Saturday, February 14, 2015

Death of Economics, Interesting Book to read

I have been reading an particular interesting book, Death of Economics by Paul Ormerod, over the last week or so. I had chosen to read this book the previous month after rummaging through the large amount of books at my alum mater's economics section. Both the title of the book and the introduction jumped out at me. I read a couple of quick reviews, I decided to add this onto my February reading list. The book jumped out to me as an essential read to me because it shared Ormerod's views of conventional economics such as the many different various forms of modern conventional economics.

In the book, he viewed those adhering entirely to conventional economics as not particularly helpful for economic policy and for monetary policy. He said that their usage of complex mathematics, mathematical models and other complex terminology as having not caused tremendous success in predicting the horrible economic mismanagement that has been rampant in these times. He figured that a return to the political economy of Adam Smith and introducing more non-economists into the arena would benefit economics as a whole. By explaining a lot of his ideas in many well-organized, detailed chapters full of his thoughts and explanations, Paul Ormerod dissects the fundamental deficiencies of modern economics in solving even more complex social situations, while still presenting key information that is necessary for the understanding the basics of economics. In presenting pieces of important information and comparing an economy to ecology and not to a machine, Paul Ormerod has written an excellent introductory book for economics. I think it'll be a great companion book alongside Thomas Sowell's Basic Economics or Henry Hazlitt's Economics in One Lesson.

I highly recommend this book to anyone who wants a quick and fast read on economics as it is only 240 pages or so of relatively fast and quick reading. A great introductory book for those that want to get into the topic at first, but also see the deficiencies within the field as well.


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