What Went Wrong with Economics and over 2 million other books are available for Amazon Kindle . Learn more

Sign in to turn on 1-Click ordering.
Trade in Yours
For a £0.25 Gift Card
Trade in
More Buying Choices
Have one to sell? Sell yours here
Sorry, this item is not available in
Image not available for
Image not available

Start reading What Went Wrong with Economics on your Kindle in under a minute.

Don't have a Kindle? Get your Kindle here, or download a FREE Kindle Reading App.

What Went Wrong with Economics: The flawed assumptions that led economists astray [Paperback]

Michael Reiss
4.2 out of 5 stars  See all reviews (5 customer reviews)
RRP: £7.95
Price: £5.84 & FREE Delivery in the UK on orders over £10. Details
You Save: £2.11 (27%)
o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o o
In stock.
Dispatched from and sold by Amazon. Gift-wrap available.
Want it tomorrow, 2 Nov.? Choose Express delivery at checkout. Details


Amazon Price New from Used from
Kindle Edition £2.59  
Paperback £5.84  
Trade In this Item for up to £0.25
Trade in What Went Wrong with Economics: The flawed assumptions that led economists astray for an Amazon Gift Card of up to £0.25, which you can then spend on millions of items across the site. Trade-in values may vary (terms apply). Learn more

Book Description

13 July 2011
In April 2007, a report produced by the International Monetary Fund concluded that the world economy was in great shape only for the biggest economic crisis since the Great Depression to hit just months later. How could economists have got it so wrong? When engineers try to understand complex systems, they are forced to make simplifying assumptions. Sadly if these are flawed, no amount of mathematical wizardry will repair the damage. This book examines the possibility that the problem with economics stems from flawed assumptions. It appears that mainstream economics set off on the wrong foot. This book uncovers many such flaws and shows how the resulting bad economic theories have devastating consequences. Dr Michael Reiss shows how, with more realistic assumptions, economics, and our economic system, can be rescued.

Product details

  • Paperback: 226 pages
  • Publisher: CreateSpace Independent Publishing Platform (13 July 2011)
  • Language: English
  • ISBN-10: 146367029X
  • ISBN-13: 978-1463670290
  • Product Dimensions: 15.2 x 1.3 x 22.9 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Bestsellers Rank: 977,159 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, and more.

Inside This Book (Learn More)
Browse Sample Pages
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
Search inside this book:

Customer Reviews

4.2 out of 5 stars
4.2 out of 5 stars
Most Helpful Customer Reviews
4 of 4 people found the following review helpful
5.0 out of 5 stars Excellent and Thought Provoking 25 Aug 2012
Format:Kindle Edition|Verified Purchase
I've read quite a few popular books on economics, e.g. David Smith, Edmund Conway, Paul Krugman, Joesph Stiglitz. I thought I had a fair understanding of the subject until I came across this little gem. I feel I've learnt more from this one book than from all the others put together.

From what I can gather, the author is not an economist (his PhD was on neural networks). However, he has cleary read widely about the subject and given it some deep thought. His explanations of the money supply and the pitfalls of fractional reserve banking are enlightening. He uses simple thought experiments to help shed some light on why things work the way they do. For example, he gets you to consider first how things would work in a simple barter economy, then looks at what happens once money and banks are introduced.

I can at last begin to grasp why our economic system has led us into the mess we find ourselves today. It's not necessarily anyone's fault. There are inherent weaknesses in the system that make "booms and busts" almost unavoidable. Until we can fully appreciate the weaknesses, we'll never make the corrections necessary for a more robust economy.

The author states that many of the points he raises are give only cursory discussion in most standard economics text books, and that most economists fail to realize the implications. Maybe that's why so many so-called experts are unable to provide a sensible explanation for why things have gone so badly wrong.
Was this review helpful to you?
2 of 2 people found the following review helpful
3.0 out of 5 stars Good ideas to fuel the debate. 22 Sep 2011
Michael Reiss's book contains some very important messages regarding productive and pseudo-investments, and how the heavy focus on artificially created value has led to the economic crashes of not just recent years, but those of the past.

While I don't agree with all the arguments and conclusions in this book, it does contain some very useful material and would be a great input to the debate on how we can go forward and improve the workings of national and the global economies.

The book begs the question "Why are world leaders and national governments focused on supporting the banking system in a format, and with the behaviours, that caused the dire circumstances we find ourselves in today?"

It's time for a re-think and "What Went Wrong With Economics" contains some useful ideas for driving this debate.
Comment | 
Was this review helpful to you?
1 of 1 people found the following review helpful
5.0 out of 5 stars Great Read 15 Feb 2012
By NevilC
This is certainly not like any other economics books I have read! It's easy to read and breaks the subject matter down into managable chunks. It gives a completely different slant to what you are fed in the media. Definately worth a read.
Comment | 
Was this review helpful to you?
1 of 1 people found the following review helpful
4.0 out of 5 stars Answers my Questions 30 Nov 2011
By paulp
At Uni I could never get my head around my friends Economics courses. I did science and could not get a good answer about how money works and why future economic events are a surprise.

It seemed to me Economics was BS and they could only explain events after they happened - not before!

So after recent discussions in the pub about recent economic events and why house prices got so high the last 10 years I was recommended to read this book. The author approaches economic theory in a fresh, curious way which is the way I looked at it too.

I found it useful in explaining the way things really work, such as banks 'creating' money via loans. The writing style is quite chatty and there are plenty of examples and 'thought experiments'.

It answers my questions about money supply and I now know a lot more about our economic system than I did before.

Overall I would recommend this book to anyone looking to understand why we are in the economic mess we are in.
Comment | 
Was this review helpful to you?
4.0 out of 5 stars Dispels a few myths 17 Mar 2013
Format:Kindle Edition|Verified Purchase
This book offers a good brief critique of our economic system. Reiss is able to construct simple models that are analogous to the many confusing complexities of our economic system. He makes very good job of exposing the fallacious nature of the current hegemonic capitalist theories
He points out how in many different ways the tail is now wagging the dog. In other words our market economy is now run for the benefits of the financial sector.
However he brings some leftfield solutions to the table that at this time are completely unrealistic. But until people begin to understand the weight of the folly that is served up economic theory there is little hope of change. A great example of this is his description of fractional reserve banking explaining how money is invented out of nothing. Such anomalies should become common knowledge so that the public is able gauge political claims about how the private sector is hampered by the state regulation. When in reality the financial industry would collapse without the construction of manufactured privileged legislation. The tiresome political rhetoric about how governments need to live in the real world where there is no magic money tree is proved to be nonsense in comparison. Still reiss does certainly not advocate more state spending.
Comment | 
Was this review helpful to you?
Would you like to see more reviews about this item?
Were these reviews helpful?   Let us know
Search Customer Reviews
Only search this product's reviews

Customer Discussions

This product's forum
Discussion Replies Latest Post
No discussions yet

Ask questions, Share opinions, Gain insight
Start a new discussion
First post:
Prompts for sign-in

Search Customer Discussions
Search all Amazon discussions

Look for similar items by category