Economyths: 11 Ways Economics Gets it Wrong

Description

When Economyths was first published in 2010, David Orrell showed how mainstream economics is based on key myths such as fair competition, rational behaviour, stability and eternal growth - and how these myths lead paradoxically to their opposites: inequality, an irrational economy, financial instability and a collision with nature's limits. Since then, we've had Occupy, political upheaval, flash crashes in financial markets, the warmest few years in recorded history - and a growing chorus demanding fundamental reform. So how has economics responded? In this revised and expanded edition, Orrell shows how the ten myths still dominate economics. And in a new final chapter, he uncovers, demolishes and develops an alternative to the greatest economyth of all - the one that will finally lead to the collapse of orthodox economics.

David Orrell is an applied mathematician and author of popular science books. He studied mathematics at the University of Alberta, and obtained his doctorate from Oxford University on the prediction of nonlinear systems. His work in applied mathematics and complex systems research has since led him to diverse areas such as weather forecasting, economics, and cancer biology. His work has been featured in the New Scientist, the Financial Times and on BBC Radio.

A must read for understanding the roots of the financial crisis, the severe limitations of the field of economics and what needs to be done to improve our ability to avoid future crises. -- Spyros Makridakis, author of 'Dance With Chance' This is without doubt the best book I've read this year, and probably one of the most important books I've ever read.... Orrell exposes the rotten heart of economics... There are other books talking on economics, but I've not come across another that explains it so well for the layperson, takes in the credit crunch, totally destroys the validity of economics as we know it and should be required reading for every politician and banker. No, make that every voter in the land. This ought to be a real game changer of a book. Read it. -- Brian Clegg, Popular Science The author dissects ten fundamental misunderstandings ... Orrell manages to convincingly explain the relevance of these myths and make them understandable, even for laymen, in a wider context. -- Handelsblatt