Universal Economics

Universal Economics

Author: Armen Albert Alchian

Publisher: Liberty Fund

Published: 2018

Total Pages: 0

ISBN-13: 9780865979055

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Universal Economics is a new work that bears a strong resemblance to its two predecessors, University Economics (1964, 1967, 1972) and Exchange and Production (1969, 1977, 1983). Collaborating again, Professors Alchian and Allen have written a fresh presentation of the analytical tools employed in the economic way of thinking. More than any other principles textbook, Universal Economics develops the critical importance of property rights to the existence and success of market economies. The authors explain the interconnection between goods prices and productive-asset prices and how market-determined interest rates bring about the allocation of resources toward the satisfaction of consumption demands versus saving/investment priorities. They show how the crucial role of prices in a market economy cannot be well understood without a firm grasp of the role of money in a modern world. The Alchian and Allen application of information and search-cost analysis to the subject of money, price determination, and inflation is unique in the teaching of economic principles. No one has ever done price theory better than Alchian -- that is, no one has ever excelled Alchians ability to explain the reason, role, and nuances of prices, of competition, and of property rights. And only a precious few -- I can count them on my fingers -- have a claim for being considered to have done price theory as well as he did it. -- Donald Boudreaux, George Mason University. Armen A. Alchian (19142013), one of the twentieth centurys great teachers of economic science, taught at UCLA from 1958 to 1984. Founder of the UCLA tradition in economics, he has become recognized as one of the most influential voices in the areas of market structure, property rights, and the theory of the firm. William R. Allen taught at Washington University prior to joining the UCLA faculty in 1952. Along with research primarily in international economics and the history of economic theory, he has concentrated on teaching economics. Universal Economics is his third textbook collaboration with Armen Alchian. Jerry L. Jordan wrote his doctoral dissertation under the direction of Armen Alchian. He was Dean of the School of Management at the University of New Mexico, a member of President Reagans Council of Economic Advisors and of the U.S. Gold Commission, Director of Research of the Federal Reserve Bank of Saint Louis, and President and CEO of the Federal Reserve Bank of Cleveland.


Book Synopsis Universal Economics by : Armen Albert Alchian

Download or read book Universal Economics written by Armen Albert Alchian and published by Liberty Fund. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Universal Economics is a new work that bears a strong resemblance to its two predecessors, University Economics (1964, 1967, 1972) and Exchange and Production (1969, 1977, 1983). Collaborating again, Professors Alchian and Allen have written a fresh presentation of the analytical tools employed in the economic way of thinking. More than any other principles textbook, Universal Economics develops the critical importance of property rights to the existence and success of market economies. The authors explain the interconnection between goods prices and productive-asset prices and how market-determined interest rates bring about the allocation of resources toward the satisfaction of consumption demands versus saving/investment priorities. They show how the crucial role of prices in a market economy cannot be well understood without a firm grasp of the role of money in a modern world. The Alchian and Allen application of information and search-cost analysis to the subject of money, price determination, and inflation is unique in the teaching of economic principles. No one has ever done price theory better than Alchian -- that is, no one has ever excelled Alchians ability to explain the reason, role, and nuances of prices, of competition, and of property rights. And only a precious few -- I can count them on my fingers -- have a claim for being considered to have done price theory as well as he did it. -- Donald Boudreaux, George Mason University. Armen A. Alchian (19142013), one of the twentieth centurys great teachers of economic science, taught at UCLA from 1958 to 1984. Founder of the UCLA tradition in economics, he has become recognized as one of the most influential voices in the areas of market structure, property rights, and the theory of the firm. William R. Allen taught at Washington University prior to joining the UCLA faculty in 1952. Along with research primarily in international economics and the history of economic theory, he has concentrated on teaching economics. Universal Economics is his third textbook collaboration with Armen Alchian. Jerry L. Jordan wrote his doctoral dissertation under the direction of Armen Alchian. He was Dean of the School of Management at the University of New Mexico, a member of President Reagans Council of Economic Advisors and of the U.S. Gold Commission, Director of Research of the Federal Reserve Bank of Saint Louis, and President and CEO of the Federal Reserve Bank of Cleveland.

