26 quotes
This ascendancy of economic theory has not made the world a better place. Instead, it has made an already troubled society worse: more unequal, more unstable, and less 'efficient'.
Debunking Economics - The Naked Emperor Of The Social Sciences (2001)
If financial markets aren't efficient, then what are they? According to the 'fractal market hypothesis', they are highly unstable dynamic systems that generate stock prices which appear random, but behind which lie deterministic patterns.
Debunking Economics - The Naked Emperor Of The Social Sciences (2001)
Though mainstream economics began by assuming that his hedonistic, individualistic approach to analysing consumer demand was intellectually sound, it ended up proving that it was not.
Debunking Economics - The Naked Emperor Of The Social Sciences (2001)
With the market so much more in control of the global economy now than fifty years ago, then if economists are right, the world should be a manifestly better place: it should be growing faster, with more stability, and income should go to those who deserve it.
Debunking Economics - The Naked Emperor Of The Social Sciences (2001)
If there was never any difference between the value of commodities someone desired to sell and buy on the market, then no-one would ever desire to accumulate wealth. But an essential feature of capitalism is the existence of a group of agents with precisely that intention.
Debunking Economics - The Naked Emperor Of The Social Sciences (2001)
What makes economics different from and inferior to other sciences is the tenacity with which it holds to its core beliefs in the face of either contrary factual evidence or theoretical critiques that establish fundamental inconsistencies in its intellectual apparatus.
Debunking Economics - The Naked Emperor Of The Social Sciences (2001)