The 21st-Century Case for a Managed Economy: The role of disequilibrium, feedback loops and scientific method in post-crash economics

0 avg rating
( 0 ratings by Goodreads )
 
9781906659547: The 21st-Century Case for a Managed Economy: The role of disequilibrium, feedback loops and scientific method in post-crash economics
View all copies of this ISBN edition:
 
 

This book argues that the scientific concept of feedback - the idea that change in some element of a system can cause further change in that element - represents a general concept of economic change. Positive feedback causes runaway change, such as a market bubble, inflation or long-run growth, while negative feedback causes stability and stasis. Emphasising both kinds of feedback stands in contrast to the equilibrium theories of classical economics which, in effect, emphasise negative feedback only. In practical terms, the feedback perspective implies a need for extensive government involvement in the economy to suppress undesirable feedback effects - such as those causing wild instability or self-perpetuating inequality - while supporting desirable feedback effects - such as those causing economic growth.
--------------------
For decades, free-market economists have told a consistent story. Markets are rational, efficient, stable and fair, and even volatile financial markets should be left mostly to their own devices. The economic crisis that began in 2007 has, however, disproven such belief in the perfection of markets.
The reason market fundamentalism fails is simple: it is built on economic theories that incorporate only one half of how the economy actually operates. These theories focus on a concept of long-run equilibrium that sees the economy as being continually drawn back to balance after any change from this position, in a form of what scientists would call negative feedback.
However, there is also positive feedback; a process whereby a given change amplifies itself until the system is driven far from equilibrium, and this phenomenon is equally visible in the economy. Positive feedback drives economic growth, speculative bubbles, inflation, recessions, deflation and self-perpetuating inequality. It is what gives us the secular trends and cyclical fluctuations we observe in the real economy. And it deserves to be a central part of our economic theory.
This book makes a first attempt at applying the concept of feedback to economic theory and economic policy. It recognises that the state must support desirable feedbacks while suppressing undesirable ones. But it also recognises that central planning leads to oppression and inefficiency. This leads us back to the common-sense idea of a mixed economic system in which the role of the state is almost as great as that of the market.

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

About the Author:

Sean Harkin is a risk manager working in the City of London. He specialises in quantitative analysis of financial and economic data and has worked on structured finance, sovereign debt, bank capital and other areas. Sean was previously a research scientist working in the field of cell and molecular biology. He holds an MPhil from University College London and a BSc from the National University of Ireland.

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

Buy New View Book
List Price: US$ 29.99
US$ 20.21

Convert currency

Shipping: FREE
From United Kingdom to U.S.A.

Destination, rates & speeds

Add to Basket

Top Search Results from the AbeBooks Marketplace

1.

Sean Harkin
Published by Harriman House Publishing, United Kingdom (2010)
ISBN 10: 1906659540 ISBN 13: 9781906659547
New Paperback Quantity Available: 10
Seller:
The Book Depository
(London, United Kingdom)
Rating
[?]

Book Description Harriman House Publishing, United Kingdom, 2010. Paperback. Condition: New. Language: English . Brand New Book. This book argues that the scientific concept of feedback - the idea that change in some element of a system can cause further change in that element - represents a general concept of economic change. Positive feedback causes runaway change, such as a market bubble, inflation or long-run growth, while negative feedback causes stability and stasis. Emphasising both kinds of feedback stands in contrast to the equilibrium theories of classical economics which, in effect, emphasise negative feedback only. In practical terms, the feedback perspective implies a need for extensive government involvement in the economy to suppress undesirable feedback effects - such as those causing wild instability or self-perpetuating inequality - while supporting desirable feedback effects - such as those causing economic growth. -------------------- For decades, free-market economists have told a consistent story. Markets are rational, efficient, stable and fair, and even volatile financial markets should be left mostly to their own devices. The economic crisis that began in 2007 has, however, disproven such belief in the perfection of markets.The reason market fundamentalism fails is simple: it is built on economic theories that incorporate only one half of how the economy actually operates. These theories focus on a concept of long-run equilibrium that sees the economy as being continually drawn back to balance after any change from this position, in a form of what scientists would call negative feedback. However, there is also positive feedback; a process whereby a given change amplifies itself until the system is driven far from equilibrium, and this phenomenon is equally visible in the economy. Positive feedback drives economic growth, speculative bubbles, inflation, recessions, deflation and self-perpetuating inequality. It is what gives us the secular trends and cyclical fluctuations we observe in the real economy. And it deserves to be a central part of our economic theory. This book makes a first attempt at applying the concept of feedback to economic theory and economic policy. It recognises that the state must support desirable feedbacks while suppressing undesirable ones. But it also recognises that central planning leads to oppression and inefficiency.This leads us back to the common-sense idea of a mixed economic system in which the role of the state is almost as great as that of the market. Seller Inventory # AA79781906659547

More information about this seller | Contact this seller

Buy New
US$ 20.21
Convert currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, rates & speeds

2.

