Don’t shoot the economists
- The Death of Economics by Paul Ormerod
Faber, 230 pp, £14.99, March 1994, ISBN 0 571 17125 7
What are we to make of a book entitled The Death of Economics, the second half of which is called ‘Towards the Future of Economics’? Paul Ormerod’s book has already provoked excited reviews from people thrilled to have their prejudices against economists and economic forecasters confirmed by one of the profession, an economic forecaster himself for ten years, who proclaims in his Preface that conventional economics is ‘deeply flawed’, and that its prescriptions for the problems of inflation and unemployment are ‘at best misleading and at worst dangerously wrong’.