The Reformation in Economics

1. Front Matter

   Pages i-xv

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2. Introduction

   • Philip Pilkington

   Pages 1-12

3. Ideology and Methodology

   1. Front Matter

      Pages 13-13

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   2. Economics: Ideology or Rationalistic Inquiry?

      • Philip Pilkington

      Pages 15-41

   3. The Limiting Principle: A Short History of Ideology in Twentieth-Century Economics

      • Philip Pilkington

      Pages 43-70

   4. Deconstructing Marginalist Microeconomics

      • Philip Pilkington

      Pages 71-93

   5. Methodology, Modelling and Bias

      • Philip Pilkington

      Pages 95-123

4. Stripped-Down Macroeconomics

   1. Front Matter

      Pages 125-125

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   2. Differing Conceptions of Equilibrium

      • Philip Pilkington

      Pages 127-144

   3. Theories of Money and Prices

      • Philip Pilkington

      Pages 145-189

   4. Profits, Prices, Distribution and Demand

      • Philip Pilkington

      Pages 191-220

   5. Finance and Investment

      • Philip Pilkington

      Pages 221-277

5. Approaching the Real World

   1. Front Matter

      Pages 279-279

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   2. Uncertainty and Probability

      • Philip Pilkington

      Pages 281-321

   3. Non-Dogmatic Approaches to the Economics of Trade

      • Philip Pilkington

      Pages 323-333

   4. Conclusion

      • Philip Pilkington

      Pages 335-340

6. Back Matter

   Pages 341-368

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This book carves the beginnings of a new path in the arguably weary discipline of economics. It combines a variety of perspectives – from the history of ideas to epistemology – in order to try to understand what has gone so wrong with economics and articulate a coherent way forward. This is undertaken through a dual path of deconstruction and reconstruction. Mainstream economics is broken down into many of its key component parts and the history of each of these parts is scrutinized closely. When the flaws are thoroughly understood the author then begins the task of reconstruction. What emerges is not a ‘Grand Unified Theory of Everything’, but rather a provisional map outlining a new terrain for economists to explore. The Reformation in Economics is written in a lively and engaging style that aims less at the formalization of dogma and more at the exploration of ideas. This truly groundbreaking work invites readers to rethink their current understanding of economics as a discipline and is particularly relevant for those interested in economic pluralism and alternative economics.

• Economics curriculum
• Alternative economics
• Mathematicisation
• Economics ideology
• Marginalism
• Keynesian macroeconomics
• Post-crash economics
• Economic pluralism

• GMO LLC, London, United Kingdom

  Philip Pilkington

Philip Pilkington is a research analyst working in investment management and focusing on macroeconomic research. Prior to working in investment management, Philip ran the popular Fixing the Economists blog and published regularly in various international publications on economic issues. He holds a masters degree in Economics from Kingston University, UK.

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