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The Puzzle of Modern Economics

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  • Backhouse,Roger E.

Abstract

Does economics hold the key to everything or does the recent financial crisis show that it has failed? This book provides an assessment of modern economics that cuts through the confusion and controversy on this question. Case studies of the creation of new markets, the Russian transition to capitalism, globalization, and money and finance establish that economics has been very successful where problems have been well defined and where the world can be changed to fit the theory, but that it has been less successful in tackling bigger problems. The book then offers a historical perspective on how economists have, since the Second World War, tried to make their subject scientific. It explores the evolving relationship between science and ideology and investigates the place of heterodoxy and dissent within the discipline.

Suggested Citation

  • Backhouse,Roger E., 2010. "The Puzzle of Modern Economics," Cambridge Books, Cambridge University Press, number 9780521532617, Fall.
  • Handle: RePEc:cup:cbooks:9780521532617
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    Cited by:

    1. Bronk, Richard & Jacoby, Wade, 2016. "Uncertainty and the dangers of monocultures in regulation, analysis, and practice," MPIfG Discussion Paper 16/6, Max Planck Institute for the Study of Societies.
    2. Kakarot-Handtke, Egmont, 2012. "The rhetoric of failure: a hyper-dialog about method in economics and how to get things going," MPRA Paper 43276, University Library of Munich, Germany.
    3. Sheila C Dow, 2013. "Codes of Ethics for Economists: A Pluralist View," Economic Thought, World Economics Association, vol. 2(1), pages 1-2, April.
    4. Roger E. Backhouse & Beatrice Cherrier, 2014. "Becoming Applied: The Transformation of Economics after 1970," Center for the History of Political Economy Working Paper Series 2014-15, Center for the History of Political Economy.
    5. Yefimov, Vladimir, 2013. "Philosophie et science économiques : leur contribution respective aux discours politiques
      [Economic philosophy and economic science: their respective contributions to political discourse]
      ," MPRA Paper 54598, University Library of Munich, Germany.
    6. Jun, Bogang & Kim, Tai-Yoo, 2015. "A neo-Schumpeterian perspective on the analytical macroeconomic framework: The expanded reproduction system," Hohenheim Discussion Papers in Business, Economics and Social Sciences 11-2015, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
    7. Yefimov, Vladumir, 2011. "Дискурсивный Анализ В Экономике: Пересмотр Методологии И Истории Экономической Науки. Часть 2 - Иная История И Современность
      [Discourse analysis in economics: methodology and history of economics r
      ," MPRA Paper 49069, University Library of Munich, Germany.
    8. Pedro Garcia Duarte, 2012. "Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics," Chapters,in: Microfoundations Reconsidered, chapter 6 Edward Elgar Publishing.

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