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Economics versus Reality - How to be Effective in the Real World in Spite of Economic Theory (Hardcover)
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Economics versus Reality - How to be Effective in the Real World in Spite of Economic Theory (Hardcover)
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John M. Legge shows the many ways in which the real world diverges
from economics textbooks. He argues that mainstream economic theory
took a disastrous turn 140 years ago, when it attempted to use
calculus to explain human behaviour. A real economy involves people
who are not variables in equations. This error led to a second,
mainstream economics becoming obsessed with equilibrium. However,
constant change is the reality and one cannot explain the present
without understanding the path taken to get here. This book
presents economics in historical context. It includes a short
account of the contributions by some of the key figures in economic
theory, starting with Adam Smith. Smith placed great weight on
morality: he believed that economic activity took place in a
society and could not be justified except insofar as it advanced
the interests of that society. Too many economists have come to
believe that the interests of society can be measured by a number:
that if a policy change raises GDP it is justified, whatever its
impact on people.Legge places the economy within society, and
society within the environment, explaining that every significant
decision has a social and environmental impact, as well as an
economic dimension. Seeking to provide answers to students,
professional business managers, and those interested in the
political process, this work addresses the gap between theory and
reality.
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