OnPoint Subscriber Exclusive

Global Bookmark offers long-form examinations of global trends and challenges, viewed through the lens of important new books.

op_coyle1_Wladimir-Bulgar_Getty-Images_pencil-and-graph

en English

Global Bookmark

Economics in Transition

Jun 23, 2017 Diane Coyle

Since the 2008 global financial crisis, there has been no shortage of criticism of conventional economics, with its rigid models and fanciful “representative agents,” which utterly failed to predict the collapse. But the critics often overlook the emergence of new approaches – some predating the crisis – that could redefine the mainstream of economic thinking.

Andrew Lo, Adaptive Markets: Financial Evolution at the Speed of Thought, Princeton University Press
Richard Bookstaber, The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, Princeton University Press
Roderick Floud, Santhi Hejeebu, and David Mitch, eds., Humanism Challenges Materialism in Economics and Economic History, University of Chicago Press

MANCHESTER – There seems to be no end to the tide of books criticizing economics, and – as I am an economist – it must make me something of a masochist that I keep reading them. The exercise is all the more wearisome as the criticisms are both repetitive and increasingly misdirected.

https://prosyn.org/ea4kP0d