Rod Hill, Tony Myatt's The economics anti-textbook : a critical thinker's guide to PDF

By Rod Hill, Tony Myatt

ISBN-10: 1552663604

ISBN-13: 9781552663608

ISBN-10: 1842779389

ISBN-13: 9781842779385

ISBN-10: 1842779397

ISBN-13: 9781842779392

"Mainstream textbooks current economics as an target technology loose from price judgments; that settles disputes quite simply by means of trying out hypotheses; that applies a settled physique of rules; and includes coverage prescriptions supported by way of a consensus opinion. The Anti-Textbook argues that it is a delusion - one that is not just dangerously deceptive but in addition bland and dull. It demanding situations the Read more...

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Additional info for The economics anti-textbook : a critical thinker's guide to microeconomics

Sample text

Having established the benefits of trade in this context, individuals are replaced with countries. In this way the gain from international trade is put on the same footing as the gain from interpersonal trade. Since the latter must be beneficial as long as both individuals engage in trade voluntarily, we may be lulled into thinking that trade between nations is similarly unproblematic. We take up the story at this point assuming two countries (England and Canada), two industries (wheat and cloth) and one factor of production, labour.

Consider the world champion pool player. He intuitively makes excellent use of the laws of physics concerning angles, rotation of spheres and friction, without understanding them intellectually. On the pool table, he acts as if he understands the laws of physics. We could probably write a computer program utilizing all these laws of physics that might do an excellent job of predicting the pool player’s next shot. But if you ask the pool player, you would find he didn’t understand those laws. Yet this doesn’t affect the predictive power of our computer model.

Dewald et al. (1986) had great difficulty replicating published results – that is, using exactly the same data, exactly the same definitions and exactly the same statistical procedures, they could not arrive at the same results as those published. Replication is an essential component of scientific methodology, and is the only way to create a defensible, coherent body of knowledge. Yet seldom are results replicated. They note: ‘It is widely recognised that errors occur in empirical economic research and appear in published empirical articles.

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The economics anti-textbook : a critical thinker's guide to microeconomics by Rod Hill, Tony Myatt

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