The Death of Economics

The Death of Economics is a book written by Paul Ormerod. According to the author the title does not imply that the study of economies is not of great importance but rather it argues that conventional economics offers a misleading view of how the world operates and needs to be replaced.[1]

The Death of Economics
Hardcover edition
AuthorPaul Ormerod
CountryUnited Kingdom
LanguageEnglish
SubjectEconomics
GenreNon-fiction
PublisherSt. Martin's Press
Publication date
1994
Media typePrint (Hardcover)
Pages240 pp (first edition)
ISBN978-0312134648
OCLC33132875
330 20
LC ClassHB75 .O76 1995

Overview

The book is split into two parts. The first part contains Ormerod's assessment of the present state of economics; the second part represents a series of suggestions as to how economics can be developed, particularly in relation to unemployment.

Three properties are identified as essential to any model seeking to explain unemployment. First the model should be capable of settling into long periods of regular fluctuations; second, such fluctuations should be sensitive to the initial values of the system; thirdly, following a major shock, there should be no tendency to settle back to the regular behaviour previously seen.[2]

Originally published for the United Kingdom in 1994, Death of Economics has been translated into more than 10 languages.

gollark: This is obviously true for *some* stuff like mental maths.
gollark: Also if you're acting based on it.
gollark: Well, if you're arguing based on it, I think it would be useful to know.
gollark: Is this actually true?
gollark: I think the more interesting question is what it's actually doing at a high level, i.e. what algorithms the entire accursedly complex mess runs. There might be a relatively nice explanation which covers some parts.

References
  1. Ormerod Preface to the Paperback Edition
  2. Ormerod p180


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.