- File Size: 4181 KB
- Print Length: 373 pages
- Page Numbers Source ISBN: 0739198335
- Publisher: Lexington Books (August 18, 2017)
- Publication Date: August 18, 2017
- Sold by: Amazon.com Services LLC
- Language: English
- ASIN: B075329QP8
- Text-to-Speech: Enabled
- Word Wise: Enabled
- Lending: Not Enabled
- Amazon Best Sellers Rank: #2,561,489 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
|Print List Price:||$46.00|
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How Economics Professors Can Stop Failing Us: The Discipline at a Crossroads Kindle Edition
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About the Author
It is clear that it is time to change economics, and Payson is yet one more voice that (hopefully) will make such change inevitable., The London School of Economics and Political Science Review of Books
Thankfully, no knowledge of advanced mathematics is required to read Payson’s book or to understand his examples, which he carefully and artfully explains with words and pictures. , Financial History
The book is written in a strong tone and the straightforward approach of the author is certainly not commonly seen. . . . this was an interesting read, and should provide fodder for reflection and discourse for a member of the academia., Journal of Higher Education Policy and Management
Steven Payson, the author of this provocatively titled book, is a former career federal government economist who has the temerity to argue that economics could be a useful science if mainstream academic economist theoreticians would simply adopt and employ the scientific method in a serious effort to provide an understanding of the world in which we live. Instead, he convincingly argues, the culture of academic economists encourages and rewards a mathematical modeling onanism that is not only not “seminal,” but is instead practically barren of any contributions to that understanding. . . . There is much anger and outrage expressed by the author in the course of his argument, and yet the book is not just a polemic. If Payson’s critique is on the mark, the question of what to do is certainly an important one. , The Quarterly Journal of Austrian Economics
Payson’s career has given him a rare perspective on economics in both practical policy use and in academia. He uses the fundamental insight of economics itself, that of the impact of incentives on behavior, to build a powerful indictment of the academic economics profession in the United States. Economics occupies a dominant position in public policy making, and this book will be an eye-opener for the general public. -- Paul Ormerod, Volterra Partners
I defend the right of academics in genuine sciences to set their own agendas free of political interference: they are the best judges of the best ways to extend their research. This does not apply to economics. As Payson explains, economics today is like Astronomy before Copernicus, hiding behind academic freedom to perpetuate a fantasy model of reality, undisturbed by its real world failures. It needs to be disturbed by the public, students, business people and politicians. That is the only hope for a realistic economics. -- Steve Keen, Kingston University
To be polite, everyone is aware that the economics profession is facing a large number of “issues.” Payson’s book shines a bright light on a number of these issues. Whether or not you agree with him on the solutions, this book is worth reading. You can’t go more than a few pages without running into something you’ve seen or heard in the profession that makes you wonder where economics is going. -- W. Charles Sawyer, Texas Christian University --This text refers to the hardcover edition.
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Most forcefully, he argues that these economic papers have become a major impediment to economic growth. By becoming a proxy for qualifications, major economic institutions such as the IMF and World Bank choose people for high ranking posts based on their academic publications. But because these publications have little relevance for the real world, high ranking posts are filled with people who do not have the ideas or experience to adequately perform the jobs.
This book should be a wakeup call to economists, just as the work of Robert Gordon and Tyler Cowen should be. As productivity growth continues to slow, policy makers need good research from which to base their policies. But as Payson shows, this research is not emerging because the field is lost as he says in a form of “lah-lah” land. This will become increasingly problematic as populist leaders propose extreme policies in an attempt to satisfy an unhappy populace.
Retired Associate Professor
National University of Singapore
Author: Technology Change and the Rise of New Industries, Stanford University Press