Universal Economics

Universal Economics

Author: Armen Albert Alchian

Publisher: Liberty Fund

Published: 2018

Total Pages: 0

ISBN-13: 9780865979062

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Universal Economics is a new work that bears a strong resemblance to its two predecessors, University Economics (1964, 1967, 1972) and Exchange and Production (1969, 1977, 1983). Collaborating again, Professors Alchian and Allen have written a fresh presentation of the analytical tools employed in the economic way of thinking. More than any other principles textbook, Universal Economics develops the critical importance of property rights to the existence and success of market economies. The authors explain the interconnection between goods prices and productive-asset prices and how market-determined interest rates bring about the allocation of resources toward the satisfaction of consumption demands versus saving/investment priorities. They show how the crucial role of prices in a market economy cannot be well understood without a firm grasp of the role of money in a modern world. The Alchian and Allen application of information and search-cost analysis to the subject of money, price determination, and inflation is unique in the teaching of economic principles. No one has ever done price theory better than Alchian -- that is, no one has ever excelled Alchians ability to explain the reason, role, and nuances of prices, of competition, and of property rights. And only a precious few -- I can count them on my fingers -- have a claim for being considered to have done price theory as well as he did it. -- Donald Boudreaux, George Mason University. Armen A. Alchian (19142013), one of the twentieth centurys great teachers of economic science, taught at UCLA from 1958 to 1984. Founder of the UCLA tradition in economics, he has become recognized as one of the most influential voices in the areas of market structure, property rights, and the theory of the firm. William R. Allen taught at Washington University prior to joining the UCLA faculty in 1952. Along with research primarily in international economics and the history of economic theory, he has concentrated on teaching economics. Universal Economics is his third textbook collaboration with Armen Alchian. Jerry L. Jordan wrote his doctoral dissertation under the direction of Armen Alchian. He was Dean of the School of Management at the University of New Mexico, a member of President Reagans Council of Economic Advisors and of the U.S. Gold Commission, Director of Research of the Federal Reserve Bank of Saint Louis, and President and CEO of the Federal Reserve Bank of Cleveland.


Book Synopsis Universal Economics by : Armen Albert Alchian

Download or read book Universal Economics written by Armen Albert Alchian and published by Liberty Fund. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Universal Economics is a new work that bears a strong resemblance to its two predecessors, University Economics (1964, 1967, 1972) and Exchange and Production (1969, 1977, 1983). Collaborating again, Professors Alchian and Allen have written a fresh presentation of the analytical tools employed in the economic way of thinking. More than any other principles textbook, Universal Economics develops the critical importance of property rights to the existence and success of market economies. The authors explain the interconnection between goods prices and productive-asset prices and how market-determined interest rates bring about the allocation of resources toward the satisfaction of consumption demands versus saving/investment priorities. They show how the crucial role of prices in a market economy cannot be well understood without a firm grasp of the role of money in a modern world. The Alchian and Allen application of information and search-cost analysis to the subject of money, price determination, and inflation is unique in the teaching of economic principles. No one has ever done price theory better than Alchian -- that is, no one has ever excelled Alchians ability to explain the reason, role, and nuances of prices, of competition, and of property rights. And only a precious few -- I can count them on my fingers -- have a claim for being considered to have done price theory as well as he did it. -- Donald Boudreaux, George Mason University. Armen A. Alchian (19142013), one of the twentieth centurys great teachers of economic science, taught at UCLA from 1958 to 1984. Founder of the UCLA tradition in economics, he has become recognized as one of the most influential voices in the areas of market structure, property rights, and the theory of the firm. William R. Allen taught at Washington University prior to joining the UCLA faculty in 1952. Along with research primarily in international economics and the history of economic theory, he has concentrated on teaching economics. Universal Economics is his third textbook collaboration with Armen Alchian. Jerry L. Jordan wrote his doctoral dissertation under the direction of Armen Alchian. He was Dean of the School of Management at the University of New Mexico, a member of President Reagans Council of Economic Advisors and of the U.S. Gold Commission, Director of Research of the Federal Reserve Bank of Saint Louis, and President and CEO of the Federal Reserve Bank of Cleveland.

