3 of 3 people found the following review helpful
This book re-examines modern economic theory in the light of Japan's experience of a prolonged recession. This is greatly assisted by the author's clear understanding of these theories and and their limitations. As he gradually rejects them are due to their failure to explain reality, his new paradigm is revealed. It was well worth the effort to go through the whole book.
Perhaps his next work could include consideration of land value taxation and how that may help to counter many of the mismanagements of the world's financial systems and money supply. Part of the key to the relation between LVT and conventional economics is included in… Read more
5 of 5 people found the following review helpful
A welcome recognition of the need for realism in economic thinking such as the fact that laws of physics such as those related to entropy have the final say.
Although the 2005 peak oil is questionable, the underlying argument is well worth heeding.
Perhaps a later work can give due consideration to economic rent such as with land value taxation.
Reading this book gets you thinking again about your assumptions and conclusions. Given the state of the world that is not a bad thing!