The Economics last some fresh thinking on economics


John Barry: Have just received a review copy of The Economics Anti-Textbook: A Critical Thinker's Guide to Micro-economics by Rod Hill and Tony Myatt From a quick review it should be on all undergraduate economics courses in the spirit of pluralism in economic thinking. Some lovely quotes "The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists" (Joan Robinson) and "Will raising the incomes of all increase the happiness of all? The answer to this question can now be given with somewhat greater assurance than twenty years ago...It is 'no'" (Richard Easterlin).

It also includes a series of thought-provoking 'questions for your professor' throughout; such as "Why does the textbook suppose that democracy must end at the workplace door? In whose interest is it that economic democracy remain off the agenda?' and "The competitive labour markey model predicts that if a firm reduces its wage by one cent below the equilibrium its entire workforce will quit. Why don't we test this prediction?"

The book also includes a postscript on the global financial meltdown which as they put it "illustrates the importance of imperfect and assymmetrical information, externalities, limited rationality and inappropriate incentives. In particular, it illustrates the necessity of appropriate government regulation, and the ability of powerful business interests to change the rules of the game" .

Wish I had had this textbook when I was an ungraduate!

Posted in: Economics

Tagged with: economics



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