Liberty & Prosperity: Liberal economics for achieving universal prosperity

Liberty & Prosperity: Liberal economics for achieving universal prosperity

Author: Gopi Krishna Suvanam

Publisher: Vernon Press

Published: 2021-06-01

Total Pages: 158

ISBN-13: 1648892116

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‘Liberty & Prosperity: Liberal Economics for Achieving Universal Prosperity’ aims to illuminate alternative policy framework using liberal economic policies. The evolution of this book is grounded in the author’s personal and professional experience investigating economies around the world and therefore takes a global view. The ideas discussed are intended for countries currently under different stages of development and are not restricted to only developed countries or emerging economies. This book examines what we as a society can do to achieve universal prosperity with the recurring topic of the intertwining nature of liberty and prosperity; without prosperity, man cannot have true liberty, and the best way to achieve universal prosperity is by providing liberty to all. It identifies the appropriate measures from existing liberal theories that could help achieve this long-term goal, while also introducing contrarian ideas, including the elimination of income tax, denationalization of money, and the reduction in the role of central banks. The central theme is that liberty in all aspects of economic activity, coupled with universal basic income, could create universal prosperity. This book will particularly appeal to those with a general interest in the economy and business, as well as students who seek an overview of classical macroeconomic principles; however, the book’s innovative ideas may also be of interest to professional economists.


Book Synopsis Liberty & Prosperity: Liberal economics for achieving universal prosperity by : Gopi Krishna Suvanam

Download or read book Liberty & Prosperity: Liberal economics for achieving universal prosperity written by Gopi Krishna Suvanam and published by Vernon Press. This book was released on 2021-06-01 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: ‘Liberty & Prosperity: Liberal Economics for Achieving Universal Prosperity’ aims to illuminate alternative policy framework using liberal economic policies. The evolution of this book is grounded in the author’s personal and professional experience investigating economies around the world and therefore takes a global view. The ideas discussed are intended for countries currently under different stages of development and are not restricted to only developed countries or emerging economies. This book examines what we as a society can do to achieve universal prosperity with the recurring topic of the intertwining nature of liberty and prosperity; without prosperity, man cannot have true liberty, and the best way to achieve universal prosperity is by providing liberty to all. It identifies the appropriate measures from existing liberal theories that could help achieve this long-term goal, while also introducing contrarian ideas, including the elimination of income tax, denationalization of money, and the reduction in the role of central banks. The central theme is that liberty in all aspects of economic activity, coupled with universal basic income, could create universal prosperity. This book will particularly appeal to those with a general interest in the economy and business, as well as students who seek an overview of classical macroeconomic principles; however, the book’s innovative ideas may also be of interest to professional economists.

The Case for Universal Basic Services

The Case for Universal Basic Services

Author: Anna Coote

Publisher: John Wiley & Sons

Published: 2020-02-13

Total Pages: 82

ISBN-13: 1509539840

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The idea that healthcare and education should be provided as universal public services to all who need them is widely accepted. But why leave it there? Why not expand it to more of life’s essentials? In their bold new book, Anna Coote and Andrew Percy argue that this transformational new policy – Universal Basic Services – is exactly what we need to save our societies and our planet. The old argument that free markets and individual choice are the best way to solve pressing problems of poverty, inequality and environmental degradation has led us to catastrophe, and must be abandoned. The authors show that expanding the principle of collective universal service provision to everyday essentials like transport, childcare and housing is not only the best way of tackling many of the biggest problems facing the contemporary world: it’s also efficient, practical and affordable. Anyone who cares about fighting for a fairer, greener and more democratic world should read this book.


Book Synopsis The Case for Universal Basic Services by : Anna Coote

Download or read book The Case for Universal Basic Services written by Anna Coote and published by John Wiley & Sons. This book was released on 2020-02-13 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: The idea that healthcare and education should be provided as universal public services to all who need them is widely accepted. But why leave it there? Why not expand it to more of life’s essentials? In their bold new book, Anna Coote and Andrew Percy argue that this transformational new policy – Universal Basic Services – is exactly what we need to save our societies and our planet. The old argument that free markets and individual choice are the best way to solve pressing problems of poverty, inequality and environmental degradation has led us to catastrophe, and must be abandoned. The authors show that expanding the principle of collective universal service provision to everyday essentials like transport, childcare and housing is not only the best way of tackling many of the biggest problems facing the contemporary world: it’s also efficient, practical and affordable. Anyone who cares about fighting for a fairer, greener and more democratic world should read this book.

