Hubris
About This Book
When the global financial crisis struck, few economists had seen it coming, and the recession that followed brought public anger down on the profession. Yet there has been little clear thinking about how economics might recover its credibility. Meghnad Desai takes up that question in this provocative book. Desai follows the development of economic thought and sets it beside the major political events of each era. He argues that hubris played a large part in the profession's failure of foresight, and he makes the case that economists need to return to the history of their own discipline. He rejects the idea that a single grand paradigm can account for every economic situation. Instead he urges a fresh look at the many theories and approaches already available, each of which may offer insight into how future crises could be avoided. The book is written in an accessible style and with a good deal of common sense.
ISBN: 9789351774037
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