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Uneconomic Economics and the Crisis of the Model World / by M. Watson.
- Format:
- Book
- Author/Creator:
- Watson., Author.
- Series:
- Building a Sustainable Political Economy: SPERI Research & Policy, 2946-3408
- Language:
- English
- Subjects (All):
- International economic relations.
- Economic history.
- International relations.
- Econometrics.
- Macroeconomics.
- International Political Economy'.
- Economic History.
- International Relations.
- Quantitative Economics.
- Macroeconomics and Monetary Economics.
- International Economics.
- Local Subjects:
- International Political Economy'.
- Economic History.
- International Relations.
- Quantitative Economics.
- Macroeconomics and Monetary Economics.
- International Economics.
- Physical Description:
- 1 online resource (119 pages).
- Edition:
- 1版. 2014.
- Place of Publication:
- London : Palgrave Macmillan UK : Imprint: Palgrave Pivot, 2014.
- Language Note:
- English
- System Details:
- Mode of access: World Wide Web.
- Summary:
- What has gone wrong with economics? Economists now routinely devise highly sophisticated abstract models that score top marks for theoretical rigour but are clearly divorced from observable activities in the current economy. This creates an 'uneconomic economics', where models explain relationships in blackboard rather than real-life markets.
- Contents:
- Cover
- Half-Title
- Series
- Title
- Copyright
- Dedication
- Contents
- Acknowledgements
- List of Abbreviations
- 1 Setting the Scene: From a Crisis of Economics to a Crisis of the State
- Introduction
- Competing crisis narratives of symptom and disease
- The rehabilitation of economic theory
- The crisis and the economics curriculum
- Structure of the book
- 2 The Collapse of the Model World: From Faith in Equations to Unsustainable Asset Bubbles
- The growth of increasingly complex secondary mortgage markets
- The uneconomic economics of asset-price valuation techniques
- Performativity and counter-performativity in financial markets
- Conclusion
- 3 The Creation of the Model World: From Formalist Techniques to the Triumph of Uneconomic Economics
- The return of the policy ineffectiveness proposition
- The quest for a fully specified general equilibrium framework
- Formalist technique and the logic of market self-regulation
- 4 Looking Ahead: From Uneconomic Economics to a Different Future
- The definition of good economics
- The significance of historicised method
- Final words
- References
- Index.
- Notes:
- Bibliographic Level Mode of Issuance: Monograph
- Includes bibliographical references and index.
- ISBN:
- 9781349481262
- 1349481262
- 9781137385499
- 1137385499
- OCLC:
- 908281499
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