Cosmic Economics

Cosmic Economics

Author: Bernard Jordan

Publisher:

Published: 2005

Total Pages: 188

ISBN-13: 9781420860795

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Book Synopsis Cosmic Economics by : Bernard Jordan

Download or read book Cosmic Economics written by Bernard Jordan and published by . This book was released on 2005 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Economics of Belonging

The Economics of Belonging

Author: Martin Sandbu

Publisher: Princeton University Press

Published: 2020-06-16

Total Pages: 296

ISBN-13: 0691204527

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"This is a proposal for a short book (of around 50,000 words) that speaks directly to the state we are in. The populist insurgency on both sides of the Atlantic and in Europe has deep roots in decades of mismanagement of economic and cultural change and as a result there are large groups of people who feel they no longer belong to the societies they live in, the disinfranchised, the left behind. The appeal of the anti-liberal populists who have emerged is that they convince those who feel left behind that national leaders are no longer working in their interests hence the rhetoric of 'putting America first' and 'making America great again' or the Brexiteers claining that they are 'taking back control.' In undemocractic regimes elsewhere populists play on people's feelings of insecurity in an unpredictable and fast changing world, promising security and order in exchange for democratic freedom. Liberal openness has been put on the defensive so it is up to us, electorates, politicians and policy makers, to show how an open and liberal economic system can once again belong to everyone. In the second part of the book Martin Sandbu outlines four key areas of economic policy that he believes will address not just the symptoms but the underlying causes of the current inequality which has led to so many people, especially the young and the most vulnerable being left behind. These include productivity, regional development, improved access to business finance for SMEs, and increaed representation for workers. He makes a number of other recommendaitons regarding housing, education for all, universal basic income and taxation. He concludes by saying that while these proposals add up to a radical package in total they are necessary reforms to ensure a sense of belonging and without them we could be opening the door to a radicalism which is both illiberal and undemocratic"--


Book Synopsis The Economics of Belonging by : Martin Sandbu

Download or read book The Economics of Belonging written by Martin Sandbu and published by Princeton University Press. This book was released on 2020-06-16 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This is a proposal for a short book (of around 50,000 words) that speaks directly to the state we are in. The populist insurgency on both sides of the Atlantic and in Europe has deep roots in decades of mismanagement of economic and cultural change and as a result there are large groups of people who feel they no longer belong to the societies they live in, the disinfranchised, the left behind. The appeal of the anti-liberal populists who have emerged is that they convince those who feel left behind that national leaders are no longer working in their interests hence the rhetoric of 'putting America first' and 'making America great again' or the Brexiteers claining that they are 'taking back control.' In undemocractic regimes elsewhere populists play on people's feelings of insecurity in an unpredictable and fast changing world, promising security and order in exchange for democratic freedom. Liberal openness has been put on the defensive so it is up to us, electorates, politicians and policy makers, to show how an open and liberal economic system can once again belong to everyone. In the second part of the book Martin Sandbu outlines four key areas of economic policy that he believes will address not just the symptoms but the underlying causes of the current inequality which has led to so many people, especially the young and the most vulnerable being left behind. These include productivity, regional development, improved access to business finance for SMEs, and increaed representation for workers. He makes a number of other recommendaitons regarding housing, education for all, universal basic income and taxation. He concludes by saying that while these proposals add up to a radical package in total they are necessary reforms to ensure a sense of belonging and without them we could be opening the door to a radicalism which is both illiberal and undemocratic"--

What Should Economists Do?

What Should Economists Do?

Author: James M. Buchanan

Publisher: Indianapolis : Liberty Press

Published: 1979

Total Pages: 300

ISBN-13:

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This volume is a collection of sixteen essays on three general topics: the methodology of economics, the applicability of economic reasoning to political science and other social sciences, and the relevance of economics as moral philosophy. Several essays are published here for the first time, including "Professor Alchian on Economic Method," "Natural and Artifactual Man," and "Public Choice and Ideology." This book provides relatively easy access to a wide range of work by a moral and legal philosopher, a welfare economist who has consistently defended the primacy of the contractarian ethic, a public finance theorist, and a founder of the burgeoning subdiscipline of public choice. Buchanan's work has spawned a methodological revolution in the way economists and other scholars think about government and government activity. As a measure of recognition for his significant contribution, Dr. Buchanan was awarded the 1986 Nobel Prize in Economics.


