A thought-provoking challenge to orthodox economics
Title: Economyths: 11 Ways Economics Gets it Wrong Author: David Orrell Publisher: Icon Books, London Year published: 2017 The book offers a sharp critique of mainstream economics and the myths that have shaped economic thought for decades. The author argues that economics, despite presenting itself as a science, is built on outdated assumptions, unrealistic models, and flawed reasoning that fail to account for the complexity of the real world. Orrell’s central thesis is that economics has become detached from reality because it relies too heavily on mathematical models and abstract theories, rather than incorporating insights from psychology, biology, physics, and other fields that deal with complex systems. The book is organized around eleven key myths that Orrell believes dominate traditional economic thinking. Among these myths are the ideas that people are perfectly rational actors, that markets are efficient and self-correcting, and that economies naturally move toward equi...