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What Went Wrong with Economics: The flawed assumptions that led economists astray by [Reiss, Michael]
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What Went Wrong with Economics: The flawed assumptions that led economists astray Kindle Edition

4.3 out of 5 stars 6 customer reviews

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Length: 228 pages Word Wise: Enabled Enhanced Typesetting: Enabled
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About the Author

Michael Reiss is Pro-Director: Research and Development and Professor of Science Education at the Institute of Education, University of London

Product details

  • Format: Kindle Edition
  • File Size: 4208 KB
  • Print Length: 228 pages
  • Publisher: Goldhurst Press (20 Aug. 2011)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • ASIN: B005IDV4PE
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Screen Reader: Supported
  • Enhanced Typesetting: Enabled
  • Average Customer Review: 4.3 out of 5 stars 6 customer reviews
  • Amazon Bestsellers Rank: #462,865 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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4.3 out of 5 stars
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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.
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Format: Paperback
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.
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Format: Paperback
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.
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