Economic Fables

by Ariel Rubinstein

"I had the good fortune to grow up in a wonderful area of Jerusalem, surrounded by a diverse range of people: Rabbi Meizel, the communist Sala Marcel, my widowed Aunt Hannah, and the intellectual Yaacovson. As far as I'm concerned, the opinion of such people is just as authoritative for making social and economic decisions as the opinion of an expert using a model." Part memoir, part crash-course in economic theory, this deeply engaging book by one of the world's foremost economists looks at economic ideas through a personal lens. Together with an introduction to some of the central concepts in modern economic thought, Ariel Rubinstein offers some powerful and entertaining reflections on his childhood, family and career. In doing so, he challenges many of the central tenets of game theory, and sheds light on the role economics can play in society at large. Economic Fables is as thought-provoking for seasoned economists as it is enlightening for newcomers to the field.

Genres: Economics, Nonfiction, Biography

264 pages, Paperback

First published April 20, 2012

About the author

http://en.wikipedia.org/wiki/Ariel_Ru...

Reviews

[Vikash Vaibhav · Rating 5 out of 5]

An excellent read that draws parallel between the theoretical modelling and stories. A very good insight into the mind of a economic theorist and his doubts. The author deserve accolades for frankly accepting that Economist's understanding of social sciences is no more than that of common people.
Deserves a read.

[Ayman · Rating 4 out of 5]

the writer who is an economic and game theorist aims at explaining the implications of the abstract theories people like him work on... are they useful given their reductive asusmptions? how should we deal with them? what policy implications do they provide for academics? A very subtle methodological enquiry from a theorist who's knowledge of microeconomic and game theory is substantial.

[Rex · Rating 4 out of 5]

I can say I found Economic Fables (made available free online by the author) worth reading; but I am not sure to whom to recommend it. Rubinstein, a decorated economist, gives lucid and thoughtful explanations of some foundational problems in game theory and economics; I do not think the book would go over the head of a high school senior, and as a teacher of such, was taking mental notes. But Economic Fables is autobiographical, political, meandering, and non-technical, limiting its classroom usefulness. What it really offers is an encapsulation of Rubinstein's perspective on his field of study. He believes economic models are of only limited usefulness, but worth studying—and delighting in—nevertheless. Those who want a sense of why a person would do economics, or appreciate critical reflections on the field, may find it worth their while to spend 250 pleasant pages inside Rubinstein's head.

[Haaris Mateen · Rating 4 out of 5]

Reads more as a collection of personal reflections than as a coherent book. Some of the best parts are Rubinstein's reminiscences about his childhood, which are quite touching. His sharp opinions on economics and particularly economic theory -- as merely a collection of fables that have at best a tenuous link with the real world -- are often persuasive.

I don't think the book stands well as a read for everyone. Chapter 3 was unnecessary and the one after had interesting ruminations lost in the midst of rambling thoughts. As I said to a friend on Twitter, five minutes ago, there are many fabulous moments and thoughts about economics and life but also soporific stuff that slowed down the flow.

Read it for Rubinstein's honest unsparing assessment of economics and the economics profession, and also for his considerably humane view of what society's priorities should be, and how leaders in both society and economics could do with a good dose of humility.

[W Prinssen · Rating 4 out of 5]

Wat een bijzondere mix tussen autobiografie, economie dictaat en maatschappelijk betrokken essay. Ik weet niet of ik het nu snel nog een keer zal oppakken, daar is het net te weinig samenhangend voor. Aan de andere kant is het wel verfrissend om een econoom op allerlei manieren liefde voor zijn vak te zien betuigen door heldere uitleg van met name allerlei speltheorie en anderzijds niet na te laten te betogen dat economie vaak overschat wordt. Modellen (fabels volgens Rubinstein) doen aannames over motivatie, gedrag en de wereld van spelers die niet goed kloppen met de werkelijkheid. De theoretisch perfecte uitkomst is in de praktijk daardoor weinig waard, zoals de door Rubinstein benoemde “Victims of Game Theory” kunnen beamen. Ook op politiek en maatschappelijk vlak heeft een econoom volgens Rubinstein niet meer (of minder) te zeggen dan heel veel andere betrokken burgers. Goed onderbouwd en met passie en liefde betoogd. Ik ben dus blij datnik het wel heb gelezen.

[Meir Brooks · Rating 2 out of 5]

The book is interesting and the man more so, but the book may not leave you with much of an impression. It's a collection of musings and some economic thoughts (though it is by no means whatsoever a "crash course on economic theory" as the back suggests) by an esteemed and extremely creative economic thinker, but it's hard to say there's much of a thread between the different chapters, at least as far as I could tell. The writing is entertaining and the book is quite short, and will mostly be interesting for people versed in economics at least at a basic level.

Overall, a decent read but probably pretty forgettable. It can be read for free here:
https://www.openbookpublishers.com/bo...

[Michael · Rating 2 out of 5]

A very personal account on economic theory and game theory. I enjoyed reading the first half of the book, but then the style of writing changes and the last two chapters are dull and less enjoyable. Especially in the chapter about linguistics and economics I did not get the point about what Mr Rubinstein wanted the reader to tell. Four stars for the first three chapters, one star for the remaining ones.

[Itay · Rating 2 out of 5]

אריאל רובינשטיין בספר מבולגן על הרבה דברים, בעיקר Virtue Signaling ואפולוגטיות.

[Alex Cloak · Rating 3 out of 5]

Approachable introduction to economic models sustained by concepts of game theory

[Alejandro Vicente · Rating 4 out of 5]

Interesting insights about economic theory and his links with real world by one of the top game theorists of the present.

[J. J. Arias · Rating 2 out of 5]

A bit disappointed in the book. I read an essay by Rubinstein on theory and enjoyed it, so I though I would really like this book. I definitely enjoyed the fist half more than the second. He sometimes comes across as a "grumpy old man." I had very little interest in the section on pragmatics. He strikes me as a world-class game theorist (obviously) but a mediocre economist.

[Tommi Pajala · Rating 3 out of 5]

Rubinstein's Economic Fables is intriguing: a very personal description of his relationship with economics. He makes some quite controversial and surprising points about the lack of practical utility of economics, considering it to be mainly an intellectual and abstract task.

[Dennis · Rating 4 out of 5]

http://pro-libertate.net/20120818/191...