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Uneconomic economics and the crisis of the model world /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Uneconomic economics and the crisis of the model world // Matthew Watson.
Author:	Watson, Matthew,
Description:	1 online resource.
Subject:	Economic policy - History. -
Online resource:	http://www.palgraveconnect.com/doifinder/10.1057/9781137385499
ISBN:	1137385499 (electronic bk.)

Uneconomic economics and the crisis of the model world /
Watson, Matthew,1969-

Uneconomic economics and the crisis of the model world /Matthew Watson. - 1 online resource. - Building a sustainable recovery. - Building a sustainable recovery..

Includes bibliographical references and index.

1. Setting the Scene: From a Crisis of Economics to a Crisis of the State -- Introduction -- Competing Crisis Narratives of Symptom and Disease -- The Rehabilitation of Economic Theory -- The Crisis and the Economics Curriculum -- Structure of the Boo -- 2. The Collapse of the Model World: From Faith in Equations to Unsustainable Asset Bubbles -- Introduction -- The Growth of Increasingly Complex Secondary Mortgage Markets -- The Uneconomic Economics of Asset-Price Valuation Techniques -- Performativity and Counter-Performativity in Financial Markets -- Conclusion -- 3. The Creation of the Model World: From Formalist Techniques to the Triumph of Uneconomic Economics -- Introduction -- The Return of the Policy Ineffectiveness Proposition -- The Quest for a Fully Specified General Equilibrium Framework -- Formalist Technique and the Logic of Market Self-Regulation -- Conclusion -- 4. Looking Ahead: From Uneconomic Economics to a Different Future -- Introduction -- The Definition of Good Economics -- The Significance of Historicised Method -- Final Words.

Matthew Watson analyses the political response to imploding markets through the lens of the history of thought, asking 'what has gone wrong with economics?' against the backdrop of the global financial crisis. The most important historical trend, he suggests, is the development of an 'uneconomic economics' whereby attention is placed on explaining relationships in perfectly efficient blackboard markets rather than the much more chaotic institutions encountered in everyday economic interactions. Economists now routinely devise highly sophisticated abstract models which are theoretically rigorous but fail to capture the way businesses are actually undertaken. The acknowledgement of a gap between models and the real world has led many commentators to initially pronounce that the financial crisis was equally a crisis of economics. The author shows, though, that the subsequent redefinition of the crisis as a problem of over-extended state spending has successfully rehabilitated the model world of orthodox economics opinion.

ISBN: 1137385499 (electronic bk.)

Source: 715349Palgrave Macmillanhttp://www.palgraveconnect.comSubjects--Topical Terms:

1007107
Economic policy
--History.Index Terms--Genre/Form:

554714
Electronic books.

LC Class. No.: HB75

Dewey Class. No.: 330.09

Uneconomic economics and the crisis of the model world /
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505 0 $a 1. Setting the Scene: From a Crisis of Economics to a Crisis of the State -- Introduction -- Competing Crisis Narratives of Symptom and Disease -- The Rehabilitation of Economic Theory -- The Crisis and the Economics Curriculum -- Structure of the Boo -- 2. The Collapse of the Model World: From Faith in Equations to Unsustainable Asset Bubbles -- Introduction -- The Growth of Increasingly Complex Secondary Mortgage Markets -- The Uneconomic Economics of Asset-Price Valuation Techniques -- Performativity and Counter-Performativity in Financial Markets -- Conclusion -- 3. The Creation of the Model World: From Formalist Techniques to the Triumph of Uneconomic Economics -- Introduction -- The Return of the Policy Ineffectiveness Proposition -- The Quest for a Fully Specified General Equilibrium Framework -- Formalist Technique and the Logic of Market Self-Regulation -- Conclusion -- 4. Looking Ahead: From Uneconomic Economics to a Different Future -- Introduction -- The Definition of Good Economics -- The Significance of Historicised Method -- Final Words.
520 $a Matthew Watson analyses the political response to imploding markets through the lens of the history of thought, asking 'what has gone wrong with economics?' against the backdrop of the global financial crisis. The most important historical trend, he suggests, is the development of an 'uneconomic economics' whereby attention is placed on explaining relationships in perfectly efficient blackboard markets rather than the much more chaotic institutions encountered in everyday economic interactions. Economists now routinely devise highly sophisticated abstract models which are theoretically rigorous but fail to capture the way businesses are actually undertaken. The acknowledgement of a gap between models and the real world has led many commentators to initially pronounce that the financial crisis was equally a crisis of economics. The author shows, though, that the subsequent redefinition of the crisis as a problem of over-extended state spending has successfully rehabilitated the model world of orthodox economics opinion.
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