Economics versus Reality: How to be Effective in the Real World in Spite of Economic Theory

5 avg rating
( 1 ratings by Goodreads )
 
9781412857161: Economics versus Reality: How to be Effective in the Real World in Spite of Economic Theory
View all copies of this ISBN edition:
 
 

John M. Legge shows the many ways in which the real world diverges from economics textbooks. He argues that mainstream economic theory took a disastrous turn 140 years ago, when it attempted to use calculus to explain human behaviour. A real economy involves people who are not variables in equations. This error led to a second, mainstream economics becoming obsessed with equilibrium. However, constant change is the reality and one cannot explain the present without understanding the path taken to get here.

This book presents economics in historical context. It includes a short account of the contributions by some of the key figures in economic theory, starting with Adam Smith. Smith placed great weight on morality: he believed that economic activity took place in a society and could not be justified except insofar as it advanced the interests of that society.

Too many economists have come to believe that the interests of society can be measured by a number: that if a policy change raises GDP it is justified, whatever its impact on people.Legge places the economy within society, and society within the environment, explaining that every significant decision has a social and environmental impact, as well as an economic dimension. Seeking to provide answers to students, professional business managers, and those interested in the political process, this work addresses the gap between theory and reality.

"synopsis" may belong to another edition of this title.

About the Author:

John M. Legge has taught innovation and entrepreneurship for the last twenty-five years. Previously, he worked in the engineering and computer industries in design, development, implementation, marketing, and strategic planning.

Review:

“John’s book challenges ubiquitous textbook ‘truths’ about the invisible mechanisms ruling the real world. Historical narrative and practical examples clearly demonstrate that businesses turning to fairy theories instead of understanding broader reasons for success will fail. On a global scale things are even more confusing: when the best IPO is made by Alibaba, the US comedian Jon Stewart comments that “the Communists have beaten us up at Capitalism.” When a run-down Australian shed costs more than a French castle, one wonders if it’s really a battle between imaginary supply and demand. Confused even more? You should be. Read the book.”

— Max Kraynov, founder and CEO, JetRadar Inc.

 “John Legge provides a methodical and logical businessman's perspective on why mainstream economic theory, which is supposed to be a high-order description of business, is in fact completely misleading about the behavior of firms, consumers, markets and the macro-economy. Any businessman who currently peppers his dialogue with dashings of "supply and demand" needs to read this book before he talks himself into bankruptcy.”

— Stephen Keen, Head of School of Economics, History & Politics, Kingston University 

“Everything you needed to learn but that your textbook left out. Economics versus Reality presents the great thinkers, including Smith, Ricardo Marx, Keynes, and Schumpeter among many others, in depth, in down-to-earth language, and from the practical perspective of an engineer. Beautifully composed, erudite and indispensable.”

— James Galbraith, University of Texas at Austin

"About this title" may belong to another edition of this title.

Other Popular Editions of the Same Title

9781412862516: Economics versus Reality: How to be Effective in the Real World in Spite of Economic Theory

Featured Edition

ISBN 10:  1412862515 ISBN 13:  9781412862516
Publisher: Routledge, 2016
Softcover

Top Search Results from the AbeBooks Marketplace

1.

Legge, John M.
ISBN 10: 1412857163 ISBN 13: 9781412857161
New Quantity Available: 5
Seller:
GreatBookPrices
(Columbia, MD, U.S.A.)
Rating
[?]

Book Description Condition: New. Seller Inventory # 24063259-n

More information about this seller | Contact this seller

Buy New
US$ 91.06
Convert Currency

Add to Basket

Shipping: US$ 2.64
Within U.S.A.
Destination, Rates & Speeds

2.

Legge, John M.
ISBN 10: 1412857163 ISBN 13: 9781412857161
New Quantity Available: 1
Seller:
Paperbackshop-US
(Wood Dale, IL, U.S.A.)
Rating
[?]

Book Description 2015. HRD. Condition: New. New Book. Shipped from US within 10 to 14 business days. Established seller since 2000. Seller Inventory # KS-9781412857161

More information about this seller | Contact this seller

Buy New
US$ 89.72
Convert Currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, Rates & Speeds

3.

John M. Legge
Published by Taylor Francis Inc, United States (2016)
ISBN 10: 1412857163 ISBN 13: 9781412857161
New Hardcover Quantity Available: 10
Seller:
Book Depository hard to find
(London, United Kingdom)
Rating
[?]

