For those unfamiliar with Philip Pilkington, for several years he produced a blog entitled Fixing the Economists which is now not being updated, but the material is still available and invaluable. The Reformation of Economics is by far and away the best introduction to real-world economics it has ever been my pleasure to read -- and reading it is a surprising pleasure. It is not only well written, but written so as any average individual can understand what is being offered, unlike most economic texts which are clearly intended to confound and confuse. Pilkington explains clearly how marginalist economists (otherwise known as neoclassicals) distort economic reality by relying solely on artificially constructed models which fail to reflect real world economic activities and therefore have little, if any predictive value. Yet these same models are utilized to proclaim and support arcane policy recommendations to our political masters.
One of the most important chapters in the book is Chapter 7, Theories of Money and Prices where Pilkington demolishes long-held mythologies of just how money works in a nation with a sovereign fiat currency. The myth of a sovereign government being money constrained is perhaps one of the most disturbing and destructive ideas surviving the eras of gold standards. If nothing else, this chapter should be required reading for every high school student in the nation before they can be corrupted by taking a mainstream economics course. It should also be read aloud in the hallowed halls of Congress so that denizens controlling the US budget could finally come to grips with reality and quit spreading the nonsense that we are about to be strangled by an out of control national debt.
This is an extraordinarily valuable book and should receive much wider distribution than I expect that it will.
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Reviewed in the United States on February 13, 2017
One of the most important chapters in the book is Chapter 7, Theories of Money and Prices where Pilkington demolishes long-held mythologies of just how money works in a nation with a sovereign fiat currency. The myth of a sovereign government being money constrained is perhaps one of the most disturbing and destructive ideas surviving the eras of gold standards. If nothing else, this chapter should be required reading for every high school student in the nation before they can be corrupted by taking a mainstream economics course. It should also be read aloud in the hallowed halls of Congress so that denizens controlling the US budget could finally come to grips with reality and quit spreading the nonsense that we are about to be strangled by an out of control national debt.
This is an extraordinarily valuable book and should receive much wider distribution than I expect that it will.
Pilkington Produces a Masterpiece in Economics
Reviewed in the United States on February 13, 2017
For those unfamiliar with Philip Pilkington, for several years he produced a blog entitled Fixing the Economists which is now not being updated, but the material is still available and invaluable. The Reformation of Economics is by far and away the best introduction to real-world economics it has ever been my pleasure to read -- and reading it is a surprising pleasure. It is not only well written, but written so as any average individual can understand what is being offered, unlike most economic texts which are clearly intended to confound and confuse. Pilkington explains clearly how marginalist economists (otherwise known as neoclassicals) distort economic reality by relying solely on artificially constructed models which fail to reflect real world economic activities and therefore have little, if any predictive value. Yet these same models are utilized to proclaim and support arcane policy recommendations to our political masters.Reviewed in the United States on February 13, 2017
One of the most important chapters in the book is Chapter 7, Theories of Money and Prices where Pilkington demolishes long-held mythologies of just how money works in a nation with a sovereign fiat currency. The myth of a sovereign government being money constrained is perhaps one of the most disturbing and destructive ideas surviving the eras of gold standards. If nothing else, this chapter should be required reading for every high school student in the nation before they can be corrupted by taking a mainstream economics course. It should also be read aloud in the hallowed halls of Congress so that denizens controlling the US budget could finally come to grips with reality and quit spreading the nonsense that we are about to be strangled by an out of control national debt.
This is an extraordinarily valuable book and should receive much wider distribution than I expect that it will.
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Reviewed in the United States on March 22, 2017
Top reviews from other countries
Macdaraesque
An excellent read. Apart from the critique of contemporary mainstream ...
Reviewed in the United Kingdom on April 17, 2017