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A New Model of the Economy (Hardcover)

by Brian Hodgkinson (Author)
5.0 out of 5 stars  See all reviews (2 customer reviews)
Price: £30.00 & this item Delivered FREE in the UK with Super Saver Delivery. See details and conditions
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Product details

  • Hardcover: 368 pages
  • Publisher: Shepheard-Walwyn (Publishers) Ltd (28 Feb 2008)
  • Language English
  • ISBN-10: 0856832502
  • ISBN-13: 978-0856832505
  • Product Dimensions: 23.8 x 16 x 3.2 cm
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon.co.uk Sales Rank: 792,723 in Books (See Bestsellers in Books)

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Product Description

James Robertson Newsletter, July 2008

a very important book ... [It]is much more relevant to the present state of the real-world economies than the models offered by most economics textbooks.

Review

"This is a major new work of great potential importance. It is not a book which seeks to persuade, although it is persuasive: it is a book which seeks to explain, in a clear and systematic manner, that which modern economic science orthodoxy has been unable to explain it in a manner that is addressed to those who need to understand. Hodgkinson describes economic science in the fullness of its reality, and in all its dimensions including the hitherto improperly recognise dimension - land. If epiphanies can come from text books, unsuspecting readers might expect one here."
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A New Model of the Economy
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Customer Reviews

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6 of 7 people found the following review helpful:
5.0 out of 5 stars Visionary Economics that are Sound, 14 July 2008
By Haydon L. Bradshaw (UK) - See all my reviews
(REAL NAME)   
We are short of visionary but sound proposals for the reform of Economic thought and method, but here we have one. It is a blessing to be given a new dimension to settled, conventional views - and a more complete view of economic workings that brings economic theory in much closer touch with reality. Very refreshing.

He writes with simple clarity, his fine diagrams communicate well, there are virtually no mathematics. Attention needs to be given, but this is readable by non economists, who may pass the technical bits put there to satisfy professionals, without loss. He pulls together the various elements of the 'new model' which has serious implications for any economist or politician hoping to remedy ominous symptoms of disaster appearing just now.

For lecturers with high standards the book could widen discussion where students are pedestrian, economic journalists need to read it, and it will inspire those who find the economic situation bewildering and intolerable.
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5.0 out of 5 stars A remarkable achievement, 5 Jun 2009
By Mr. M. A. Braund "Mark Braund" (London) - See all my reviews
(REAL NAME)   
Brian Hodgkinson's book deftly pulls together many strands of alternative economic thought and presents them in a format - an economics textbook - which no economist can easily dismiss.

He begins by distinguishing between the kind of economic freedom that would give all citizens fair access to the means to a meaningful and productive role in society, and the current sham freedom to accumulate immense personal wealth, which can only ever be enjoyed by a small minority.

He goes on to decry the failure of conventional economics to acknowledge the pivotal role of land. As work and space constitute the "primary requirements of human existence, the conditions under which land is available is of fundamental significance". He explains how, even in a post-industrial economy like that of the UK where financial services dominate, the way land is treated has a massive impact on social outcomes.

In the first half of the book, Hodgkinson presents a revised theory of the firm, the basis for all study of microeconomics. He explains how the established version is woefully deficient and supports this assertion with beautifully reproduced graphs and diagrams; the staple diet of serious students of economics. As he builds his case, the subtle but fundamental differences between his graphs and those that illustrate the standard economics texts bring home just how damaging shortcomings in the conventional view really are. Just as anthropology was hi-jacked in the 19th century to justify the racist policies of colonial domination, so, it appears, an equally fallacious rendering of economics was applied to justify the continuation of a society based on minority wealth and privilege.

For those not excited at the prospect of poring over marginal cost curves and the like, Hodgkinson draws on the best of Smith, Ricardo, Schumpeter and Keynes to make his case. His assessment, and rigorous updating, of the established macro-economic model is if anything more devastating. He includes chapters on housing, trade, the business cycle, financial speculation and the problems associated with the way banks are allowed to create money as debt.

Hodgkinson might have given more space to the environment, especially as the new economics he outlines lends itself more readily than the current model to the challenges of global warming and resource depletion. But he nonetheless provides a good foundation for a new green economics.

The policy conclusions he arrives at will doubtless make many uncomfortable, especially the notion that while land should remain under private ownership, the rent it earns should become public revenue. But better than any previous advocate of such land reform, Hodgkinson explains the knock-on effects of that reform for all aspects of the economy. His conclusions are the only possible conclusions from an exercise in economic theorising which is both acutely rational and shot through with a moral conviction that economists have lacked for far too long.

Robert Skidelsky was only partly right to ask "are market economies 'naturally' stable or do they need to be stabilised by policy?" The market economy will not be stabilised by any set of policies which fails to recognise shortcomings in the underlying economics. But a stable, efficient and just economy, and one that enhances the freedom of all citizens, could be constructed on the revised theoretical foundations provided by Brian Hodgkinson in this remarkable book.
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