FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.

posted on 03 June 2016

Achtung! My Book Is Coming Out Soon: Here Is A Brief Overview And Some Media Links

Written by

For the past year and a half I've been working in investment where I've found a job that allows me to pursue non-mainstream economic research.

Some of you may recall that I was writing a book during the last days of the Fixing the Economists (FTE) blog. I'm happy to say that this book is now fully completed and has been accepted for publication by Palgrave Macmillan. The provisional publication date for the book will be October 2016 and the price will be around £19.50. The book's title will be: 'The Reformation in Economics: A Deconstruction and Reconstruction of Economic Theory'.

The book will not be a rehash of material that is available on the FTE blog. I consciously avoided this as I thought that it would be rather boring. So the book is all brand new material. Some of the ideas were thrown around on the blog in more primitive form but I have tried to develop them properly in the book.

The idea for the book is to go right back to first principles. The more I engaged with economic theory the more I found two things:

  • First of all, much economic theory is in fact ideology. By 'ideology' I do not mean something resembling a political ideology - I do not mean 'socialism' versus 'libertarianism' or 'left-wing' versus 'right-wing' or anything like that. Rather I mean a manner of structuring how we view the world around us - how we frame things to ourselves and how we understand what is and what is not possible to accomplish. A good example of an ideology is the idea that the world is flat and that if you sail out beyond a certain point you will be devoured by monsters. These sorts of ideas provide a sort of semi-conscious map that we use to engage with the world that has no basis in rationalistic or scientific inquiry.

  • Second, most of the problems with economic theory are actually buried in its very foundations. In the book I argue that much of economic theory is not actually aimed at being applied to the real world and that most economists have never actually thought through how their theory applies to reality. A physicist, for example, will typically have some real-world object that they are trying to understand - say, a ball falling from a building - and they know exactly how to fit their abstract theory onto the phenomenon that they are studying. I do not think that the vast majority economists have a clear conception of the real-world object that they are trying to approach and I do not think that they have the faintest clue of how they should apply their theory to the real-world. In this they typically fall back on institutionalised norms such as econometric testing which they do not really understand.

The aim of the first half ofthe book is to interrogate these foundations - this is the act of deconstruction alluded to in the title. When we interrogate these foundations much of mainstream economic theory is shown to be entirely irrelevant - nothing more than a series of floating symbols that have no parallel existence in the real world. By understanding this this we also form a clear conception of what a good theory that is actually oriented to the real-world would look like.

The second half of the book attempts a reconstruction of what I call 'stripped-down macroeconomics'. The first half of the book argues that any theoretical edifice that is overly precise or unwieldy will not function when applied to the real world. For this reason, economic theory is much better served by using very simple and clearly understood ideas. These ideas are then thought to serve as schemata - that is, "an organized pattern of thought or behavior that organizes categories of information and the relationships among them" - which can be mapped onto empirical material in order to gain an understanding of the world around us.

There is much else in the book that is dealt with along the way:

  • critiques of the ISLM model;

  • an examination of the different conceptions of equilibrium applied in economic theory;

  • a critique of the EMH view of financial markets;

  • reflections on the use of mathematics in economics;

  • and much more.

Although the book attempts to tackle the foundations of economic theory I had no interest in turning it into a dry, abstract tome full of needlessly big words and short on examples.

Anyway, I will be doing some media for the book in the coming weeks and months. I will update this post whenever new media appears. If you are interested in following this I would suggest that you should just check back here from time to time. Of course, when the book comes out I will also provide links to purchase it here.

I have also included below the table of contents for the book.

Philip Pilkington on Determinism and the Reformation in Economics. An interview with Frank Conway on the Economic Rockstar podcast.

The Reformation in Economics­­­­: A Deconstruction and Reconstruction of Economic Theory


Section I: Ideology and Foundations

  1. Economics: Ideology or Rationalistic Inquiry?

  2. The Limiting Principle: A Short History of Ideology in 20th Century Economics

  3. Deconstructing Marginalist Microeconomics

  4. Methodology, Modelling and Bias

  5. Differing Conceptions of Equilibrium

Section II: Stripped-Down Macroeconomics

  1. Theories of Money and Prices

  2. Profits, Prices, Distribution and Demand

  3. Finance and Investment

Section III: Approaching the Real-World

  1. Uncertainty and Probability

  2. Non-Dogmatic Approaches to the Economics of Trade

Conclusion and Appendices

  1. Conclusion

  2. Philosophical and Psychological Appendices

    1. Determinism and Free Will in Economics

    2. Between Personal Responsibility and Poor Theory

    3. Economic Modelling: A Psychologistic Explanation

>>>>> Scroll down to view and make comments <<<<<<

Click here for Historical News Post Listing

Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.

You can also comment using Facebook directly using he comment block below.

Econintersect Contributors


Print this page or create a PDF file of this page
Print Friendly and PDF

The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.

Take a look at what is going on inside of
Main Home
Analysis Blog
Comments on Feyerabend’s ‘Against Method’, Part III
Federal Repression System
News Blog
Schiaparelli's Descent To Mars In Real Time
September 2016 Existing Home Sales Still Not Excellent
September 2016 Leading Economic Index Improves Indicating Moderate Growth Ahead.
October 2016 Philly Fed Manufacturing Survey Declines But Remains In Expansion.
15 October 2016 Initial Unemployment Claims: Rolling Averages Marginally Worsen
Infographic Of The Day: Real Estate Bubbles, The Six Cities At Risk Of Bursting
Tesla Is Playing The Long Game
Name Dropping, Clinton Likes To Mention Herself
The Ability To Enforce Mandatory Migrant Quotas Is Slipping Out Of The EU's Grasp
2016 Winners And Losers Against The Dollar
October 2016 Beige Book: Reading Between The Lines - The Rate Of Economic Expansion Marginally Improved
Clinton Vs. Trump: A Case Of The Lesser Of Two Evils
Inside The Post Office Railway
Investing Blog
The 401k Plan Manager 17 October 2016
How To Insure Your Stocks And Make The Stock Market Pay For It
Opinion Blog
Prop. 51 Versus A State-Owned Bank: How California Can Save $10 Billion On A $9 Billion Loan
Obama's Middle East Policy Has Been A Complete Failure - Or Has It?
Precious Metals Blog
Silver Prices Today Remain Volatile - What To Expect Now
Live Markets
20Oct2016 Market Close: US Indexes End Flat After Choppy Session, Nigeria Slashes Oil Prices, Crude Prices Continue To Slip, Bullish Investors Not So Bullish Anymore
Amazon Books & More

.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Middle East / Africa
USA Government

Crowdfunding ....



Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day


Asia / Pacific
Middle East / Africa
USA Government

RSS Feeds / Social Media

Combined Econintersect Feed

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution



  Top Economics Site Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved