Economics Rules – The Rights and Wrongs of the Dismal Science by Dani Rodrik Download (read online) free eBook .pdf.epub.kindle

Economics Rules - The Rights and Wrongs of the Dismal Science

“A hugely valuable contribution. . . . In setting out a defence of the best in economics, Rodrik has also provided a goal for the discipline as a whole.” —Martin Sandbu, Financial Times In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes

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    Jim

    Dec 03, 2015

    rated it
    liked it

     · 
    review of another edition

    I would not recommend this book unless you have a strong interest in economics and have read several other economic books intended for the lay person. Not that it is hard to understand, it is an easy read. However, its value is in understanding how to evaluate economic arguments and I don’t think it has general value unless you are interested in following different economic topics and trying to learn about them. That said, I found that the book had an immediate significant impact on how I read e

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    Steve

    Dec 16, 2015

    rated it
    it was amazing

     · 
    review of another edition

    Shelves:
    non-fiction

    Well worth reading, if you have any interest in economics!!! I’d recommend the book, if for no other reason than the author (an insider) fully embraces, doesn’t shy away from, and offers a convincing explanation as to how the economics community (as a group, profession, or academic discipline) could have so badly failed to predict and/or mis-judge the 2008 financial crisis.

    There are so many great things about this book, it’s hard to know where to start, other than to say that one of the book’s (

    There are so many great things about this book, it’s hard to know where to start, other than to say that one of the book’s (many) strengths is its logical organization and presentation (and internal cross-referencing), so that the necessary building blocks are laid down and then re-introduced when necessary to drive home critical points. Rodrik’s prose is straightforward and clear, far more efficient (yup, that’s the word), precise, and almost Spartan than some may desire, but I found it incredibly effective and digestible (as well as understandable and compelling).

    I can see folks concluding that the book would be worth it just for the 20 (10+10) commandments that conclude the book, but it would be a waste, and it would diminish the elegance of the rules, to simply attempt to read/digest them out of context. Still, if nothing else, it’s good be reminded (and it’s not a spoiler) that, as a general rule, “it’s a model, notthe model.”

    Kudos and applause for Rodrik for making not only the principles, but also the academic study, the very discipline itself, and the community, so accessible to non-insiders. After almost every chapter, I found myself thinking, gee, I wish I’d read this before I took Economics as a freshman in college, and then acknowledging/admitting to myself that, nah, I wouldn’t have understood, let alone appreciated, it at that age – either before or after I took Economics….

    I’m assuming most readers won’t like or dislike economists or economic models or economic analysis any more or less after reading the book, and I have no doubt than many readers will only become infuriated by the academic community’s insularity, norms, and behaviors. But knowledge is power, and Rodrik empowers readers to better understand what economists do (and don’t or shouldn’t do), what models represent (and the opposite), and, why policy-makers, the media, and the public tend to over-react to economic models, analysis, research, predictions, commentary, etc.

    Ultimately, Rodrik does a masterful job of putting into context – and articulating the strengths and weaknesses of – the academic discipline (in and of itself) as well as applications of economic models that the public are constantly exposed to (alas, all too often, lacking that meaningful – and as Rodrik reminds us – critical context necessary to fully understand them). That’s a useful public service (in the broadest sense of the phrase).
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    Niels

    Dec 06, 2015

    rated it
    really liked it

     · 
    review of another edition

    Shelves:
    economics

    As a former economics student, who subsequently switched to political sciences and now doing a PhD in this domain, I find myself in a privileged position and in the middle of the crunching criticism and debate this book furthers. In some ways, Rodrik is the teacher I never had, and this book is the qualified nuanced bible I never read during my Econ years. That’s not to say my professors nor my curriculum was bad – on the contrary. But I do recall finding myself in discussions with PhD students

    There are many important implications to take away (and I would recommend every student that is even remotely enrolled in (introductory) Econ classes to read this book), but the most profound for me is this one: “It is better for the public to be exposed to these disagreements and uncertainties than to be lulled into a false sense of confidence about the answers that economics provides.” Economics is probably the most-(mis)used profession of the “Research shows that …”-group-of-people. The amount of times that politicians, professionals or even citizens in a bar (from different traits) precisely select “that economic model” that supports their ideological view is so pervasive that it is indeed lulling – and maybe cheating – public opinion into a stance such as “Well there really is nothing else we can do, because economists say that …”. As Rodrik shows, economists disagree by nature, and we should be extremely open-minded in how to perceive models, how to select and use them, under what conditions and with certain (critical) assumptions in mind. This may be too big of a task for the common newspaper reader that wants to keep up with the on-going, but it is certainly the task of economists themselves to clearly state the contingencies of their “models”, and go against claims made by people that use ready-made stylized models for their own good. It wrecks the social science of economics, which should be reinvigorated by the specific focus on this qualification and nuance that is already present, and not broken down by critics who claim to dismantle them all together.
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