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eBook The Skeptical Economist: Revealing the Ethics Inside Economics download

by Jonathan Aldred

eBook The Skeptical Economist: Revealing the Ethics Inside Economics download ISBN: 1844077055
Author: Jonathan Aldred
Publisher: Routledge; 1 edition (March 24, 2009)
Language: English
Pages: 288
ePub: 1552 kb
Fb2: 1230 kb
Rating: 4.5
Other formats: txt mobi mbr lrf
Category: Different
Subcategory: Business and Finance

In refreshingly plain English, Jonathan Aldred reveals the limitations and hidden . The Skeptical Economist is an astonishingly good book.

In refreshingly plain English, Jonathan Aldred reveals the limitations and hidden .

The Skeptical Economist book

Economics is unavoidably central to any attempt to improve our quality of. .The Skeptical Economist rejects the story told by other popular economics books.

Download books for free.

The Skeptical Economist book.

The Skeptical Economist rejects the story told by other popular economics books.

By EC Newsdesk on Jun 25, 2009.

Economics Moral and ethical aspects Economics. Similar books and articles. The Economist's Oath: On the Need for and Content of Professional Economic Ethics.

Economics is unavoidably central to any attempt to improve our quality of life, but most people do not know why, or how to question its underlying assumptions. The Skeptical Economist rejects the story told by other popular economics books. Responding to Western malaise about quality of life, and a growing curiosity about economics and its relevance to these concerns, Jonathan Aldred argues that economics is not an agreed body of knowledge or an objective science. In reality economics is built on ethical foundations - distinctive and controversial views about how we ought to live, what we value and why. This revealing and entertaining book exposes these hidden assumptions, and opens up the black box of modern economics to reveal that conventional wisdom is not what it appears to be. The Skeptical Economist will challenge us all to examine the assumptions behind the economics of our current way of life. It rediscovers the ethics at the heart of economics.
Comments: (3)
Modar
The Skeptical Economist by Jonathon Aldred is a wholly recommendable review of economics that is very fluent and widely readable. It deserves to be read by the public and politicans alike.

What is most needed in the world of academic social science as well as government is a radical re-examination of economics (and social science altogether) to see how we can improve it, both for the sake of truth and the common good (after all economics like politics is a practical knowledge).

Two books from "down under" (Australia) that deepen and more radically challenge the so-called science of economics are Steve Keen's "Debunking Economics" and "Deductive Irrationality" edited by Stephen McCarthy and David Kehl.

Steve Keen's "Debunking Economics" is a thorough and most challenging document in the ongoing struggle to understand the limitations of modern social science and economics in particular. It is similar to, but much longer than Hill and Myatt's "The Economics Anti-Textbook" in that they both follow the main topics of undergraduate textbooks (micro only in EAT). Taken overall, Keen's is the far more comprehensive, deeper, more integrated, and more cogent critique.

And what a critique it is! Eminiently clear and precise it is hard to find fault with it.

"Deductive Irrationality. A Commonsense Critique of Economic Rationalism" (073911624X) by Stephen McCarthy and David Kehl is based on the teaching and writings of Dr. Richard W. Staveley here in Brisbane, Australia from the 1960s to the end of the last century. It penetrates more deeply into the political and economic philosophy behind the modern "science" of economics by examining Hobbes, Locke, Smith, Marshall, Keynes, Hayek, Myrdal, and Rational Expectations Economics partly in the light of Aristotle.

Together, Deductive Irrationality and Debunking Economics are complementary and deserve assiduous study as part of the renovation of the social sciences.

Other books of interest reviewing economics include:
1. The Economics Anti-Textbook by Rod Hill and Tony Myatt;
2. The Skeptical Economist by J. Aldred;
3. Economics for the Rest of Us by Moshe Adler;
4. How Markets Fail by John Cassidy;
5. Animal Spirits by George Akerloff and Robert Schiller.

It is indeed an exciting time to think through the meaning of economics and consider what must eventually come after the failure of positivist social science.

Happy reading!
playboy
This was one of the easiest reads about economics I've read in awhile. I could tell that this book was written with the assumption that the person reading it had little background in economics and even if you have experience (I do)it still offers some intriguing concepts.

Below is the beginning of a summary for this book:

Aldred argues that economics pretends to be value free, but that idea doesn't hold up to scrutiny. Economics uses a black box to hide from challengers (2) and veto economics to defend assertions (2).

Economics claims that preference is given. This ignores the many factors that create preference. Framing effects, which involve the situation in which choices are made, can change the perception of the consumer (14). Branding is another factor. Branding is used by companies in order to differentiate identical goods by making one seem more familiar (16) and therefore more desirable. Peak end evaluation shows that our preference isn't logical because we remember the extreme and final moments of our experiences most vividly and use these memories to determine what we prefer (17). Nobody has preferences that are perfectly rational, perfectly knowledgeable and perfectly predicts their future wants (38).

Economics assumes that economic growth will result in increased happiness. Aldred says that once poverty, which results in shorter lives and lower quality necessities, is lifted then further economic growth will not necessarily result in more happiness (51). Adaptation, which economics ignores, is key to why we cannot be satisfied after surpassing poverty. As income grows we simply adjust until we are no happier at the increased level than we were with the past one (55). Income and its impact on happiness is relative to what those around the individual make (58). Consuming more or similarly to one's neighbor will likely make a person happier than consuming less than ones neighbor (58). Another aspect of this myth is that growth will result in less expensive public services (68). This is wrong because increasing productivity for personal services is slower than that of the rest of the economy (69). Which means that the amount of output per hour worked is less than other fields, but since the pay is similar to other jobs with higher outputs its more expensive to have (71).

Economics views taxation as a negative. However, one cannot own something without having legal protections to enforce it (82) and these protections are paid for by taxes. Ownership is dependent on government which is dependent on taxes (86). Taxes also redistribute the money from the wealthy to the poor (88). The poor gain more utility from a single dollar than the rich which means redistribution through tax can result in more utility overall (95).