Despite my 4 years of economic studies (and some years actually
teaching it to others!), I make no claim to understand the nature of the global
plague that has befallen us in the past few decades. I start to read the books
which promise to clear my confusion but find that my eyes soon glaze
over….
I toiled during
my studies in the early 1960s to make sense of its focus on marginal calculations
and “indifference curves” but can remember only the following lessons from my
four years engrossed in economics books
- the
strictness of the various preconditions which governed the idea of (perfect)
competition – making it a highly improbable occurrence;
- the
questionable nature of the of notion of “profit-maximisation”;
- the belief
(thanks to the writings of James Burnham and Tony Crosland) that management
(not ownership) was the all- important factor
- trust
(thanks to Keynes whose work was dinned into me) in the ability of government
to deal with such things as “exuberant expectations”
- the
realization (through the report of the 1959 Radcliffe
Commission) that cash was but a small part of money supply. Financial
economics was in its infancy then.
For someone
with my education and political motivation and experience, however, my
continued financial illiteracy is almost criminal but not, I feel, in any way
unusual. Most of us seem to lack the patience to buckle down and take the
time and discipline it needs to understand the operation of the system of
financial capitalism which now has us all in its thrall.
We leave it to the "experts" and have thereby surrendered what is left to us of citizenship and political power. Like many people, I’ve clicked, skimmed and saved – but rarely gone back to read thoroughly. The folders in which they have collected have had various names – such as “urgent reading” or “what is to be done” – but rarely accessed. Occasionally I remember one and blog about it.
We leave it to the "experts" and have thereby surrendered what is left to us of citizenship and political power. Like many people, I’ve clicked, skimmed and saved – but rarely gone back to read thoroughly. The folders in which they have collected have had various names – such as “urgent reading” or “what is to be done” – but rarely accessed. Occasionally I remember one and blog about it.
The version
of Dispatches to the next generation – the small version I posted a few days ago
offered 4 recommended books which gave what I considered an alternative account
of modern economics –. But I realised that I had omitted not only the best
written one (Keen) but an old favourite (Douthwaite); one that is causing a
quite a stir (Raworth); as well as the one I would probably rate the best for
the interested citizen needing an up-to-date and easy to follow explanation of
what is wrong with most economics textbooks (Weeks).
So my more considered recommendations are -
So my more considered recommendations are -
-
For the Common Good;
Herman Daly and John Cobb (1989). The book which inspired a different approach
to economics – written by a theologian (Cobb) and Herman Daley who for 6 years
was the principal economist of the World Bank. But, by virtue of being a train
blazer, not the easiest of reads
-
Short
Circuit – strengthening local economies in an unstable world” - Ronald
Douthwaite (1996). Very practical – but also inspirational….22 years on, it
hasn’t really been bettered. Full text available at the link
-
Debunking
Economics – the naked emperor dethroned; Steve Keen (2001 and 2011) Written
before the crash. it might be called the first alternative textbook (except
it’s much greater fun to read!). Can be read in full.
-
Economics for
Everyone – a short guide to the economics of capitalism”; Jim
Stanford (2006) is a very user-friendly book and has an
excellent “further
reading” list which was probably the best there was at that time….Once
upon a time it was freely available on the internet but now I can find only
excerpts…..
-
Zombie
Economics - how dead ideas still walk among us; by John Quiggin (2010) is a
great read – with a self-explanatory title. He is an Australian author
currently completing a book called Economics
in Two Lessons…
- 23 Things they didn’t tell you about capitalism; Ha Joon-Chang (2010) superbly-written demolition job on the myths perpetrated on us by economists
- 23 Things they didn’t tell you about capitalism; Ha Joon-Chang (2010) superbly-written demolition job on the myths perpetrated on us by economists
-
Austerity
– the history of a dangerous ides; Mark Blyth (2013) written by a political
scientist/political economist, it shows how old theories still affect the
contemporary world profoundly
-
Economics
of the 1% - how mainstream economics serves the rich, obscures reality and
distorts policy; John F Weeks (2014) One of the best introductions to the
subject - which can't be faulted for being over-diplomatic!
- Credo – economic beliefs in a world of crisis; Brian Davey (2015) An alternative approach to economics which situates it in its cultural and historical context. It may be long (at 500 pages) but is definitely worth persevering with....
- Credo – economic beliefs in a world of crisis; Brian Davey (2015) An alternative approach to economics which situates it in its cultural and historical context. It may be long (at 500 pages) but is definitely worth persevering with....
-
Vampire Capitalism – fractured
societies and alternative futures; Paul Kennedy (2017) A sociologist’s
treatment which earns high points by stating in the very first sentence that it
has “stood on the shoulders of so many giants that he is dizzy” and then proves
the point by having an extensive bibliography with lots of hyperlinks…
-
Doughnut
economics – 7 ways to think like a 21st century economist; Kate
Raworth (2017). This Oxford economist has made quite an impact with this book
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