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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, October.
    • 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. Fix, Blair, 2020. "Economic Development and the Death of the Free Market," Working Papers on Capital as Power 2020/01, Capital As Power - Toward a New Cosmology of Capitalism.
    3. Javdani, Mohsen & Chang, Ha-Joon, 2019. "Who Said or What Said? Estimating Ideological Bias in Views Among Economists," IZA Discussion Papers 12738, Institute of Labor Economics (IZA).
    4. 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.
    5. Fix, Blair, 2020. "Economic Development and the Death of the Free Market," SocArXiv g86am, Center for Open Science.
    6. Sheila C Dow, 2013. "Codes of Ethics for Economists: A Pluralist View," Economic Thought, World Economics Association, vol. 2(1), pages 1-2, April.
    7. Karl Beyer & Stephan Puehringer, 2019. "Divided we stand? Professional consensus and political conflict in academic economics," ICAE Working Papers 94, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    8. Fix, Blair, 2021. "Economic Development and the Death of the Free Market," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Latest Ar, pages 1-1.
    9. Blair Fix, 2022. "Economic development and the death of the free market," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 1-46, April.
    10. repec:abd:kauiea:v:26:y:2013:i:1:p:169-202 is not listed on IDEAS
    11. 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.
    12. Fredrik Hansen, 2013. "The efficient-markets hypothesis after the crisis: a methodological analysis of the evidence," Chapters, in: Mats Benner (ed.), Before and Beyond the Global Economic Crisis, chapter 3, pages 55-71, Edward Elgar Publishing.
    13. Pinzur, David, 2021. "Infrastructure, ontology and meaning: the endogenous development of economic ideas," LSE Research Online Documents on Economics 110932, London School of Economics and Political Science, LSE Library.
    14. Pedro Garcia Duarte & Gilberto Tadeu Lima, 2012. "Microfoundations Reconsidered," Books, Edward Elgar Publishing, number 14869.
    15. Volker Nienhaus, 2013. "Method and Substance of Islamic Economics: Moving Where? منهج وموضوع الاقتصاد الإسلامي إلى أين المسير؟," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 26(1), pages 169-202, January.
    16. 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.
    17. Fabio Masini, 2013. "Facts, Theories, and Policies in the History of Economics. An Introductory Note," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2013(1), pages 5-16.
    18. Deniz Kellecioglu, 2017. "How to transform economics? A philosophical appraisal," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 11(1), pages 1-26, November.
    19. 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.
    20. Abbott, Keith & Mackinnon, Bruce Hearn, 2019. "A Žižekian ideological critique of managerialism," European Management Journal, Elsevier, vol. 37(2), pages 133-138.
    21. 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.
    22. ELLMAN, Michael, 2012. "What Did the Study of Transition Economies Contribute to Mainstream Economics?," RRC Working Paper Series Special_issue_no.2, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    23. Piero Bini, 2013. "The Italian Economists and the Crisis of the Nineteenseventies. The Rise and Fall of the "Conflict Paradigm"," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2013(1), pages 73-101.
    24. 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.

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