Economics versus Reality

How to be Effective in the Real World in Spite of Economic Theory

Business & Finance, Economics, Theory of Economics, Nonfiction, Social & Cultural Studies, Social Science, Sociology
Cover of the book Economics versus Reality by John M Legge, Taylor and Francis
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: John M Legge ISBN: 9781351295666
Publisher: Taylor and Francis Publication: September 8, 2017
Imprint: Routledge Language: English
Author: John M Legge
ISBN: 9781351295666
Publisher: Taylor and Francis
Publication: September 8, 2017
Imprint: Routledge
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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.

More books from Taylor and Francis

Cover of the book The Politics of Compassion by John M Legge
Cover of the book Reassessing the Transnational Turn by John M Legge
Cover of the book The Global Political Economy of Intellectual Property Rights, 2nd ed by John M Legge
Cover of the book Early Communication Skills by John M Legge
Cover of the book Lunatic Hospitals in Georgian England, 1750–1830 by John M Legge
Cover of the book Further Wellness Issues for Higher Education by John M Legge
Cover of the book External Costs of Coastal Beach Pollution by John M Legge
Cover of the book Democracy and Political Change in Sub-Saharan Africa by John M Legge
Cover of the book International Law, Politics and Inhumane Weapons by John M Legge
Cover of the book Physical Education in Nursery and Infant Schools by John M Legge
Cover of the book Contemporary Travel Writing of Latin America by John M Legge
Cover of the book Art and Music in the Early Modern Period by John M Legge
Cover of the book Language Knowledge for Primary Teachers by John M Legge
Cover of the book Man, State and Society in the Contemporary Middle East by John M Legge
Cover of the book Losing Labour's Soul? by John M Legge
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy