart of economics... There are other books taking on economics, but I've not come across another that explains it so well for the layperson, takes in the credit crunch, totally destroys the validity of economics as we know it and should be required reading for every politician and banker. No, make that every voter in the land. This ought to be a real game changer of a book. Read it." --Brian Clegg, Popular Science website, May 2010
"The author dissects ten fundamental misunderstandings ... Orrell manages to convincingly explain the relevance of these myths and make them understandable, even for laymen, in a wider context." --Handelsblatt
"A must read for understanding the roots of the financial crisis, the severe limitations of the field of economics and what needs to be done to improve our ability to avoid future crises."
--Spyros Makridakis, author of Dance With Chance
Product Description
From the failure of wealth to make us happier to the catastrophic blindness to the credit crunch, Economyths reveals ten ways in which economics has failed us all. Forecasters predicted a prosperous year in 2008 for financial markets – in one influential survey the average prediction was for an eleven percent gain. But by the end of the year major economies were plunging into recession. An even bigger casualty was the credibility of economics, which for decades has claimed that the economy is a rational, stable, efficient machine, governed by well-understood laws. Mathematician David Orrell traces the history of this idea from its roots in ancient Greece to the financial centres of London and New York, shows ten distinct ways in which it is mistaken – and proposes new alternatives. Orrell explains how the economy is the result of complex and unpredictable processes; how risk models go astray; why the economy is not rational or fair; why until very recently no woman had ever won the Nobel Prize for economics; why financial crashes are less Black Swans than part of the landscape; and finally, how new ideas in mathematics, psychology, and environmentalism are helping to reinvent economics.
About the Author
David Orrell is an applied mathematician and author of popular science books. He studied mathematics at the University of Alberta, and obtained his doctorate from Oxford University on the prediction of nonlinear systems. His work in applied mathematics and complex systems research has since led him to diverse areas such as weather forecasting, economics, and cancer biology. His work has been featured in the New Scientist, the Financial Times and on BBC Radio.
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