Economics versus reality : how to be effective in the real world in spite of economic theory / John M. Legge.

Preface, xi -- Note on measurements, xv -- Acknowledgments, xvii -- 1. Uses and Abuses of Economics, 1 -- 2. Names to Reckon With, 21 -- 3. Competition: Real or Perfect?, 43 -- 4. Money and banking, 69 -- 5. Macroeconomics, 83 -- 6. Inflation, 103 -- 7. The Great Recession and the Eurozone Crisis, 121 -- 8. The Labor Market, 141 -- 9. The Engine of Growth, 165 -- 10, Investment, 189 -- 11. Externalities and public goods, 211 -- 12. Intervention and Laissez-Faire, 233 -- 13. Corporations, 263 -- After Neoliberalism, 281 -- Bibliography, 303 -- Index, 311

This book presents economics in historical context. It includes a short account of the contributions by some of the key figures in economic theory, starting with Adam Smith. Smith placed great weight on morality: he believed that economic activity took place in a society and could not be justified except insofar as it advanced the interests of that society. Too many economists have come to believe that the interests of society can be measured by a number: that if a policy change raises GDP it is justified, whatever its impact on people. Legge places the economy within society, and society within the environment, explaining that every significant decision has a social and environmental impact, as well as an economic dimension. Seeking to provide answers to students, professional business managers, and those interested in the political process, this work addresses the gap between theory and reality.