The Corruption of Economics

by Mason Gaffney, Fred Harrison

The mystery of persistent economic failure can now be explained. Professor Mason Gaffney charges his colleagues with using a theoretical apparatus that is fatally flawed. But he goes he accuses the founders of neo-classical economics - the paradigm taught in schools and universities - of acting in bad faith. They distorted the science of economics to protect vested interests, and prevented governments adopting policies that would yield prosperity for everyone. How did it happen?

Genres: Economics, Nonfiction, Politics

272 pages, Paperback

First published January 28, 1994

Reviews

[Brian · Rating 4 out of 5]

A note: I read Mason Gaffney's Neo-Classical Strategem; I understand the Corruption of Economics included it, or was based on it.

I enjoyed Neo-Classical Strategem a lot - couldn't put it down. What a piece of history writing it is - history of USA and world economics, and of USA universities as well.

[Ariadna73 · Rating 5 out of 5]

I read this book because it was recommended by Brian Czech in his Supply Shock: "Economic Growth at the Crossroads and the Steady State Solution" book. And it did deliver. What a great book!

I liked the language and the plain exposition of the facts: Henry George was a journalist that in the early 1800 wrote a simple plan to straighten the mess that had at that time taken hold of the world. He proposed that those who owned the land should pay taxes to sustain the living of everyone else.

Here is how the idea worked: If you don't own land, you shouldn't pay taxes; what you should do is work hard in order to earn your living, and if you ever become prosperous and buy land, then you need to start paying taxes. This way those who have more will have a very good living and those who have less will work hard and have a decent living.

The problem with Henry George's proposal was that the land owners were not satisfied with having a very good living; they wanted to be super-rich, extravagantly rich, they wanted to eat caviar for breakfast every day while flying up high in their personal 777 or airbus. So, they found their way to silence George and helped the Neoclassic Economics to thrive, and then... well, we all can see what happened.



Here is an image of the Amazon cover of the book, and a pdf of the first page:


Here is a photo of the author, from his webpage (He is older today)

If you feel like viewing more of the books I read, you are welcome to visit my blog: http://lunairereadings.blogspot.com

[nada · Rating 5 out of 5]

In this completely unique book, the economist Mason Gaffney puts together one of the most carefully researched, sharply witty, and engaging historical non-fiction works I have ever read. The claim seems incredible... and for years, even as a geoist, I didn't really believe the talk. Not until returning to my university and questioning my former economics professors was I persuaded to read this book and take the issue seriously. I highly recommend this book for anyone interested in history or economics; no special training is required to understand, though you will almost certainly want the aid of a dictionary.

[Reed Schwartz · Rating 2 out of 5]

Big if true. One of the worst copyedited books I've ever read.

[Gerald · Rating 5 out of 5]

If you consider yourself a student of Economics then any study is incomplete without reading this outstanding book. The current strategies and philosophies of Neo-Classical Economists are placed into a true context with the revelations exposed. The Corruption and Dishonesty of today's Politicians, Bankers and CEO's owe much of their greed and policies that encourage inequality and social injustice to the Corrupt Economists and Colleges of the late 19th Century. RIP Dr. Gaffney.