The Perverse Economy: The Impact of Markets on People and the Environment [Hardcover]

Michael Perelman (Author)

Book Description

Publication Date: November 15, 2003

From Adam Smith to the present day, economic theory has shortchanged the workers most crucial to the functioning of human life and offered skewed views of scarcity and extraction. Perelman shows how this approach has produced a discipline in which its followers' models and representations of the world around them are so removed from reality that continuing to abide by them would jeopardize both human capacities and nature itself.

Editorial Reviews

Review

"Why do those whose work is most essential, such as farm workers, earn the least? Why are natural resources exploited in ways that do not take account of their scarcity? These are the disarmingly straightforward questions that dissident economist Michael Perelman directs at the discipline of economics--exploring the whole history of its development in his search for answers. In the process he has created one of the most revealing and accessible critiques of the narrow mind-set that constitutes conventional economics. The Perverse Economy is a bright light in the tradition of modern ecological critique."--John Bellamy Foster, Co-editor, Monthly Review, Professor, Sociology, University of Oregon Author, Ecology Against Capitalism

"Perelman's crystal-clear style, judicious mixture of historical and contemporary examples, and impassioned orientation to the public and policy makers make this book about markets, society and environment the most relevant recent work of its type. He remains at the leading edge of progressive economic thought, and in the process serves a great many of us unfailingly as a political and moral compass. Indeed, with this work, the broader study of scarcity will never be the same."--Patrick Bond,, Professor, Graduate School of Public and Development Management, University of the Witwatersrand, Johannesburg

A valuable critique of mainstream economics, ideal for classroom use. The focus is on the failures of economic theory -- of which there are many more than the typical economist will admit -- especially in the realm of the demand and supply of inputs, including, "capital." Perelman is, as he should be, extra tough on the economists' capital theory and also the treatment of inequality, scarcity, and environment.-- James O'Conner, University of California, Santa Cruz

From the Inside Flap

"Why do those whose work is most essential, such as farm workers, earn the least? Why are natural resources exploited in ways that do not take account of their scarcity? These are the disarmingly straightforward questions that dissident economist Michael Perelman directs at the discipline of economics--exploring the whole history of its development in his search for answers. In the process he has created one of the most revealing and accessible critiques of the narrow mind-set that constitutes conventional economics. The Perverse Economy is a bright light in the tradition of modern ecological critique."--John Bellamy Foster, Co-editor, Monthly Review, Professor, Sociology, University of Oregon Author, Ecology Against Capitalism

"Perelman's crystal-clear style, judicious mixture of historical and contemporary examples, and impassioned orientation to the public and policy makers make this book about markets, society and environment the most relevant recent work of its type. He remains at the leading edge of progressive economic thought, and in the process serves a great many of us unfailingly as a political and moral compass. Indeed, with this work, the broader study of scarcity will never be the same."--Patrick Bond,, Professor, Graduate School of Public and Development Management, University of the Witwatersrand, Johannesburg

A valuable critique of mainstream economics, ideal for classroom use. The focus is on the failures of economic theory -- of which there are many more than the typical economist will admit -- especially in the realm of the demand and supply of inputs, including, "capital." Perelman is, as he should be, extra tough on the economists' capital theory and also the treatment of inequality, scarcity, and environment.-- James O'Conner, University of California, Santa Cruz

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Product Details

• Hardcover: 224 pages
• Publisher: Palgrave Macmillan; 1 edition (November 15, 2003)
• Language: English
• ISBN-10: 1403962715
• ISBN-13: 978-1403962713
• Product Dimensions: 8.8 x 5.5 x 0.7 inches
• Shipping Weight: 12.8 ounces (View shipping rates and policies)
• Average Customer Review: 3.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #929,503 in Books (See Top 100 in Books)

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5 of 5 people found the following review helpful:

4.0 out of 5 stars A leftist analysis of economics and the environment, January 3, 2007

By 

M. A. Krul (London, United Kingdom) - See all my reviews
(REAL NAME)   

This review is from: The Perverse Economy: The Impact of Markets on People and the Environment (Paperback)

As is usual with Michael Perelman's books, apparently, "The Perverse Economy" deals with two different issues at the same time. On the one hand, he discusses and criticizes the mainstream economic views related to natural resources, the ecology, and sustainability. On the other, Perelman addresses the causes of inequality and the inefficiency of markets in a simple, introductory manner, focusing in particular upon the importance of taking temporality into account, known as discounting.

The benefit of Perelman's style is that it is very easy reading. He takes the time to explain every concept, uses hardly any jargon, avoids all technical discussions, and makes extensive use of examples from history and current events. On the other hand, much of the book is not new to those who are beyond the novice stage in radical economics, and just like in "The Invention of Capitalism", his two threads of thought are never really woven together. Both issues are explained in a succinct and accessible manner by Perelman, but their connection is not made clear, and he could have worked both out to a separate book on their own instead.

Nevertheless, this book serves as a good popular introduction to the problems associated with market economies, and is useful for those with little knowledge of economics or (radical) history.

2 of 2 people found the following review helpful:

3.0 out of 5 stars Good ideas, poorly expressed, October 7, 2009

By 

Peter Drake - See all my reviews
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Amazon Verified Purchase

This review is from: The Perverse Economy: The Impact of Markets on People and the Environment (Paperback)

I agree with Perelman's central thesis: unregulated markets do not serve workers or the environment well. The economic models used to advocate such markets are based on unreasonable assumptions, such as the assumption that everyone makes free, fully-informed, rational decisions. This book raises these issues and provides a few good historical examples.

That said, Perelman desperately needs an editor. The argument does not flow well. Some paragraphs seem to bear little relation to the surrounding text. It is often difficult to see how one statement follows from (or, in some cases, is even consistent with) the previous statement. At a finer level, Perelman does not seem to fully understand how to use a comma.

I'm not sure who the target audience is for this book. Liberals and progressive like myself will nod along, occasionally finding a good line but not having any major shift of position. Market fundamentalists will not find this book convincing. It might be valuable for someone who suspects that something is wrong with unrestrained capitalism, but can't put their finger on it.

This isn't a bad book ... but it could have been better.