Economics of the 1% (Anthem Other Canon Economics) Paperback – 20 Jan 2014
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“John F. Weeks has performed a big and important service. The economic dogma that sired the financial crash of 2008–9 and the longest recession for a century remains the dominant ideology, for lack of the coup de grace to consign it to oblivion. John F. Weeks sets about this task with a forthrightness and zeal akin to the biblical destruction of false prophets. This book should be read by all who seek the restoration of sanity in economics from the corrupting clutches of perhaps the biggest austerity hoax ever perpetrated.” —Michael Meacher, British Labour MP for Oldham West and Royton
“Weeks’s dry and sarcastic style complements, and lightens, his deep analysis of the economic assumptions which many consider rational. […] his work has already played an extremely useful role helping us see and better understand some of the core economic truths we thought we knew.” —Steve Rushton, Occupy.com
“Why do economic policies seem so impenetrable and confusing to most? Weeks provides a clear explanation for how the layperson can decipher them. Every concerned voter should read this book to be economically literate.” —Peter Welch, US Congressman from Vermont and Chief Deputy Whip of the House of Representatives Democratic Caucus
“The recent crisis has exposed the weaknesses of not only the business models of the capitalist world but also the flaws in mainstream economic thought. John F. Weeks’ polemic on the ‘Economics of the 1%’ explores these intellectual blind alleys and takes no prisoners. Pointing out holes in the mainstream logic, Weeks aligns himself with the tradition(s) of Karl Marx, John Maynard Keynes and Thorstein Veblen, and with such contemporaries as James K. Galbraith, Ha-Joon Chang and Paul Krugman. And Weeks is right. We have to replace ‘fakeconomics’ with proper economic analysis to combat the social inequalities that have grown disproportionately and dangerously in recent decades.” —László Andor, Economist and Commissioner for Employment, Social Affairs and Inclusion, European Commission
“With barely concealed rage, excoriating analysis and unswerving clarity, Weeks dissects and exposes the myths and lies of the free-market propaganda upon which our current economic system is built. Eminently readable, ‘Economics of the 1%’ is a tour de force – a clarion call for a common-sense economics that serves us all, not just the rich and powerful.” —Caroline Lucas, British MP for Brighton Pavilion and Leader of the Green Party of England and Wales
‘In clear and straightforward language, [Weeks] unpacks the assumptions of mainstream economics in a bid to show how modern economists have inculcated in non-economists the erroneous belief that such theories are inspired by reality.’ —Ioana Negru, ‘Times Higher Education’
“Weeks shows how professional economists conceal the real workings of the capitalist economic system in the interests of the rich and powerful. They foster ignorance to flog a theory – a professional fraud – that justifies reaction. Frustration grips the page. […]Weeks’ ‘Economics of the 1%’ is a powerful indictment of the state of the contemporary economics profession.” —“Marx & Philosophy Review of Books”
This book exposes the myths of mainstream economics behind the public discourse and explains why current policies fail to serve the vast majority.See all Product Description
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Top Customer Reviews
The book covers a great deal of material, some of which may seem intricate a-priori, such as finance, competition, the causes of inflation, laws of supply and demand, equilibrium, labour ‘markets’, unemployment, trade, government deficits, etc. As one reads, it is inevitable to wonder: why things that turn out to be so obvious remain so obscure or distorted in the way they are referred to by commentators and policy-makers? Indeed, a most salient aspect of this book, as compared to other critical books elsewhere (even from the same author) is its success in demonstrating that such a distortion of the economic facts of our lives is entirely ideological, and that an elite out there, “the 1%” happens to benefit from the way things are.
This book can help anyone see that things need not be this way, that there were many instances in the history of our societies in which things were handled differently, and that we can also do things differently now.
That can invigorate new thought and re-invigorate economic policy to place full employment as a core target and "the general welfare of society" as a another.
Examination boards should read this and act instead of brainwashing economics students with the equivalent of alchemy or astrology to prepare them for influencing their future society's economic and environmental well-being.
Prof George Irvin
Weeks quotes both Marx and Keynes as well as Smith as he develops his argument (does anyone in an economics department remember Marx?), while excoriating Friedman and his acolytes for what he calls "Fakeconomics", yet despite an impressive list of reviewers agreeing with him, including an EC Commissioner, I don't think anyone is really listening, certainly not the ECB, Merkel or Osborne. Fakeconomics is too deeply entrenched, there are too many vested interests, both in economics departments as well as governments, big business and finance who have too much to lose from a return to sanity and greater equality.
Most Recent Customer Reviews
"Economics of the 1%" is a short but thorough introduction to the subject of economics - while presenting a critique of orthodox economic thought & policy. Read morePublished 2 months ago by S P Mead
Takes a long time to get to the point. A bit heavy going but the theme is developed.Published 4 months ago by Amazon Customer
Excellent, designed to be eye-catching and to hit home, I was at the lecture previewing this volume at SOAS, University of London. Read morePublished 6 months ago by Amazon Customer
Book arrived quickly and was well packaged, it is a great read. Thank youPublished 8 months ago by Barry
John F. Weeks is Professor Emeritus of Economics at the School of Oriental and African Studies, University of London. Read morePublished 15 months ago by William Podmore
Ever felt that most politicians & media talking heads are babbling nonsense about a fantasy world that none off the rest of us are part of? Read morePublished 17 months ago by steve tooze
I found the book very interesting, but not as clearly presented as others covering the same theme. It succeeds, however, in showing how politics and economics have become enmeshed... Read morePublished 19 months ago by James Chambers