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The Corruption of Economics

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Title: The Corruption of Economics
Description: Some years ago, The Economist carried a lead editorial, ‘The puzzling failure of economics'. The frank admission was provoked by the publication of a new edition of Paul Samuelson's Economist. The editorial concluded that it ‘is not a failure of economics, in fact, but of modern [neo-classical] economics'. The authors argue there is nothing puzzling about this failure. They document how the integrity of economics as a discipline was deliberately compromised towards the end of the 19th century. The tool for this strategy became new-classical economics. Classical economists like Adam Smith had described wealth as the product of three factors – land, labour and capital, whereas the new theorists reduced these to two, labour and capital, treating land as capital. The effect, the authors reveal, was to deprive professional economists of the ability to diagnose problems, forecast important trends and prescribe solutions. Neo-classical economics condemns the post-industrial economy to protracted periods of economic failure. The contributors are … in tune with the increasing realization by economists of the importance of the property market to the macroeconomy.
Authors: Mason Gaffney, Fred Harrison
Resource Type: eBook.
Subjects: Single tax, Neoclassical school of economics
Categories: BUSINESS & ECONOMICS / Personal Finance / General, BUSINESS & ECONOMICS / Development / General
Database: eBook Collection (EBSCOhost)
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  – Type: ebook-epub
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Header DbId: nlebk
DbLabel: eBook Collection (EBSCOhost)
An: 3304728
RelevancyScore: 1110
AccessLevel: 6
PubType: eBook
PubTypeId: ebook
PreciseRelevancyScore: 1109.74133300781
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  Data: The Corruption of Economics
– Name: Abstract
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  Data: Some years ago, The Economist carried a lead editorial, ‘The puzzling failure of economics'. The frank admission was provoked by the publication of a new edition of Paul Samuelson's Economist. The editorial concluded that it ‘is not a failure of economics, in fact, but of modern [neo-classical] economics'. The authors argue there is nothing puzzling about this failure. They document how the integrity of economics as a discipline was deliberately compromised towards the end of the 19th century. The tool for this strategy became new-classical economics. Classical economists like Adam Smith had described wealth as the product of three factors – land, labour and capital, whereas the new theorists reduced these to two, labour and capital, treating land as capital. The effect, the authors reveal, was to deprive professional economists of the ability to diagnose problems, forecast important trends and prescribe solutions. Neo-classical economics condemns the post-industrial economy to protracted periods of economic failure. The contributors are … in tune with the increasing realization by economists of the importance of the property market to the macroeconomy.
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  Data: <searchLink fieldCode="AR" term="%22Mason+Gaffney%22">Mason Gaffney</searchLink><br /><searchLink fieldCode="AR" term="%22Fred+Harrison%22">Fred Harrison</searchLink>
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RecordInfo BibRecord:
  BibEntity:
    Classifications:
      – Code: 330.157
        Scheme: ddc
        Type: prePub
    Languages:
      – Code: eng
        Text: English
    Subjects:
      – SubjectFull: Single tax
        Type: general
      – SubjectFull: Neoclassical school of economics
        Type: general
    Titles:
      – TitleFull: The Corruption of Economics
        Type: main
  BibRelationships:
    HasContributorRelationships:
      – PersonEntity:
          Name:
            NameFull: Mason Gaffney
      – PersonEntity:
          Name:
            NameFull: Fred Harrison
      – PersonEntity:
          Name:
            NameFull: Mason Gaffney
      – PersonEntity:
          Name:
            NameFull: Fred Harrison
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          Dates:
            – D: 01
              M: 01
              Type: published
              Y: 2022
            – D: 01
              M: 06
              Type: profile
              Y: 2023
          Identifiers:
            – Type: isbn-electronic
              Value: 9780856835544
          Titles:
            – TitleFull: The Corruption of Economics
              Type: main
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