Donald Marron

our near-universal failure to foresee the worst financial and economic crisis in eight decades is a sorry but perfect case in point.

a result, the scientific theories of economics blur into political theories of the good society.

The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.’

So mixed among the most important theories you will find a few that are almost certainly wrong, despite their influence. S

determine how the macroeconomy actually works. E

that drive economic ups and downs and the possible role of government in smoothing them

theories of how economies should be structured

struggling economies can improv

blend of capital, labour, resources, ideas and social institutions can foster prosperity.

products and capital flow around the world.