Economyths : Ten Ways Economics Gets It Wrong

Orrell, David

ISBN 10: 0470677937 / ISBN 13: 9780470677933

Published by Wiley & Sons, Incorporated, John, 2010

About this Item

Used book that is in excellent condition. May show signs of wear or have minor defects.

Seller Inventory # 4520969-6

Bibliographic Details

• Title: Economyths : Ten Ways Economics Gets It Wrong
• Publisher: Wiley & Sons, Incorporated, John
• Publication Date: 2010
• Language: English
• ISBN 10: 0470677937
• ISBN 13: 9780470677933
• Binding: Hardcover
• Edition: 1st Edition.
• Condition: Very Good

About this title

Synopsis

From the inability of wealth to make us happier, to ourcatastrophic blindness to the credit crunch, Economythsreveals ten ways in which economics has failed us all.

Forecasters predicted a prosperous year in 2008 for financialmarkets – in one influential survey the average prediction was foran eleven percent gain. But by the end of the year, the Standardand Poor′s 500 index – a key economic barometer – was down 38percent, and major economies were plunging into recession. Even theQueen asked – "Why did no one see it coming?"

An even bigger casualty was the credibility of economics, whichfor decades has claimed that the economy is a rational, stable,efficient machine, governed by well–understood laws.

Mathematician David Orrell traces the history of this idea fromits roots in ancient Greece to the financial centres of London andNew York, shows how it is mistaken, and proposes new alternatives.Economyths explains how the economy is the result of complexand unpredictable processes; how risk models go astray; why theeconomy is not rational or fair; why no woman has ever won theNobel Prize for economics; why financial crashes are less BlackSwans than part of the landscape; and finally, how new ideas inmathematics, psychology, and environmentalism are helping toreinvent economics.

About the Author

David Orrell is an applied mathematician and author ofpopular science books. He studies mathematics at the University ofAlberta, and obtained his Ph.D. from Oxford University on theprediction of nonlinear systems. His work in applied mathematicsand complex systems research has since led him to diverse areassuch as weather forecasting, economics, and cancer biology. His books Apollo′s Arrow: The Science of Prediction and theFuture of Everything (published in the US as The Future ofEverything: The Science of Prediction ), and The Other Sideof the Coin: The Emerging Vision of Economics and Our Place in TheWorld , have appeared on local and national bestseller lists inCanada. He has also published scientific research papers forpeer–reviewed journals on topics ranging from systems biology (inNature Genetics) to systems economics (International Journal ofForecasting). Orrell has been a guest on national shows including Coast to CoastAM, NPR, BBC radio, and CBC TV, and his work has been featured inprint media such as New Scientist, World Finance,  Adbuster , and the Financial Times . He lives in Oxford,England, with his wife and daughter. Keep up with David online at www.davidorrel.com and www.facebook.com/economyths