[From Bill Williams 16 January 2003 2:20 PM CST]
Bruce,
Good to hear you are finding Steve Keen's book worthwhile.
When a colleage recomended it, I spent 10 or 15 minutes looking at it and got the impression that, Keen had done something that is quite rare in economics-- presented fundamental issues in a way that is unpretensious and accessible. I'd seen the title and ignored it thinking why bother, I already know whatever he's saying. But, after looking into for a few minutes, I saw that Keen had included an explaination of some recent and fundamental work that I know of, but haven't taken the time to study. Not having read it, I can't say about the whole book, but given the very little that I did read, I got the impression that quality of his argumentation is quite good. And, contrary to a long term bias in heterodox economics, Keen doesn't think that mathematical methods are a threat that amounts to a vampire (see his chapter 12).
I don't think _Debunking_ tells the whole story. In the little time I spent, I didn't see that Keen had treated human nature and agency adaquately. However, given the job he's done otherwise maybe there can be hope for a second edition that will remedy this defect. One more quibble-- Keen doesn't give Veblen anything like the attention I think Veblen's contribution to heterodox theory deserves. And, although the lack of an adaquate treatment of human nature and overlooking of Veblen were disapointments, I can't think of anything that comes remotely close to doing what Keen's done in a few hundred pages.
I've got a copy on order-- its availible in paperback. Below I've copied the library's listing of chapter titles and a cover blurb.
[From Bruce Gregory (2004.01.15.0651)]
Bill Williams 7 January 2003 9:00 PM CST
Talking to colleages about the thread, one of them suggested that
people interested in such issues ought to read, Steve Keen's 2OO1
_Debunking Economics: The Naked Emperor of the Social Sciences_
Anandale, Australia: Pluto Press After looking at it, I decided _I_
ought to read it.
I am reading and enjoying it. I highly recommend it, particularly those
interested in building models of the economy. It is really eye-opening.
Bruce Gregory
Author Keen, Steve.
Title Debunking economics : the naked emperor of the social sciences
Publish Australia : Pluto Press ; New York : Zed Books, 2001.
1 No More Mr Nice Guy: Why the public needs to know that economics is intellectually unsound
2 The Calculus of Hedonism: Why the pursuit of individual self-interest does not maximise social welfare
3 The Price of Everything and the Value of Nothing: Why most products cost less to produce as output rises
4 Size Does Matter: Why the economic argument against monopolies is invalid
5 To Each According to His Contribution: Why productivity doesn't determine wages
6 The Holy War over Capital: Why the productivity of capital doesn't determine profits
7 There is Madness in their Method: Why assumptions do matter
8 Let's Do the Time Warp Again: Why economics must finally treat time seriously
9 The Sum of the Parts: Why Keynes's criticisms of conventional economics are still relevant today
10 The Price is Not Right : Why finance markets can get the price of assets so badly wrong
11 Finance and Economic Breakdown: Why stock markets crash
12 Don't Shoot Me, I'm Only the Piano: Why mathematics is not the problem
13 Nothing to lose but their minds: Why Marxists are irrelevant, but Marx is not
14 There Are Alternatives : Why there is still hope for a better economics
Description
xvi, 335 p. : ill. ; 24 cm.
Summary
"Debunking Economics exposes what many non-economists may have suspected and a minority of economists have long known: that economic theory is not only unpalatable, but also plain wrong. Many of the most cherished notions of
conventional economics are based on reasoning that is internally inconsistent." "Debunking Economics explains why economists think the way they do, and points out the flaws in their thinking which they either don't realize, don't appreciate, or just plain ignore. Most of these flaws were established by dissident academic economists decades ago, yet modern economics pretends that it can continue with 'business as usual'. In a profound irony, Debunking Economics shows that a discipline which labours the word 'rational' may be the most irrational of all."--BOOK JACKET.
Note : Includes bibliographical references (p. 314-324) and index.
Bill Williams