Sean Harkin
Published by Harriman House Publishing, United Kingdom (2010)
ISBN 10: 1906659540 ISBN 13: 9781906659547
New Paperback Quantity Available: 10
Seller:
Book Depository International
(London, United Kingdom)
Rating
[?]

Book Description Harriman House Publishing, United Kingdom, 2010. Paperback. Condition: New. Language: English . Brand New Book. This book argues that the scientific concept of feedback - the idea that change in some element of a system can cause further change in that element - represents a general concept of economic change. Positive feedback causes runaway change, such as a market bubble, inflation or long-run growth, while negative feedback causes stability and stasis. Emphasising both kinds of feedback stands in contrast to the equilibrium theories of classical economics which, in effect, emphasise negative feedback only. In practical terms, the feedback perspective implies a need for extensive government involvement in the economy to suppress undesirable feedback effects - such as those causing wild instability or self-perpetuating inequality - while supporting desirable feedback effects - such as those causing economic growth. -------------------- For decades, free-market economists have told a consistent story. Markets are rational, efficient, stable and fair, and even volatile financial markets should be left mostly to their own devices. The economic crisis that began in 2007 has, however, disproven such belief in the perfection of markets.The reason market fundamentalism fails is simple: it is built on economic theories that incorporate only one half of how the economy actually operates. These theories focus on a concept of long-run equilibrium that sees the economy as being continually drawn back to balance after any change from this position, in a form of what scientists would call negative feedback. However, there is also positive feedback; a process whereby a given change amplifies itself until the system is driven far from equilibrium, and this phenomenon is equally visible in the economy. Positive feedback drives economic growth, speculative bubbles, inflation, recessions, deflation and self-perpetuating inequality. It is what gives us the secular trends and cyclical fluctuations we observe in the real economy. And it deserves to be a central part of our economic theory. This book makes a first attempt at applying the concept of feedback to economic theory and economic policy. It recognises that the state must support desirable feedbacks while suppressing undesirable ones. But it also recognises that central planning leads to oppression and inefficiency.This leads us back to the common-sense idea of a mixed economic system in which the role of the state is almost as great as that of the market. Seller Inventory # AA79781906659547

More information about this seller | Contact this seller

Buy New
US$ 23.03
Convert currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, rates & speeds

3.

Harkin, Sean
Published by Harriman House
ISBN 10: 1906659540 ISBN 13: 9781906659547
New Hardcover Quantity Available: 15
Seller:
Lakeside Books
(Benton Harbor, MI, U.S.A.)
Rating
[?]

Book Description Harriman House. Hardcover. Condition: New. 1906659540 BRAND NEW, GIFT QUALITY! NOT OVERSTOCKS OR MARKED UP REMAINDERS! DIRECT FROM THE PUBLISHER!|0.89. Seller Inventory # OTF-Y-9781906659547

More information about this seller | Contact this seller

Buy New
US$ 19.05
Convert currency

Add to Basket

Shipping: US$ 3.99
Within U.S.A.
Destination, rates & speeds

4.

Harkin, Sean
Published by Harriman House (2018)
ISBN 10: 1906659540 ISBN 13: 9781906659547
New Hardcover Quantity Available: 13
Print on Demand
Seller:
Murray Media
(NORTH MIAMI BEACH, FL, U.S.A.)
Rating
[?]

Book Description Harriman House, 2018. Hardcover. Condition: New. Never used! This item is printed on demand. Seller Inventory # 1906659540

More information about this seller | Contact this seller

Buy New
US$ 23.34
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds

5.

Sean Harkin
Published by Harriman House Publishing
ISBN 10: 1906659540 ISBN 13: 9781906659547
New Paperback Quantity Available: 5
Seller:
THE SAINT BOOKSTORE
(Southport, United Kingdom)
Rating
[?]

Book Description Harriman House Publishing. Paperback. Condition: New. New copy - Usually dispatched within 2 working days. Seller Inventory # B9781906659547

More information about this seller | Contact this seller

Buy New
US$ 16.99
Convert currency

Add to Basket

Shipping: US$ 9.09
From United Kingdom to U.S.A.
Destination, rates & speeds

6.

Sean Harkin
ISBN 10: 1906659540 ISBN 13: 9781906659547
New Quantity Available: 3
Seller:
Majestic Books
(London, ,, United Kingdom)
Rating
[?]

