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Books > Business & Economics > Economics > Economic theory & philosophy
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Economics Rules - Why Economics Works, When It Fails, and How To Tell The Difference (Paperback)
Loot Price: R310
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Economics Rules - Why Economics Works, When It Fails, and How To Tell The Difference (Paperback)
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List price R332
Loot Price R310
Discovery Miles 3 100
You Save R22 (7%)
Expected to ship within 12 - 17 working days
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The economics profession has become a favourite punching bag in the
aftermath of the global financial crisis. Economists are widely
reviled and their influence derided by the general public. Yet
their services have never been in greater demand. To unravel the
paradox, we need to understand both the strengths and weaknesses of
economics. Dani Rodrik argues that the multiplicity of theoretical
frameworks - what economists call 'models' that exist side by side
is economics' great strength. Economists are trained to hold
diverse, possibly contradictory models of the world in their minds.
This is what allows them, when they do their job right, to
comprehend the world, make useful suggestions for improving it, and
to advance their stock of knowledge over time. In short, it is what
makes economics a 'science' a different kind of science from
physics or some other natural sciences, but a science nonetheless.
But syncretism is not a comfortable state of mind, and economists
often jettison it for misplaced confidence and arrogance,
especially when they confront questions of public policy.
Economists are prone to fads and fashions, and behave too often as
if their discipline is about the search for the model that works
always and everywhere, rather than a portfolio of models. Their
training lets them down when it comes to navigating among diverse
models and figuring out which one applies where. Ideology and
political preferences frequently substitute for analysis in
choosing among models. So the book offers both a defence and
critique of economics. Economists' way of thinking about social
phenomena has great advantages. But the flexible, contextual nature
of economics is also its Achilles' heel in the hands of clumsy
practitioners.
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