Fixing Economics: The story of how the dismal science was broken - and how it could be rebuilt

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Harriman House Limited, Aug 15, 2016 - Business & Economics - 292 pages
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THE EXPANDED SECOND EDITION OF THE ACCLAIMED MONEY, BLOOD AND REVOLUTION

Economics is a broken science, living in a kind of Alice in Wonderland state believing in multiple inconsistent things at the same time. Prior to the financial crisis, mainstream economics argued simultaneously for small government on taxation, regulation and spending, but big government on monetary policy. After the financial crisis, economics is now arguing for more government spending and for less government spending.

The premise of this book is that the internal inconsistencies between economic theories - the apparently unresolvable debates between leading economists and the incoherent policies of our governments - are symptomatic of economics being in a crisis. Specifically, in a scientific crisis. 

The good news is that, thanks to the work of scientist and philosopher Thomas Kuhn, we know what needs to be done to fix a scientific crisis. Moreover, there are two scientists in particular whose ideas could show how to do this for economics: Charles Darwin, the man who discovered evolution, and William Harvey, doctor to King Charles I and the first person to understand blood flow and the workings of the human heart.

In Fixing Economics, bestselling financial writer George Cooper explains how the ideas of Darwin and Harvey could revolutionise economics, making it more scientific and understandable, and might even reveal the true origin of economic growth and inequality.

Taking readers on a gripping tour of scientific revolution, social upheaval and the secrets of money and debt, this is an unmissable read for anyone curious to understand how the world really works - and the amazing future of economics.

 

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Contents

with epicycles
Authors Note
Scientific Revolutions
Blood and Bacon
Darwins Theory of Species
Continents and Revolutions
Economics Ripe for Revolution
Austrian neoclassical and libertarian schools
Optimisation
as a pyramid
Policy Implications
A Student Rebellion
Pluralism is the Problem
Unifying Pluralism
Appendix A Time is Money
Bibliography

the Minsky and Keynesian schools of economics
Borrowing From Mr Darwin

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About the author (2016)

George Cooper is the Chief Investment Officer of Equitile Investments Ltd, a London-based fund management company.

He has previously worked for JP Morgan, Goldman Sachs, Deutsche Bank and BlueCrest Capital.

George's first book, The Origin of Financial Crises, received critical acclaim for its clear explanation of the monetary policy errors leading up to the global financial crisis.

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