Book Description Condition: New. Seller Inventory # 6499966

More information about this seller | Contact this seller

Buy New
US$ 19.85
Convert currency

Add to Basket

Shipping: US$ 7.21
From United Kingdom to U.S.A.
Destination, rates & speeds

7.

Sean Harkin
Published by Harriman House
ISBN 10: 1906659540 ISBN 13: 9781906659547
New Hardcover Quantity Available: > 20
Seller:
BuySomeBooks
(Las Vegas, NV, U.S.A.)
Rating
[?]

Book Description Harriman House. Hardcover. Condition: New. 276 pages. Dimensions: 9.0in. x 6.1in. x 0.8in.This book argues that the scientific concept of feedback - the idea that change in some element of a system can cause further change in that element - represents a general concept of economic change. Positive feedback causes runaway change, such as a market bubble, inflation or long-run growth, while negative feedback causes stability and stasis. Emphasising both kinds of feedback stands in contrast to the equilibrium theories of classical economics which, in effect, emphasise negative feedback only. In practical terms, the feedback perspective implies a need for extensive government involvement in the economy to suppress undesirable feedback effects - such as those causing wild instability or self-perpetuating inequality - while supporting desirable feedback effects - such as those causing economic growth. -------------------- For decades, free-market economists have told a consistent story. Markets are rational, efficient, stable and fair, and even volatile financial markets should be left mostly to their own devices. The economic crisis that began in 2007 has, however, disproven such belief in the perfection of markets. The reason market fundamentalism fails is simple: it is built on economic theories that incorporate only one half of how the economy actually operates. These theories focus on a concept of long-run equilibrium that sees the economy as being continually drawn back to balance after any change from this position, in a form of what scientists would call negative feedback. However, there is also positive feedback; a process whereby a given change amplifies itself until the system is driven far from equilibrium, and this phenomenon is equally visible in the economy. Positive feedback drives economic growth, speculative bubbles, inflation, recessions, deflation and self-perpetuating inequality. It is what gives us the secular trends and cyclical fluctuations we observe in the real economy. And it deserves to be a central part of our economic theory. This book makes a first attempt at applying the concept of feedback to economic theory and economic policy. It recognises that the state must support desirable feedbacks while suppressing undesirable ones. But it also recognises that central planning leads to oppression and inefficiency. This leads us back to the common-sense idea of a mixed economic system in which the role of the state is almost as great as that of the market. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Hardcover. Seller Inventory # 9781906659547

More information about this seller | Contact this seller

Buy New
US$ 28.21
Convert currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, rates & speeds

8.

Harkin, Sean
Published by Harriman House Publishing (2010)
ISBN 10: 1906659540 ISBN 13: 9781906659547
New Quantity Available: 10
Seller:
Books2Anywhere
(Fairford, GLOS, United Kingdom)
Rating
[?]

Book Description Harriman House Publishing, 2010. PAP. Condition: New. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Seller Inventory # FV-9781906659547

More information about this seller | Contact this seller

Buy New
US$ 16.97
Convert currency

Add to Basket

Shipping: US$ 11.79
From United Kingdom to U.S.A.
Destination, rates & speeds

9.

Harkin, Sean
Published by Harriman House Pub (2010)
ISBN 10: 1906659540 ISBN 13: 9781906659547
New Hardcover Quantity Available: 1
Seller:
Revaluation Books
(Exeter, United Kingdom)
Rating
[?]

Book Description Harriman House Pub, 2010. Hardcover. Condition: Brand New. 243 pages. 9.00x6.00x0.75 inches. In Stock. Seller Inventory # __1906659540

More information about this seller | Contact this seller

Buy New
US$ 18.98
Convert currency

Add to Basket

Shipping: US$ 9.83
From United Kingdom to U.S.A.
Destination, rates & speeds

10.

Sean Harkin (author)
Published by Harriman House 2010-04-25, Petersfield, Hampshire, Great Britain (2010)
ISBN 10: 1906659540 ISBN 13: 9781906659547
New paperback Quantity Available: 10
Seller:
Blackwell's
(Oxford, OX, United Kingdom)
Rating
[?]

Book Description Harriman House 2010-04-25, Petersfield, Hampshire, Great Britain, 2010. paperback. Condition: New. Seller Inventory # 9781906659547

More information about this seller | Contact this seller

Buy New
US$ 19.82
Convert currency

Add to Basket

Shipping: US$ 9.83
From United Kingdom to U.S.A.
Destination, rates & speeds

There are more copies of this book

View all search results for this book