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Hubris: Why Economists Failed to Predict the…
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Hubris: Why Economists Failed to Predict the Crisis and How to Avoid the…

by Meghnad Desai

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In seeking to answer the twin questions of why (most) economists were taken by surprise by the crash of 2008 and what can be done to avert a repeat, Desai goes digging in the history of economic thought.

This part of the book - most of it - is an excellent summary of the history of the discipline from Adam Smith onwards. The exposition of some moderately complex is clear without 'dumbing down' at all.

In deriving from this exploration a set of tools to prevent or predict a recurrence, however, Desai is less convincing. Desai is one of an increasing number propounding the theories of [a:Wicksell|1995314|Knut Wicksell|https://d.gr-assets.com/authors/1316964025p2/1995314.jpg] and [a:Hayek|670307|Friedrich Hayek|https://d.gr-assets.com/authors/1396194085p2/670307.jpg], but his embrace of [a:Marx|7084|Karl Marx|https://d.gr-assets.com/authors/1396838092p2/7084.jpg] and [a:Kondratieff|5052540|Nikolai D. Kondratieff|https://s.gr-assets.com/assets/nophoto/user/u_50x66-632230dc9882b4352d753eedf9396530.png] is misguided. Marx's theory fails to fit the observed facts of the recent (and previous) boom-bust cycle, and Kondratieff's 'long waves' are simply statistical artifacts.

Even so, this is an excellent beginners introduction to economic thought. ( )
  JohnPhelan | Oct 4, 2016 |
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Amazon.com Product Description (ISBN 0300213549, Hardcover)

The failure of economists to anticipate the global financial crisis and mitigate the impact of the ensuing recession has spurred a public outcry. Economists are under fire, but questions concerning exactly how to redeem the discipline remain unanswered. In this provocative book, renowned economist Meghnad Desai investigates the evolution of economics and maps its trajectory against the occurrence of major political events to provide a definitive answer.
 
Desai underscores the contribution of hubris to economists’ calamitous lack of foresight, and he makes a persuasive case for the profession to re-engage with the history of economic thought. He dismisses the notion that one over-arching paradigm can resolve all economic eventualities while urging that an array of already-available theories and approaches be considered anew for the insights they may provide toward preventing future economic catastrophes. With an accessible style and keen common sense, Desai offers a fresh perspective on some of the most important economic issues of our time.

(retrieved from Amazon Fri, 10 Jul 2015 12:38:28 -0400)

The failure of economists to anticipate the global financial crisis and mitigate the impact of the ensuing recession has spurred a public outcry. Economists are under fire, but questions concerning exactly how to redeem the discipline remain unanswered. In this provocative book, renowned economist Meghnad Desai investigates the evolution of economics and maps its trajectory against the occurrence of major political events to provide a definitive answer. Desai underscores the contribution of hubris to economists' calamitous lack of foresight, and he makes a persuasive case for the profession to re-engage with the history of economic thought. He dismisses the notion that one over-arching paradigm can resolve all economic eventualities while urging that an array of already-available theories and approaches be considered anew for the insights they may provide toward preventing future economic catastrophes. With an accessible style and keen common sense, Desai offers a fresh perspective on some of the most important economic issues of our time.… (more)

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