Real World Economics
Methodological, Theoretical, and Critical Issues
Format:Hardback
Publisher:Taylor & Francis Ltd
Published:15th Aug '25
Currently unavailable, and unfortunately no date known when it will be back
The starting point of this book is that economics is an applied science: a tool to understand the real-world economy and a guide for economic policy. In contrast to the unrealistic and artificial models of neoclassical economics, the book argues that the point of departure for economic theory should be the real world with realistic assumptions being made. The book explores the theoretical underpinnings of this real-world economics including the concepts of similarity (the relationship between economic models and real-world phenomena), evolution (economic change is a historical process in which recurrent patterns of growth, maturation, and decline exist), and uncertainty (the absence of knowledge of the full set of circumstances faced and the probabilities associated with them). Adopting a real-world approach also means accepting that human beings are cognitively constrained. They do not optimize, they satisfy and, thus, a real-world economic theory should incorporate bounded rationality. This book is essential reading for anyone seeking a deeper understanding of the economy, including readers from economics and across the social sciences. In this respect, it also includes some reflections on the failure of Third Way ideas to deliver on their promises. Having been incapable of changing the course impressed on the economy by the neoliberal experiment, that failure paved the way for a resurgence of nationalism, populism, and alternatives to liberal democracy, subjects analyzed in the last section of the volume.
"There is a very welcome promotion of economic theory based on realistic assumptions, and of the theoretical underpinnings of this real-world economics including the concepts of similarity, evolution, fundamental uncertainty and cognitively constrained human being. Drawing on this approach, there are insightful discussions of the economic role of the State and financial crises, and reflections on the failure of Third Way ideas to deliver on their promises and the post neo-liberal disorder."
Malcolm Sawyer, Emeritus Professor of Economics, University of Leeds, UK
"Written by a tireless advocate for making economics reality-based, Real World Economics might just be Victor Beker’s best book yet. He issues a clarion call for a useful economics, one that is directly based on the world we live in, since only a real-world economics can adequately explain how our world works. It is a sad commentary on the state of economics that a new book must be prefaced ‘real world’ but hopefully this book will succeed in pushing economics out of the realm of fantasy. With AI, climate change, and a host of other problems/challenges besetting us, we have no choice: We need a real-world economics."
Jack Reardon, Founding Editor of The International Journal of Pluralism and Economics Education and author of Questions for America: 2024 and Beyond (Routledge, 2025)
"Victor A. Beker’s book deals with methodological, economic and political thought. The book shows his knowledge of this thought and of the various articulations of economic analysis and policy, which is very deep and complete. Of specific interest are the chapters on methodological issues, having a very detailed and relevant contents."
Nicola Acocella, Emeritus Professor of Economic Policy since 2014 at the Sapienza University of Rome and vice-president of the ‘Società Italiana degli Economisti’ (Italian Economic Association) (2016–)
"The book provides a much needed reality check of several recent developments in mainstream macroeconomics after Keynes, and shows their hollowness in dealing with real world problems, and the cures suggest are often worse than the disease. This useful book should be must reading for teachers and students."
Amit Bhaduri, Former Professor, Jawaharlal Nehru University, New Delhi and Pavia University, Italy.
ISBN: 9781032970233
Dimensions: unknown
Weight: 490g
166 pages