What's Wrong with Economics?

What's Wrong with Economics? presents a critique of modern economic theory and teaching from Robert Skidelsky, emeritus professor of political economy. The book examines how economics has evolved from a moral science into a mathematical discipline that often fails to address real-world problems. Skidelsky analyzes the core assumptions and methodologies of mainstream economics, particularly its reliance on models and statistical forecasting. He traces the field's development through major schools of thought while highlighting gaps between economic theory and actual human behavior. Through discussions of rationality, equilibrium, and market efficiency, the book challenges economics' claims of scientific certainty. Skidelsky proposes reforms to economics education and suggests ways to reconnect the discipline with history, philosophy, and politics. The work stands as both a warning about economics' limitations and a call to broaden its scope beyond pure mathematics. At its core, the book raises fundamental questions about how societies understand and measure human prosperity and progress.

Readers note that Skidelsky provides clear critiques of economics' mathematical focus and highlights the field's limitations. Many appreciate his historical perspective and discussion of how economics became disconnected from other social sciences. Liked: - Clear explanations of complex economic concepts - Strong arguments for incorporating ethics and human behavior - Effective critique of economic modeling assumptions Disliked: - Some sections repeat arguments from his previous books - Limited concrete solutions offered - Technical jargon makes parts inaccessible to general readers - Several reviewers felt the criticism of mainstream economics was overly harsh Ratings: Goodreads: 3.8/5 (86 ratings) Amazon: 4.1/5 (47 ratings) Notable reader comments: "Good diagnosis of problems but short on remedies" - Amazon reviewer "Makes valid points about economics' scientific pretensions but ignores recent developments in behavioral economics" - Goodreads review "A needed critique of economics' mathematical obsession, though solutions remain unclear" - LibraryThing user

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🎓 Author Robert Skidelsky is best known as the acclaimed biographer of economist John Maynard Keynes, having written a definitive three-volume biography spanning 20 years of research. 💭 The book argues that economics has become too mathematically focused, moving away from its roots in moral philosophy and political economy. 📚 Skidelsky wrote this book while teaching a course called "Economics and Philosophy" at the University of Warwick, incorporating direct feedback from his students. 🏆 Lord Skidelsky is a member of the British House of Lords and has served on several prominent economic committees, bringing both practical and theoretical expertise to his critique. 🔄 The book connects modern economic challenges to historical debates, showing how similar questions about markets, morality, and mathematics have recurred throughout the discipline's development.