Economics has for decades claimed that the economy is a rational, stable, efficient machine, governed by well-understood laws.
Mathematician David Orrell traces the history of this idea from ancient Greece to the financial centres of London and New York, showing exactly how it is mistaken – and then brilliantly illustrates how new ideas in mathematics, psychology, and environmentalism are helping to reinvent economics for the 21st century.
“Analyses reliably and convincingly the claim of economics to quasi-scientific objectivity and mathematical accuracy and exposes as a sales ploy that which made economics the queen of the social sciences.”Norbert Häring, author of Economics 2.0
“Orrell takes on the efficient market hypothesis ... equilibrium theory ... problems of risk modelling ... and unsustainable assumptions about rationality, fairness, limitless growth, and so forth. His tone is engagingly curious, drawing on biology and psychology, and his historical view spans more than merely the past few decades. Finally Orrell recommends an interdisciplinary approach to a 'new economics', in which ethics and complexity theory might have a say.” Guardian(UK)
David John Orrell (born 1962 in Edmonton) is a Canadian mathematician and author who is living in Oxford, England. He received his doctorate in mathematics from the University of Oxford. His work in the prediction of complex systems such as the weather, genetics and the economy has been featured in New Scientist, London’s Financial Times, BBC Radio, and CBC TV. He now conducts research and writes in the areas of systems biology and economics, and runs a mathematical consultancy Systems Forecasting.
His books have been translated into eight languages. Apollo's Arrow: The Science of Prediction and the Future of Everything was a national bestseller and finalist for the 2007 Canadian Science Writers' Award. Economyths: Ten Ways Economics Gets It Wrong was a finalist for the 2011 National Business Book Award.
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