Mainstream economists completely failed to anticipate the financial market crash of 2007-8. They then called it an unforeseeable event. This is a clear admission that they don’t understand how economies work. Yet many non-mainstream, marginalised economists gave clear warning of the approaching crash. This book shows how mainstream economics has not one but many fundamental flaws. It is not a science, it is pseudo-science. It lacks scholarly rigour and integrity. Once you understand this, it is not a mystery why the mainstreamers missed the approaching crash, nor why wealth is so unequally distributed, why we are so materialistic and unfulfilled, and why the planet is being destroyed. But modern knowledge and systems ideas reveal market economies to be self-organising systems, and they can be managed to support dignified livelihoods in equitable societies that can survive into the indefinite future, with nature thriving along with them.
'This book raises many interesting questions, most importantly, why does anyone take
economists seriously when it comes to discussing the economy?'
- Dean Baker, Co-Director, Center for Economic and Policy Research, Washington D.C.
'Geoff Davies has a very good idea. Economics has locked itself into an intellectual cul-desac.Even its failure to anticipate the global economic crisis was not enough to force it out.
So let’s sack the economists and let real scientists take over this vital but currently
- Steve Keen, Economist and author of the popular book Debunking Economics.
'With delightful wit and insightful analogies, geophysicist Geoff Davies dissects the
inconsistencies — and the inanities — of mainstream economics.'
- Sam Pizzigati, Institute for Policy Studies, Washington, D.C., and author of The Rich
Don’t Always Win.