Debunking neo-classical economics : the naked emperor of the social sciences

What is the score card for economics at the start of the new millennium? While there are many different schools of economic thought, it is the neo-classical school, with its alleged understanding and simplistic advocacy of the market, that has become equated in the public mind with economics. This book shows that virtually every aspect of conventional neo-classical economics' thinking is intellectually unsound. Steve Keen draws on an impressive array of advanced critical thinking. He constitutes a profound critique of the principle concepts, theories, and methodologies of the mainstream discipline. Keen raises grave doubts about economics' pretensions to established scientific status and its reliability as a guide to understanding the real world of economic life and its policy-making. Debunking Economics Exposes What Many Non-economists May Have Suspected And A Minority Of Economists Have Long Known: That Economic Theory Is Not Only Unpalatable, But Also Plain Wrong. Many Of The Most Cherished Notions Of Conventional Economics Are Based On Reasoning That Is Internally Inconsistent. Debunking Economics Explains Why Economists Think The Way They Do, And Points Out The Flaws In Their Thinking Which They Either Don't Realize, Don't Appreciate, Or Just Plain Ignore. Most Of These Flaws Were Established By Dissident Academic Economists Decades Ago, Yet Modern Economics Pretends That It Can Continue With 'business As Usual'. In A Profound Irony, Debunking Economics Shows That A Discipline Which Labours The Word 'rational' May Be The Most Irrational Of All.--jacket. No More Mr Nice Guy -- I: Foundations -- The Calculus Of Hedonism -- The Price Of Everything And The Value Of Nothing -- Size Does Matter -- To Each According To His Contribution -- Ii: Complexities -- The Holy War Over Capital -- There Is Madness In Their Method -- Let's Do The Time Warp Again -- The Sum Of The Parts -- The Price Is Not Right -- Iii: Alternatives -- Finance And Economic Breakdown -- Don't Shoot Me, I'm Only The Piano -- Nothing To Lose But Their Minds -- There Are Alternatives. Steve Keen. Includes Bibliographical References (p. 314-324) And Index. "Debunking Economics exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. Many of the most cherished notions of conventional economics are based on reasoning that is internally inconsistent." "Debunking Economics explains why economists think the way they do, and points out the flaws in their thinking which they either don't realize, don't appreciate, or just plain ignore. Most of these flaws were established by dissident academic economists decades ago, yet modern economics pretends that it can continue with 'business as usual'. In a profound irony, Debunking Economics shows that a discipline which labours the word 'rational' may be the most irrational of all."--BOOK JACKET A critique of the assumptions, theories and methodologies of mainstream economics, exposing the flaws in economic theory. Examining many of the most cherished notions of conventional economics the author finds them based on reasoning which is eternally inconsistent. An explanation of the reasons why economists think as they do is offered and the flaws in their thinking, most of which were established by dissident academic economists decades ago. The irrationality of the discipline which labours the word "rational"is conveyed This work argues that economic theory is not only unpalatable, but can often be plain wrong. It explains why economists think the way they do and points out flaws in that thinking (something that dissident academic economists have done before). He questions economists' love of the "rational" Debunking Economics argues that economic theory is not only unpalatable, but wrong: many of the cherished notions of conventional economics are based on reasoning that is internally inconsistent Why have we handed over the running of the world to economists?