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Textbook Economics: Text and Anti-Text
on 30 October 2011
Hill and Myatt's anti-textook is an easy to read, well organised critique of textbook micro-economics that can be read alongside any standard textboook. It is more a series of explorations than a coherent critique launched from one theoretical perspective; nevertheless, it exposes the limitations of modern economics well. It deserves a most careful reading and comparison with other credible studies of economics listed below.
It is similar to, but more direct and simpler to read than Steve Keen's Debunking Economics second edition, which taken overall is more comprehensive and a deeper more cogent critique. Both are essential to help grasp the weakness of positivist economics.
But, I would like to recommend a book that penetrates more deeply into the political and economic philosophy behind the modern "science" of economics by examining Hobbes, Locke, Smith, Marshall, Keynes, Hayek, Myrdal, and Rational Expectations Economics. That book is "Deductive Irrationality. A Commonsense Critique of Economic Rationalism" 073911624X) by Stephen McCarthy and David Kehl based on the teaching and writings of Dr. Richard W. Staveley here in Brisbane, Australia from the 1960s to the end of the last century.
Other books of interest reviewing economics include:
1. Debunking Economics 2nd ed. by Steve Keen;
2. The Skeptical Economist by J. Aldred;
3. Economics for the Rest of Us by Moshe Adler;