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Shamanomics by Giles Conway-Gordon
Price: $20.95 Paperback & $34.95 Hardback
The global financial Crisis of 2008 demonstrated the comprehensive failure of Economics and of the theory of economic management which has dominated Economics for more than 50 years. It was, in particular, a disastrous failure for macroeconomists, those economists who deal with the big economic factors like growth, inflation and employment and who act as policy advisors to governments.
The book reviews the post-Crisis literature, including the accounts of the guilty parties (We Didn’t Do It!), conference reports and the commentaries of central bankers, other professional economists and journalists. Finally, the recent work of some social and political thinkers, with the insights of behavioral economics and randomized controlled trials, are welcome signs of a future where moral and social consequences resume their rightful place as the proper yardsticks for measuring how useful Economics and economists really are.
With very few exceptions macroeconomists have proven little better than shamans – witch doctors – muttering their opaque ritual incantations and failing in their social function. Yet they continue to enjoy an attention and respect which is wholly undeserved. It is time for this dangerous delusion to stop.
The book is written in plain language for the average reader. The book’s website – http://www.shamanomics.info – provides more detailed information.
This book was written before the Corona virus struck but its conclusions remain fully valid.
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