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By Norbert Häring, Niall Douglas

"Economists and the robust: handy Theories, Distorted evidence, considerable Rewards" explores the workings of the fashionable worldwide economic system – an economic system within which festival has been corrupted and gear has a ubiquitous impact upon financial habit. in accordance with empirical and theoretical reports by way of unique economists from either the earlier and modern-day, this research argues that the real workings of capitalism are very various from the preferred myths voiced in mainstream economics. providing a more in-depth examine the heritage of financial doctrines – in addition to how economists are incentivized – "Economists and the Powerful" exposes how, while and why the topic of strength was once erased from the radar monitors of mainstream financial research – and the impact this subversive elimination has had upon the trendy monetary international.

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Extra resources for Economists and the Powerful: Convenient Theories, Distorted Facts, Ample Rewards

Sample text

That depends on whether people are free to explore their way ahead, to own property, to invest for the long term, to conclude private agreements, and to trade with others. In short, it depends on whether or not the countries have capitalism. In the affluent world we have had capitalism in one form or another for a couple of centuries. ’’ Capitalism has given people both the liberty and the incentive to create, produce, and trade, thereby generating prosperity. During the past two decades, this system has spread throughout the world via the process termed globalization.

Even in the West, women were excluded from the democratic process. During the 20th century, large parts of the world were subjugated by communism, fascism, or National Socialism, ideologies that led to major wars and the political murder of more than a hundred million people. With just a few exceptions, those systems have fallen. The totalitarian states have collapsed, the dictatorships have been democratized, and the absolute monarchies have been deposed. A hundred years ago, one-third of the world’s population was governed by remote colonial powers.

But when we realize that it is not at all necessary, it becomes a problem that can and should be solved. This phenomenon is not unfamiliar: the same thing happened when the Industrial Revolution started 60 to improve living standards in the West more than 200 years ago. When misery is everywhere, we can easily become oblivious to it. When it is contrasted with something else, with abundance and prosperity, our eyes are opened to it—a good thing, because our new awareness spurs our efforts to do something about the problems that remain.

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