What economists should do : in defense of mainstream economic thought / David G. Tuerck.

Format:

Book

Author/Creator:

Tuerck, David G., author.

Series:

Economics and public policy collection.

Economics and public policy collection

Language:

English

Subjects (All):

Economics--Philosophy.

Economics.

Physical Description:

1 online resource (150 pages)

Edition:

First edition.

Place of Publication:

New York, NY : Business Expert Press, LLC, [2022]

Summary:

The discipline of economics suffers from a great deal of dissention among its practitioners. There are a number of economic fields that challenge the validity of "neoclassical economics" or what can be called "main-stream economics." The neoclassical school, which emerged in the 1870s, advanced the study of economics by developing a theory of value based on utility. The earlier classical school saw value as based on the labor content of goods. Neoclassical economics is what college students are taught in their courses on microeconomics. Instruction in microeconomics is centered on the principle that, for any good, price will adjust until supply equals demand. Challenges to this principle come from several sources: behavioral economics, neuroeconomics, Austrian economics, Keynesian economics, and others. A common thread running through these fields is that neoclassical economics rests on unrealistic assumptions and must therefore be questioned for its usefulness.This book argues that, contrary to the critics, neoclassical economicsis the only method available to economists for bringing about rational economic policy choices. Irrational policy choices are the result of voters and politicians letting sentiments, as Adam Smith defined them, get in the way of rational thought. Neoclassical economics predicts that minimum wage laws will cause unemployment of low-wage workers. Yet minimum wage laws remain popular with both voters and politicians. It is the job of economists to question this popularity.

Contents:

Chapter 1. Introduction

Chapter 2. Preaching economics

Chapter 3. Where economics stands today

Chapter 4. Neoclassical economics and its critics

Chapter 5. The irrelevance of economic assumptions

Chapter 6. Ideology

Chapter 7. Economics and cognitive science

Chapter 8. What economists should do.

Notes:

Description based on publisher supplied metadata and other sources.

Description based upon print version of record.

Description based on print version record.

Includes bibliographical references and index.

Other Format:

Print version: Tuerck, David G. What Economists Should Do

ISBN:

9781637422335

1637422334

OCLC:

1323246035