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No Path to New Economics: John Komlos’s Foundations of Real-World Economics (Komlos 2019)

No Path to New Economics: John Komlos’s Foundations of Real-World Economics (Komlos 2019) AbstractJohn Komlos’s Foundations of Real-World Economics is an ambitious book that aims at taking down the foundations of modern mainstream economics that students are taught at Econ 101 classes and replace them with a more reality-based alternative. However, Komlos’s falls way short of the stated objective. First, he fails to genuinely engage the introductory textbooks with which he supposedly argues. Komlos also appears to misunderstand the purpose of introductory-level economic models like perfect competition, as well as to entertain the idea that their rejection may lead to different conclusions from those that he seems to favor. Finally, Komlos does not cite sufficient research and evidence for his own potential building blocks for a new economics, such as the claim that the basic assumption of scarcity should be scrapped in favor of that of abundance. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal des Économistes et des Études Humaines de Gruyter

No Path to New Economics: John Komlos’s Foundations of Real-World Economics (Komlos 2019)

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References (7)

Publisher
de Gruyter
Copyright
© 2019 Walter de Gruyter GmbH, Berlin/Boston
ISSN
2153-1552
eISSN
2153-1552
DOI
10.1515/jeeh-2019-0010
Publisher site
See Article on Publisher Site

Abstract

AbstractJohn Komlos’s Foundations of Real-World Economics is an ambitious book that aims at taking down the foundations of modern mainstream economics that students are taught at Econ 101 classes and replace them with a more reality-based alternative. However, Komlos’s falls way short of the stated objective. First, he fails to genuinely engage the introductory textbooks with which he supposedly argues. Komlos also appears to misunderstand the purpose of introductory-level economic models like perfect competition, as well as to entertain the idea that their rejection may lead to different conclusions from those that he seems to favor. Finally, Komlos does not cite sufficient research and evidence for his own potential building blocks for a new economics, such as the claim that the basic assumption of scarcity should be scrapped in favor of that of abundance.

Journal

Journal des Économistes et des Études Humainesde Gruyter

Published: Jan 28, 2020

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