Product Description

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.

Product Details

• Amazon Sales Rank: #21976 in Books
• Published on: 2001-07-01
• Original language: English
• Number of items: 1
• Binding: Paperback
• 352 pages

Review
"'Debunking Economics... will transform the way economics is taught and thought.' - Jan Otto Andersson, Professor of Economics, Abo Akademi University, Finland"

About the Author
Dr STEVE KEEN is an economist at the University of Western Sydney, Australia. He has written widely on economics and finance in academic journals and for the Australian media. His most recent edited publication is Commerce, Complexity and Evolution (Cambridge University Press, 2000).

Customer Reviews

A crucial work for understanding the failures of neoclassical economics
For people, like me, who had almost given up entirely on the academic field of Economics when I first started reading on the topic because of ridiculous theories and poor teaching, there is fortunately still Steve Keen. In this book, the Australian Keen shows the errors of the standard views of neoclassical (orthodox) economics.

Not just some side aspects of the theory, but the actual core views of economics as it is taught in universities everywhere unravels before your eyes. Keen masterfully applies both economic models and historical analysis to show that orthodox economists not only do not know what theories exist in their own field, but they also have no inkling of the history of economics and what this means for their approach. This, combined with a possibly even poorer understanding of the philosophy of science (Keen uses Milton Friedman as the main example, but more could have been named), leads to a series of ridiculous assumptions and even more ridiculous results. That the economists consistently ignore the way industrial managers and market analysts etc. do NOT apply their pet theories is just the icing on the cake.

The book is heavy reading for those with no knowledge of economics or maths, but certainly not impossible. A basic understanding of economics and mathematics as taught at high school level (at least in The Netherlands) goes a long way, and Keen fortunately writes well and attempts to avoid long mathematical proofs as much as possible.

The only downside to the book is that his treatment of alternative theories, especially the quite closely linked Austrian school of economics, is very short and vague, and his criticism of Marxist economics is incompetent and useless, done from a Sraffian perspective. This leads to the impression that Keen knows what's wrong with neoclassics, but not what is to be done instead. Therefore, start by reading this book, but don't end there.

pity sraffa is out of print
interesting review, VERY readable, the guy is a very good writer, i am not an economist so i can't really be dogmatic, but i liked it and believe it would complement well paul ormerods two books (death of economics and butterfly economics)
it also left me wanting to read this guy pierro sraffa in the original, but sadly he seems to be out of print

well worth aread anyhow

GREAT BUT HARD
This book is amazing,Keen has compacted in one volume a completeand accurate account and case against the libertairian and free-market fundementalists that plague the established economic order of today. His tone is clear and although a difficult read his presentation and communication is no less tha sublime. For anyone whos suspected that those preaching the libertarian free-market ideal this book will give you the backing to stop them in their tracks. Recommend for those who have read books by Amartya Sen and Dr Chang who want a different view to the "new" right.