Book Synopsis What Should Economists Do? by : James M. Buchanan

Download or read book What Should Economists Do? written by James M. Buchanan and published by Indianapolis : Liberty Press. This book was released on 1979 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is a collection of sixteen essays on three general topics: the methodology of economics, the applicability of economic reasoning to political science and other social sciences, and the relevance of economics as moral philosophy. Several essays are published here for the first time, including "Professor Alchian on Economic Method," "Natural and Artifactual Man," and "Public Choice and Ideology." This book provides relatively easy access to a wide range of work by a moral and legal philosopher, a welfare economist who has consistently defended the primacy of the contractarian ethic, a public finance theorist, and a founder of the burgeoning subdiscipline of public choice. Buchanan's work has spawned a methodological revolution in the way economists and other scholars think about government and government activity. As a measure of recognition for his significant contribution, Dr. Buchanan was awarded the 1986 Nobel Prize in Economics.

Basic Income

Basic Income

Author: Philippe Van Parijs

Publisher: Harvard University Press

Published: 2017-03-20

Total Pages: 400

ISBN-13: 0674978099

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Providing a basic income to everyone, rich or poor, active or inactive, was advocated by Paine, Mill, and Galbraith but the idea was never taken seriously. Today, with the welfare state creaking, it is one of the world’s most widely debated proposals. Philippe Van Parijs and Yannick Vanderborght present a comprehensive defense of this radical idea.


Book Synopsis Basic Income by : Philippe Van Parijs

Download or read book Basic Income written by Philippe Van Parijs and published by Harvard University Press. This book was released on 2017-03-20 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing a basic income to everyone, rich or poor, active or inactive, was advocated by Paine, Mill, and Galbraith but the idea was never taken seriously. Today, with the welfare state creaking, it is one of the world’s most widely debated proposals. Philippe Van Parijs and Yannick Vanderborght present a comprehensive defense of this radical idea.

Give People Money

Give People Money

Author: Annie Lowrey

Publisher: Crown

Published: 2018-07-10

Total Pages: 272

ISBN-13: 1524758787

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A brilliantly reported, global look at universal basic income—a stipend given to every citizen—and why it might be the answer for our age of rising inequality, persistent poverty, and dazzling technology. Imagine if every month the government deposited $1,000 into your checking account, with no strings attached and nothing expected in return. It sounds crazy. But it has become one of the most influential and discussed policy ideas of our time. The founder of Facebook, President Obama’s chief economist, Canada and Finland’s governments, the conservative and labor movements’ leading intellectual lights—all are seriously debating versions of a UBI. In this sparkling and provocative book, economics writer Annie Lowrey looks at the global UBI movement. She travels to Kenya to see how a UBI is lifting the poorest people on earth out of destitution, India to see how inefficient government programs are failing the poor, South Korea to interrogate UBI’s intellectual pedigree, and Silicon Valley to meet the tech titans financing UBI pilots in expectation of a world with advanced artificial intelligence and little need for human labor. Lowrey also examines the challenges the movement faces: contradictory aims, uncomfortable costs, and most powerfully, the entrenched belief that no one should get something for nothing. The UBI movement calls into question our deepest intuitions about what we owe each other. Yet as Lowrey persuasively shows, a UBI—giving people money—is not just a solution to our problems, but a better foundation for our society in this age of marvels.


