Bad Economics and journalistic responsibility

Bad Economics and journalistic accountability

Journalism is such an important bridge between experts, governments and citizens that it used to be called “the Fourth Estate” in recognition of its quasi-constitutional significance. The conduct of democracy required citizens to feel confident that what they read in newspapers had some resemblance to “the facts” – but postmodernity has eaten away at such faith. And more and more of us accept that journalism has become part of what Guy Debord called a gigantic industry of “spectacle”

But where does that leave accountability – and ethical responsibility?

I can hear my readers laugh at such naivety

But it is a serious question which I’ve tried to deal with in previous posts listed here

The question arose again this past week in the UK – with the publication of a report on how the BBC has dealt with economics issues in the past few decades. The BBC’s news summary of the report is here. And the full report, which was written by Michael Blastland and Sir Andrew Dilnot, is here. The Guardian eventually had an economist make a typical comment which failed to offer any solutions to the issue of journalistic economic ignorance which had been exposed

So let me repair this deficiency on the part of journalism and offer my list of books which could help the citizen and general reader understand the basics of economics.

And, as a bonus, a master class in how television interviewing should be done

Best written books about Economics for the general reader (chronological order)

Title, author and date	Comment
Almost Everyone’s Guide to Economics;JK Galbraith and N Salinger (1978)	One of the world’s best non-fiction writers and economists is quizzed by a Frenchwoman. Superb
Short Circuit – strengthening local economies in an unstable world” - Ronald Douthwaite (1996)	Very practical insight into local economic development by an Irishman – but also inspirational….24 years on, it hasn’t really been bettered.
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!). By an Australian
Economics for Everyone – a short guide to the economics of capitalism”; Jim Stanford (2008)	a very user-friendly book commissioned by Canadian trade unions with excellent graphics and “further reading” list ….for full version see table 2 …..
Zombie Economics - how dead ideas still walk among us; by John Quiggin (2010)	is a great read – with a self-explanatory title. He is also an Australian
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. By a Cambridge economist educated in South Korea
The Delusions of Economics - the Misguided Certainties of a Hazardous Science; Gilbert Rist (2010)	Be Warned – this is not a guide but rather a short critique which ridicules economics. More for light relief!
"The End of Progress - how modern economics has failed us"; Graham Maxton (2011)	a highly readable book by an ex-Director-General of the Club of Rome
Austerity – the history of a dangerous ides; Mark Blyth (2013)	written by a Scottish political scientist/political economist (now working at Brown Uni in US) , 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!  By a US economist who worked in London from the 2000s
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....
Economics Rules – the rights and wrongs of the dismal science; Dani Rodrik (2016)	Rodrik is from Turkey and is one of the few economists prepared to challenge the mainstream. This is a balanced rather than critical analysis
The Econocracy – the perils of leaving economics to the experts; Earle, Moran and Ward-Perkins (2017)	This is a highly readable little book from those who took part in the protests about the irrelevance of economic teaching and set out the deficiencies they experienced. This is one of the few which is not freely downloadable
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). google excerpts only	This Oxford economist’s book is advertised as a new perspective on the subject. These last four are not fully downloadable
Economics for the common good; Jean Tirole (2017) A French Nobel-prize winning economist	A useful review here
Economics in Two Lessons; John Quiggin (2019)	Quiggin wrote this book on his website, seeking feedback as he went
What’s wrong with economics – a primer for the perplexed; Robert Skidelsky (2020)	Skidelsky is a stylish writer – historian and biographer of Keynes – I’ve long admired. I’ve not had a chance to read the book yet – although Diana Coyle’s not impressed

The most readable Guidebooks to Economics

I have, I readily admit, a certain fixation about the style of social science books – particularly economic ones. I have at least 5 reasons for deep concern –

- the lack of taste shown by publishers - who insist on imposing narrow and badly-written texts on us

- the way continuing academic compartmentalisation into tinier and tinier sub-fields makes it more and more difficult for those who work across disciplinary fields to get a serious hearing

- the obfuscating nature of the prose - which results as they disappear up one another’s arses;

- the dominance and unjustifiable arrogance of the economists; and

- the managerialist grab of the past few decades

I try, occasionally, to explore why specialists write such inferior books compared to those who have resisted groupthink and who approach an issue more creatively…..from a multidisciplinary point of view. I find myself using the metaphor of a bridge, border or network.

But perhaps “outsider” is a better term since it better conveys the sense of not belonging to the group – of being on the periphery…..Indeed the word “periphery” also gives a useful sense of the importance of messages and pressures from diverse sources in helping avoid the dreaded disease of “groupthink”…  “Think “peripheral vision” and “tunnel vision”, focus – which is why my blog currently bears the title it does….

Like the good social scientist I am, I already have a hypothesis – namely that the feeling of being an outsider is a catalyst to identify and challenge “groupthink” and that writing is an effective way of exploring the multiple perspectives which subsequently open up…..

Clearly one can be a great writer without being (or feeling) an outsider - although I suspect that people who lack empathy won’t be great writers. But the weak point in my argument is the connection between creativity and writing. There’s no obvious reason why those with creative insights should be able to express them clearly in writing,,,,……Or is there?    

But I have probably been insufficiently sensitive to the system in which social scientists are trapped…

Academics are now under pressure to publish - with their Departments rewarded financially for those who have high ratings from what’s called “peer-reviews”. Those who accept the “conventional wisdom” in their fields and write in jargon will generally score well in these ratings.

But go off piste and/or write in plain language the (wo)man in the street can understand and you’re in trouble.

One of the concluding chapters of The Econocracy – the perils of leaving economics to the experts by Earle, Moran and Ward-Perkins (2017) explains this very well. And argues, correctly in my view, that the way we allow economists to continue to bamboozle us into believing that the subject is a difficult one is nothing short of criminal!

It was early 2018 when I did the first list for my readers of clearly-written explanatory economics books which I could recommend….   So it’s about time it was updated

All the books until the list reaches 2017 are downloadable in full 

Table 1; Best written books about Economics for the general reader (chronological order)

Title, author and date	Comment
Almost Everyone’s Guide to Economics; JK Galbraith and N Salinger (1978)	One of the world’s best non-fiction writers and economists is quizzed by a Frenchwoman. Superb
Short Circuit – strengthening local economies in an unstable world” - Ronald Douthwaite (1996)	Very practical insight into local economic development by an Irishman – but also inspirational….24 years on, it hasn’t really been bettered.
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!). By an Australian
Economics for Everyone  – a short guide to the economics of capitalism”; Jim Stanford (2008)	a very user-friendly book commissioned by Canadian trade unions with excellent graphics and “further reading” list ….for full version see table 2 …..
Zombie Economics - how dead ideas still walk among us; by John Quiggin (2010)	is a great read – with a self-explanatory title. He is also an Australian
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. By a Cambridge economist educated in South Korea
"The End of Progress - how modern economics has failed us"; Graham Maxton (2011)	a highly readable book by an ex-Director-General of the Club of Rome
Austerity – the history of a dangerous ides; Mark Blyth (2013)	written by a Scottish political scientist/political economist (now working at Brown Uni in US) , 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!  By a US economist who worked in London from the 2000s
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....
Economics Rules – the rights and wrongs of the dismal science; Dani Rodrik (2016)	Rodrik is from Turkey and is one of the few economists prepared to challenge the mainstream. This is a balanced rather than critical analysis
The Econocracy – the perils of leaving economics to the experts; Earle, Moran and Ward-Perkins (2017)	This is a highly readable little book from those who took part in the protests about the irrelevance of economic teaching and set out the deficiencies they experienced. This is one of the few which is not freely downloadable
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’s book is advertised as a new perspective on the subject. One of the few not downloadable
Economics for the common good; Jean Tirole (2017) A French Nobel-prize winning economist	A useful review here
Economics in Two Lessons; John Quiggin (2019) Google excerpts only	Quiggin wrote this book on his website, seeking feedback as he went . You may therefore be able to see a fair amount of the content here
“What’s wrong with economics – a primer for the perplexed”; Robert Skidelsky (2020)	Skidelsky is a stylish writer – historian and biographer of Keynes – I’ve long admired. I’ve not had a chance to read the book yet – although Diana Coyle’s not impressed

Further reading

The Delusions of Economics - the Misguided Certainties of a Hazardous Science Gilbert Rist (2010)

429,500 academics are employed in British universities

What are Universities for? Useful briefing paper from 2008