The Vices of Economists; The Virtues of the Bourgeoisie [Hardcover]

Deirdre N. McCloskey (Author)

Book Description

Publication Date: June 1, 1997

The 'vices' are three bad habits into which economists have fallen over the past fifty years: bad statistics, bad theory, and bad applications of statistics and theory to public affairs. This book details the vices, tracing them to the influence of three giants of the 1940s and 1950s in economics, the Americans Lawrence Klein and Paul Samuelson, and the Dutchman Jan Tinbergen. McCloskey recommends a 'bourgeois', even feminine, virtue to replace the aristocratic and masculine vices of modern economics. She sees intellectual life as a bourgeois market of negotiating equals. What is good for a liberal democracy is good for intellectual life, she argues, even in the forbiddingly mathematical world of modern economics.

Product Details

• Hardcover: 135 pages
• Publisher: Amsterdam University Press (June 1, 1997)
• Language: English
• ISBN-10: 9053562443
• ISBN-13: 978-9053562444
• Product Dimensions: 9.5 x 6.4 x 0.6 inches
• Shipping Weight: 13.6 ounces
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #1,911,628 in Books (See Top 100 in Books)

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Most Helpful Customer Reviews

19 of 19 people found the following review helpful:

5.0 out of 5 stars Profound and Important, July 10, 2002

By 

Donald J. Boudreaux - See all my reviews

This review is from: The Vices of Economists; The Virtues of the Bourgeoisie (Paperback)

Deirdre McCloskey's little volume, The Vices of Economists-The Virtues of the Bourgeoisie, is a gem. Nothing less. Although it is short, it bulges with deep and important insights; although it is aimed principally at an audience of professional economists, it is relevant for anyone interested in the scientific method as well as policy; and although it is written by a professional economist, its prose is splendid.

The chapter of the book that strikes me as most important is Chapter 4, "The Arrogance of Social Engineering." The material here isn't simply another sermon on the complexity of the economy and society. It is, instead, a compelling explanation of why economists who make specific predictions about the future ("The price of tech stocks will rise over the next month" or "Megacorp's price-cutting will result in monopoly power") truly should be ignored.

And her conclusion! That is not to be missed. I especially like, and appreciate, her wise words of advice: "Know above all that you do not know."