ECONOMICS OF THE 1%
Economics of the 1%: How Economics Serves the Rich, Obscures Reality and Distorts Policy
John F. Weeks
Imprint: Anthem Press
January 2014 | 246 Pages | 216 x 140mm / 8.5 x 5.5 | 20+ graphs
Today’s ‘doctrine of choice’ assures adults that they are competent to make serious personal decisions about healthcare, education and retirement plans. At the same time, most people are convinced that they are so ignorant of economics that they are not capable of holding an informed opinion, and that economic issues must be left to experts. The so-called experts of the mainstream economics profession claim to have profound, inaccessible knowledge; in fact they understand little and obscure almost everything.
Understanding the economy is not simple, but it is no more complicated than understanding the political system sufficiently to cast a vote. In straightforward language, John F. Weeks exposes the myths of mainstream economics and explains why current economic policies fail to serve the vast majority of people in the United States, Europe and elsewhere. He demonstrates that austerity policies have little theoretical basis and achieve nothing but inequality and misery. He goes on to explain how the current deficit and debt ‘crises’ in the United States and Europe are ideologically manufactured, unnecessary and simple to overcome. Drawing on examples from around the world, this book provides a bold alternative to the economics of the 1%. Their failure to serve the interests of the many results from their devoted service to the few.
John Weeks, an American living in London, is professor emeritus of economics at SOAS, University of London. He has advised numerous governments and written and commented widely on economic and social issues in the United States, Europe and developing regions.
Book Launch Lecture (from YouTube), SOAS, University of London, 3rd February 2014: http://www.youtube.com/watch?v=_8xKikh_g1w&feature=c4-overview&list=UUwlZZGmE1e_6PI2e-HOPOQw
Other Links (including interviews with John Weeks): http://www.anthempress.com/economics-of-the-1-percent
“The recent crisis has exposed the weaknesses of not only the business models of the capitalist world but also the flaws in mainstream economic thought. John F. Weeks’ polemic on the ‘Economics of the 1%’ explores these intellectual blind alleys and takes no prisoners. Pointing out holes in the mainstream logic, Weeks aligns himself with the tradition(s) of Karl Marx, John Maynard Keynes and Thorstein Veblen, and with such contemporaries as James K. Galbraith, Ha-Joon Chang and Paul Krugman. And Weeks is right. We have to replace ‘fakeconomics’ with proper economic analysis to combat the social inequalities that have grown disproportionately and dangerously in recent decades.” —László Andor, Economist and Commissioner for Employment, Social Affairs and Inclusion, European Commission
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