Business & Economics Books:

The 21st Century Case for a Managed Economy

The Role of Disequilibrium, Feedback Loops and Scientific Method in Post-crash Economics

Format

Paperback / softback

Customer rating

Click to share your rating 0 ratings (0.0/5.0 average) Thanks for your vote!

Share this product

The 21st Century Case for a Managed Economy by Sean Harkin
41% off
$37.99 was $64.99
or 4 payments of $9.50 with Learn more
In stock with supplier

The item is brand new and in-stock in with one of our preferred suppliers. The item will ship from the Mighty Ape warehouse within the timeframe shown below.

Usually ships within 10-14 days

Availability

Delivering to:

Estimated arrival:

  • Around 8-12 October using Express Delivery
    Mighty Ape can deliver this product within 1-2 business days (usually overnight) to urban centres across Australia, and some remote areas. Learn more
  • Around 9-16 October using standard courier delivery

Description

This book argues that the scientific concept of feedback - the idea that change in some element of a system can cause further change in that element - represents a general concept of economic change. Positive feedback causes runaway change, such as a market bubble, inflation or long-run growth, while negative feedback causes stability and stasis. Emphasising both kinds of feedback stands in contrast to the equilibrium theories of classical economics which, in effect, emphasise negative feedback only. In practical terms, the feedback perspective implies a need for extensive government involvement in the economy to suppress undesirable feedback effects - such as those causing wild instability or self-perpetuating inequality - while supporting desirable feedback effects - such as those causing economic growth. -------------------- For decades, free-market economists have told a consistent story. Markets are rational, efficient, stable and fair, and even volatile financial markets should be left mostly to their own devices. The economic crisis that began in 2007 has, however, disproven such belief in the perfection of markets.The reason market fundamentalism fails is simple: it is built on economic theories that incorporate only one half of how the economy actually operates. These theories focus on a concept of long-run equilibrium that sees the economy as being continually drawn back to balance after any change from this position, in a form of what scientists would call negative feedback. However, there is also positive feedback; a process whereby a given change amplifies itself until the system is driven far from equilibrium, and this phenomenon is equally visible in the economy. Positive feedback drives economic growth, speculative bubbles, inflation, recessions, deflation and self-perpetuating inequality. It is what gives us the secular trends and cyclical fluctuations we observe in the real economy. And it deserves to be a central part of our economic theory. This book makes a first attempt at applying the concept of feedback to economic theory and economic policy. It recognises that the state must support desirable feedbacks while suppressing undesirable ones. But it also recognises that central planning leads to oppression and inefficiency.This leads us back to the common-sense idea of a mixed economic system in which the role of the state is almost as great as that of the market.

Author Biography

Sean Harkin is a risk manager working in the City of London. He specialises in quantitative analysis of financial and economic data and has worked on structured finance, sovereign debt, bank capital and other areas. Sean was previously a research scientist working in the field of cell and molecular biology. He holds an MPhil from University College London and a BSc from the National University of Ireland.
Release date Australia
April 25th, 2010
Author
Country of Publication
United Kingdom
Illustrations
1, black & white illustrations
Imprint
Harriman House Publishing
Pages
258
Dimensions
156x234x13
ISBN-13
9781906659547
Product ID
3615936

Customer reviews

Nobody has reviewed this product yet. You could be the first!

Write a Review

Marketplace listings

There are no Marketplace listings available for this product currently.
Already own it? Create a free listing and pay just 9% commission when it sells!

Sell Yours Here

Help & options

  • If you think we've made a mistake or omitted details, please send us your feedback. Send Feedback
  • If you have a question or problem with this product, visit our Help section. Get Help
  • Seen a lower price for this product elsewhere? We'll do our best to beat it. Request a better price
Filed under...