Book Description Taylor Francis Inc, United States, 2016. Hardback. Condition: New. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. John M. Legge shows the many ways in which the real world diverges from economics textbooks. He argues that mainstream economic theory took a disastrous turn 140 years ago, when it attempted to use calculus to explain human behaviour. A real economy involves people who are not variables in equations. This error led to a second, mainstream economics becoming obsessed with equilibrium. However, constant change is the reality and one cannot explain the present without understanding the path taken to get here. This book presents economics in historical context. It includes a short account of the contributions by some of the key figures in economic theory, starting with Adam Smith. Smith placed great weight on morality: he believed that economic activity took place in a society and could not be justified except insofar as it advanced the interests of that society. Too many economists have come to believe that the interests of society can be measured by a number: that if a policy change raises GDP it is justified, whatever its impact on people.Legge places the economy within society, and society within the environment, explaining that every significant decision has a social and environmental impact, as well as an economic dimension. Seeking to provide answers to students, professional business managers, and those interested in the political process, this work addresses the gap between theory and reality. Seller Inventory # BTE9781412857161

More information about this seller | Contact this seller

Buy New
US$ 108.68
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

4.

LEGGE, JOHN
Published by Routledge (2016)
ISBN 10: 1412857163 ISBN 13: 9781412857161
New Hardcover Quantity Available: 1
Seller:
Herb Tandree Philosophy Books
(Stroud, GLOS, United Kingdom)
Rating
[?]

Book Description Routledge, 2016. Hardback. Condition: NEW. 9781412857161 This listing is a new book, a title currently in-print which we order directly and immediately from the publisher. For all enquiries, please contact Herb Tandree Philosophy Books directly - customer service is our primary goal. Seller Inventory # HTANDREE01362093

More information about this seller | Contact this seller

Buy New
US$ 112.13
Convert Currency

Add to Basket

Shipping: US$ 10.75
From United Kingdom to U.S.A.
Destination, Rates & Speeds

5.

John M Legge
ISBN 10: 1412857163 ISBN 13: 9781412857161
New Quantity Available: 3
Seller:
Majestic Books
(London, ,, United Kingdom)
Rating
[?]

Book Description Condition: New. pp. 308. Seller Inventory # 373488717

More information about this seller | Contact this seller

Buy New
US$ 118.36
Convert Currency

Add to Basket

Shipping: US$ 7.39
From United Kingdom to U.S.A.
Destination, Rates & Speeds

6.

Legge, John M.
Published by Transaction Pub (2016)
ISBN 10: 1412857163 ISBN 13: 9781412857161
New Hardcover Quantity Available: 1
Seller:
Revaluation Books
(Exeter, United Kingdom)
Rating
[?]

Book Description Transaction Pub, 2016. Hardcover. Condition: Brand New. 308 pages. 9.00x6.50x0.75 inches. In Stock. Seller Inventory # z-1412857163

More information about this seller | Contact this seller

Buy New
US$ 119.43
Convert Currency

Add to Basket

Shipping: US$ 8.06
From United Kingdom to U.S.A.
Destination, Rates & Speeds

7.

John M Legge
Published by Routledge (2015)
ISBN 10: 1412857163 ISBN 13: 9781412857161
New Hardcover First Edition Quantity Available: 1
Seller:
Irish Booksellers
(Portland, ME, U.S.A.)
Rating
[?]

Book Description Routledge, 2015. Condition: New. book. Seller Inventory # M1412857163

More information about this seller | Contact this seller

Buy New
US$ 144.55
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

8.

John M Legge
Published by Routledge (2016)
ISBN 10: 1412857163 ISBN 13: 9781412857161
New Hardcover Quantity Available: 1
Seller:
Rating
[?]

Book Description Routledge, 2016. Condition: New. Seller Inventory # TH9781412857161

More information about this seller | Contact this seller

Buy New
US$ 151.62
Convert Currency

Add to Basket

Shipping: US$ 3.52
From Germany to U.S.A.
Destination, Rates & Speeds

9.

John M. Legge
ISBN 10: 1412857163 ISBN 13: 9781412857161
New Hardcover Quantity Available: 1
Seller:
AussieBookSeller
(SILVERWATER, NSW, Australia)
Rating
[?]

Book Description 2016. Hardcover. Condition: New. Hardcover. John M. Legge shows the many ways in which the real world diverges from economics textbooks. He argues that mainstream economic theory took a disastrous turn 140 years ago, wh.Shipping may be from our Sydney, NSW warehouse or from our UK or US warehouse, depending on stock availability. 335 pages. 0.544. Seller Inventory # 9781412857161

More information about this seller | Contact this seller

Buy New
US$ 122.06
Convert Currency

Add to Basket

Shipping: US$ 37.00
From Australia to U.S.A.
Destination, Rates & Speeds