Book Synopsis Give People Money by : Annie Lowrey

Download or read book Give People Money written by Annie Lowrey and published by Crown. This book was released on 2018-07-10 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: A brilliantly reported, global look at universal basic income—a stipend given to every citizen—and why it might be the answer for our age of rising inequality, persistent poverty, and dazzling technology. Imagine if every month the government deposited $1,000 into your checking account, with no strings attached and nothing expected in return. It sounds crazy. But it has become one of the most influential and discussed policy ideas of our time. The founder of Facebook, President Obama’s chief economist, Canada and Finland’s governments, the conservative and labor movements’ leading intellectual lights—all are seriously debating versions of a UBI. In this sparkling and provocative book, economics writer Annie Lowrey looks at the global UBI movement. She travels to Kenya to see how a UBI is lifting the poorest people on earth out of destitution, India to see how inefficient government programs are failing the poor, South Korea to interrogate UBI’s intellectual pedigree, and Silicon Valley to meet the tech titans financing UBI pilots in expectation of a world with advanced artificial intelligence and little need for human labor. Lowrey also examines the challenges the movement faces: contradictory aims, uncomfortable costs, and most powerfully, the entrenched belief that no one should get something for nothing. The UBI movement calls into question our deepest intuitions about what we owe each other. Yet as Lowrey persuasively shows, a UBI—giving people money—is not just a solution to our problems, but a better foundation for our society in this age of marvels.

Economics Rules: The Rights and Wrongs of the Dismal Science

Economics Rules: The Rights and Wrongs of the Dismal Science

Author: Dani Rodrik

Publisher: W. W. Norton & Company

Published: 2015-10-13

Total Pages: 272

ISBN-13: 0393246426

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“A hugely valuable contribution. . . . In setting out a defence of the best in economics, Rodrik has also provided a goal for the discipline as a whole.” —Martin Sandbu, Financial Times In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat account of the discipline. Drawing on the history of the field and his deep experience as a practitioner, Rodrik argues that economics can be a powerful tool that improves the world—but only when economists abandon universal theories and focus on getting the context right. Economics Rules argues that the discipline's much-derided mathematical models are its true strength. Models are the tools that make economics a science. Too often, however, economists mistake a model for the model that applies everywhere and at all times. In six chapters that trace his discipline from Adam Smith to present-day work on globalization, Rodrik shows how diverse situations call for different models. Each model tells a partial story about how the world works. These stories offer wide-ranging, and sometimes contradictory, lessons—just as children’s fables offer diverse morals. Whether the question concerns the rise of global inequality, the consequences of free trade, or the value of deficit spending, Rodrik explains how using the right models can deliver valuable new insights about social reality and public policy. Beyond the science, economics requires the craft to apply suitable models to the context. The 2008 collapse of Lehman Brothers challenged many economists' deepest assumptions about free markets. Rodrik reveals that economists' model toolkit is much richer than these free-market models. With pragmatic model selection, economists can develop successful antipoverty programs in Mexico, growth strategies in Africa, and intelligent remedies for domestic inequality. At once a forceful critique and defense of the discipline, Economics Rules charts a path toward a more humble but more effective science.


Book Synopsis Economics Rules: The Rights and Wrongs of the Dismal Science by : Dani Rodrik

Download or read book Economics Rules: The Rights and Wrongs of the Dismal Science written by Dani Rodrik and published by W. W. Norton & Company. This book was released on 2015-10-13 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A hugely valuable contribution. . . . In setting out a defence of the best in economics, Rodrik has also provided a goal for the discipline as a whole.” —Martin Sandbu, Financial Times In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat account of the discipline. Drawing on the history of the field and his deep experience as a practitioner, Rodrik argues that economics can be a powerful tool that improves the world—but only when economists abandon universal theories and focus on getting the context right. Economics Rules argues that the discipline's much-derided mathematical models are its true strength. Models are the tools that make economics a science. Too often, however, economists mistake a model for the model that applies everywhere and at all times. In six chapters that trace his discipline from Adam Smith to present-day work on globalization, Rodrik shows how diverse situations call for different models. Each model tells a partial story about how the world works. These stories offer wide-ranging, and sometimes contradictory, lessons—just as children’s fables offer diverse morals. Whether the question concerns the rise of global inequality, the consequences of free trade, or the value of deficit spending, Rodrik explains how using the right models can deliver valuable new insights about social reality and public policy. Beyond the science, economics requires the craft to apply suitable models to the context. The 2008 collapse of Lehman Brothers challenged many economists' deepest assumptions about free markets. Rodrik reveals that economists' model toolkit is much richer than these free-market models. With pragmatic model selection, economists can develop successful antipoverty programs in Mexico, growth strategies in Africa, and intelligent remedies for domestic inequality. At once a forceful critique and defense of the discipline, Economics Rules charts a path toward a more humble but more effective science.