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Debunking Economics exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. Many of the most cherished notions of conventional economics are based on reasoning that is internally inconsistent. Debunking Economics explains why economists think the way they do, and points out the flaws in their thinking which they either don’t realize, don’t appreciate, or just plain ignore. Most of these flaws were established by dissident academic economists decades ago, yet modern economics pretends that it can continue with ‘business as usual’. In a profound irony, Debunking Economics shows that a discipline which labours the word ‘rational’ may be the most irrational of all.
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‘Debunking Economics may not delight economic conservatives, but it is certainly necessary. Our hope must be that it will be read by enough people to prompt reform of our economic thinking and save our endangered societies’ - James Cumes, author of ‘How to Become a Millionaire without really working’, and other books ‘Particularly useful to those, like myself, who are interested in economics but not formally trained in it. Debunking Economics reveals that neoclassical economic doctrines are faulty... because the fundamental assumptions from which such doctrines have been derived are less than self-evident’ - Henry C.K. Liu, Chairman, Liu Investment Group ‘If you are interested in how the economy really works (and want to challenge an economist) then read this book’ - James Dick, Professional Members Division, The Economic Society of Australia ‘Keen’s serious but accessible look at the shaky logical and mathematical foundations of neoclassical economics will be of great interest to students and open-minded economists alike. And his insightful survey of alternative schools of thought lends substance to his call for a new economics.’ - Don Goldstein, Associate Professor of Economics, Allegheny College ‘A wide-ranging yet accessible critique of the staples of neoclassical pedagogy’ - Alan G. Isaac, Associate Professor of Economics, American University ‘This text carefully follows the form of argument familiar to all economics undergraduates, through to conclusions from which under-graduates are more usually protected. Avoiding polemic or hyperbole, the case that he presents is all the more damning for its clarity and systematic approach’ - John M. Legge, Associate Professor, LaTrobe University ‘Debunking Economics... will transform the way economics is taught and thought’ - Jan Otto Andersson, Professor of Economics, Åbo Akademi University, Finland ‘Professional economists include their own best critics. Steve Keen is one of the very best... translating the algebra into plain language, he deploys a devastating theoretical attack on neoclassical theory’ - Hugh Stretton, Fellow of the Academies of the Humanities and Social Sciences, and author of ‘Economics: A New Introduction’ ‘Refreshingly provocative’ - Geoffrey Fishburn, Department of Economics, University of New South WalesSynopsis:
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.
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