Economyths
 Wiley hardcover edition | |
| Author | David Orrell |
|---|---|
| Language | English |
| Subject | Economics |
| Genre | Non-fiction |
| Publisher | Icon Books and John Wiley & Sons |
Publication date | July 2010 |
| Media type | Print, e-book |
| Pages | 288 pp |
| ISBN | 978-1848311480 |
| OCLC | 665817373 |
| 338 | |
| LC Class | HB3722.O77 2010 |
Economyths is a book by the mathematician David Orrell about the problems with mainstream economics, written for the general reader. The book was initially published in 2010 by Icon Books in the UK with the subtitle Ten Ways Economics That Gets It Wrong, and by John Wiley & Sons in North America (their subtitle omitted the “That”). Icon published a revised version in 2012, with the subtitle How the Science of Complex Systems Is Transforming Economic Thought.[1] Translated versions were also published in Brazil, China, Japan and Korea.[2]
Summary
The book has ten chapters, each of which concentrates on a separate “economyth”. These are summarized on p. 6 as follows:
- The economy can be described by economic laws.
- The economy is made up of independent individuals
- The economy is stable
- Economic risk can be easily managed using statistics
- The economy is rational and efficient
- The economy is gender-neutral
- The economy is fair
- Economic growth can continue forever
- Economic growth will make us happy
- Economic growth is always good
In each case, Orrell explains the role that the myth plays in economics, discusses the problems it creates, and proposes solutions and alternatives based on ideas from areas such as complexity, network theory, nonlinear dynamics, heterodox economics, and so on.
Reviews
In a Bloomberg piece on business books, economist William White said that the book “Lists 10 crucial assumptions (the economy is simple, fair, stable, etc.) and argues both entertainingly and convincingly that each one is totally at odds with reality. Orrell also suggests that adopting the science of complex systems would radically improve economic policymaking.”[3]
The economist Robert Nelson wrote in the International Journal of Social Economics that the book suffered from a number of omissions, in particular a fuller exploration of “the religious roles played by neo-classical economics.” However he concludes that “Whatever its omissions and other failings, much of the book is devoted to making a strong case for one very important finding – the intellectual poverty of neo-classical economics … A wide audience including many non-economists could benefit from reading it.”[4]
In National Review, economist Michael Yates also noted some omissions, such as a discussion of worker organisation, but wrote that the book “makes sound recommendations that economists utilize methods of analysis and techniques that have proven their worth in other fields of study … Economists ignore such research at their peril.”[5]
References
- ^ Orrell, David (2012). Economyths: How the Science of Complex Systems is Transforming Economic Thought. Icon Books. ISBN 978-1848312197.
- ^ "Economyths". Retrieved 21 October 2016.
- ^ Kennedy, Simon (December 13, 2013). "Buffett, Slim, Greenspan, El-Erian, Lew Pick Best Books of 2013". Retrieved 12 October 2016.
- ^ Nelson, Robert (2011). "Review of Economyths: Ten Ways That Economics Gets It Wrong". International Journal of Social Economics. 38 (9): 821–822.
- ^ Yates, Michael (2011). "The Emperor Has No Clothes But Still He Rules". Monthly Review. 63 (2).
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