1 of 1 people found the following review helpful
At least it gives some answers,
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This review is from: Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned? (Paperback)
. Steve Keen trashes virtually every orthodox economic theory held by mainstrean economists. Of course this appeals to me because I believe that M Freidmans wisdom is in tatters.I have to declare my bias by saying I am already searching for a new type of capitalism on the grounds of the failure of the current system.
Much of this book gives a rational argument that discredits the basis of economic theories built on the utility of a single consumer. If you can accept his argument (which I obviously do) it seems logical that other theories constructed on a falacy must be called into disrepute. To non-economist such as myself this argument seems patently obvious. The reality that economists don't really understand economics seems a reasonable assumption when you consider their miserable failure to predict the mess they have made. The bogus notion that economics has a scientific foundation needs to disproved and I think Keen does this well.
His theories may not represent the absolute answer to our problems but they are a refreshing alternative to the current failure of debt and the absence of any future growth. If you are a mainstream neo-classical economist you might reject this book wholesale. But then I doubt very much that you predicted the economic meltdown and delude yourself we have just strayed from the "great moderastion". The real absence of peer reviewed journals predicting this is indicative of the failure of the current hegomony.
However the book itself was not an easy read to a curious non-economist such as myself. His discussions around diagrams and graphs may have been helped by giving some illustration. It took me two efforts of reading this book to reach a good understanding of his challenges.