The Economics Anti-Textbook: A Critical Thinker's Guide to by Rod Hill, Anthony Myatt

By Rod Hill, Anthony Myatt

Mainstream textbooks current economics as an target technological know-how unfastened from worth decisions; that settles disputes particularly simply by way of trying out hypotheses; that applies a settled physique of ideas; and comprises coverage prescriptions supported through a consensus opinion.

The Anti-Textbook argues that it is a fable - one that isn't just dangerously deceptive but additionally bland and dull. zchallenges the mainstream textbooks' assumptions, arguments, types and facts. It places the debate and pleasure again into economics to bare a desirable and a colourful box of analysis - one that is extra an 'art of persuasion' than it's a technology.

The Anti-Textbook's chapters parallel the key themes within the usual textual content. they start with a boiled-down account of them ahead of featuring an research and critique. Drawing at the paintings of major economists, the Anti-Textbook lays naked the blind spots within the texts and their sins of omission and fee. It exhibits the place hidden worth decisions are made and whilst opposite facts is neglected. It indicates the claims made with none proof and the choice theories that aren't pointed out. It exhibits the significance of energy, social context, and felony framework.

The Economics Anti-Textbook is the students' consultant to deciphering the textbooks and exhibits how actual economics is far extra attention-grabbing than they allow on.

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Suggestions for further reading For a focused discussion of social cohesion and its economic benefits, see Dayton-Johnson (2001); for an interesting discussion of why and how eco­nomics has ignored community and the consequences of this neglect, see Marglin (2008) The Dismal Science: How thinking like an economist undermines community. 26 2 | Introducing economic models ‘Whether you can observe a thing or not depends on the theory which you use. 1 Model building and model testing Science is a method – a process of forming hypotheses, making predictions and testing the predictions against the facts.

Such trade wasn’t voluntary, but it set a blueprint for ‘voluntary’ trading patterns that lasted long after colonialism disappeared. Then in the nineteenth century, countries like the United States, Canada and Germany erected high tariff walls to protect their fledgling industries against British competition. Few would deny that this speeded up the process of industrialization of these countries. Judging the theory on its own terms it is clear that trade produces winners and losers. English wheat producers will be worse off as a result of the cheap foreign competition, as will Canadian cloth producers.

1992) which finds that 93 per cent of economists agree with the statement: tariffs and import quotas usually reduce general economic welfare. A similar percentage agree that a ceiling on rents reduces the quantity and quality of housing available; and more than 80 per cent of economists agree with the statement minimum wages increase unemployment among young and unskilled workers. This shows, textbooks argue, that there is a great deal of consensus among economists on questions of fact – on positive issues.

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