What Every Economics Student Needs to Know and Doesn't Get in the Usual Principles Text
"John Komlos provides an important complement to--and corrective for--the standard Economics 101 textbook. This book clearly explains why free markets are far from perfect and, indeed, do not exist in the vast majority of the modern economy. Instead of fetishizing economic efficiency, Komlos explains why economics should focus on creating a better society and helping all of us live more fulfilling lives." --James Kwak, University of Connecticut, co-author of13 Bankers: The Wall Street Takeover and the Next Financial Meltdown"A serious student of economics must come to terms with what is worthwhile in what he or she learns and what is not. John Komlos's new book can provide a valuable assist in that effort." --Alexander J. Field, Santa Clara University"The real world seldom operates like the diagrams in economics textbooks. Often left out are that human beings often act irrationally, markets have rules and models typically began with the assumption of '... all else being equal.' John Komlos provides a welcome and much needed real world look at the dismal science in his Critique of Pure Economics. In plain language that even high school seniors can grasp, Komlos shows the wishful thinking that infects standard economic texts and builds his case with empirical facts." --David Cay Johnston, Pulitzer Prize-winning author ofThe Fine Print: How Big Companies Use "Plain English" to Rob You Blind, & suchNew York TimesandWall Street Journalbest-selling books asPerfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich -- and Cheat Everybody Else, &Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You With the Bill)"The 'Great Recession' which began in 2008 was not anticipated by economists, and they remain divided about the remedies. In the meantime, economic stagnation continues. Economics requires a re-think, but this is proving hard. In this excellent book, John Komlos makes a start: he shows what parts of theory remain useful, and which ones have been falsified by experience. He highlights what the new theory will need to explain. Most importantly, he shows that it is necessary to start from current economics in order to reform it. Fluently written, accessible, and highly recommended as a corrective to standard textbooks." --Avner Offer, University of Oxford