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Religious Book Store > Religious books beginning with E
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Economics As Religion: From Samuelson to Chicago and Beyond |
Author: Robert H. Nelson
Published: 2002-06 |
List price: $29.95
Our price: $19.77
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Customer comments on this selection.
 Interesting overall but major errors occur whenever Adam Smith is discussed
This book is certainly worth buying .It is well written.It is probably true that,to some extent,Samuelson saw Keynesian ecomomics as a religious type gospel of reform.Undoubtedly,the Chicago school's libertarian atheism (of Milton Friedman and others)can be regarded as a type of religion.It is certainly true that Adam Smith's work has been so badly misinterpreted by practically all economists,including Nelson,that one could be convinced that Smith's Invisible Hand is based on some type of mysterious ,near religious belief.Nothing could be further from the truth.
Nelson totally misstates Adam Smith's position again and again and again throughout this book.There is not a single page in this book that, even remotely,provides the reader with a firm foundation about what Smith's system of classical liberty really entailed.Nelson's assessments of Smith's system are about as accurate as the entirely false claim that John Maynard Keynes was an advocate of deficit finance(Keynes was a stauch opponent of deficit finance throughout his life.It is simply false to state that Keynes favored deficit finannce).Nelson claims the following:" As Adam Smith now interpreted the natural laws of economics,governments that sought to interfere with the individual pursuit of self interest in the market were acting contrary to the devine plan.The results were only likely to cause wide social disruption and distress-just as would any government action that in the physical order might be foolishly taken in attempted defiance of the law of gravity".(Nelson,p.287 :see also,for example,pp.44,84,89,191,etc.).Nelson,Samuelson, Friedman,and the rest of the economics profession have it all wrong and upside down.Smith certainly recognized that the Invisible Hand process of the division of labor and labor specialization created great wealth and economic growth.However,he also clearly recognized that it simultaneously generated massive undepletable ,detrimental externalities impacting the entire work force that only government actions could reduce,mitigate,or minimize.This is all clearly stated on pp.734-741 of the Modern Library (Cannan)edition of the Wealth of Nations.Nelson's book is intellectually unsatisfactory in its present state.The Invisible Hand has absolutely nothing to do with God,Divine Providence,or religion at all.It is a purely human economic-social process that leads to positive changes over time in a society because both the individual and society(all other individuals) benefit from the additional expertise and training as new specializations are created over time . Unfortunately,this process also has a dark side that Smith recognizes can only be effectively dealt with by government action.Period.Nelson needs to read what Smith actually said and initiate substantial CHANGES IN HIS NEXT EDITION.
 A Midwestern Progressive's view from Japan
This is a brilliant intellectual history of late 20th century American economics which puts it in both American and European historic context. It is both erudite and immensely practical in helping one to see the limitations in recommendations of economists more clearly.
As a former international banker (and a mathematician by training) who has lived both in Europe and the Far East, the practical limits and occasional parochialism of American mainstream economics have long been clear, but except for George Stiglitz' "Globalization and Its Discontents", I can't think of any book that does a better job of explaining just what is wrong and why. Read them together and be prepared to think hard about the difference beween what we really "know" about (international) economic behavior and what we merely believe.
Economics as religion
This is a remarkable book... erudite, opinionated, original, and addressing a crucially important subject matter. Prof. Nelson covers a wide swath of recent economic thinking (that survey alone makes the book worthwhile), and contends that while economics wears the cloak of authority of science, it can more accurately be viewed as a secular religion. I had read one of his 1980s articles, and picked up the book on that basis - and became thoroughly engaged. If one measures success in terms of underlined sections, exclamation points and scribbled notes in the margins, then this one more than passes. I'm not an economist (or a theologian), but nonetheless found this to be a tremendously interesting read. I wanted more, and hope that his next book follows up on his closing point, about the cutting edge role of libertarians and environmentalists.
Is Economics a Religion?
Prof. Robert Nelson argues that economics has become the modern religion, complete with a priesthood (economists), a sacred text (Samuelson's "Economics") and a plan of salvation, (material progress will solve the problem of mankind, including the problem of sin.) Over the top, you say? He makes a great case. Read this book and find out for yourself.
I am a professional economist myself. Nelson's arguments ring true in my experience in the profession. He argues that many of the controversies over economic policy are really controversies over views of the world. These world views are so fundamental, and deeply held, that they are unlikely to be dislodged by technique and data, no matter how rigorous. Nelson thinks we would have more fruitful policy discussions if we would quit pretending to be scientists, and face up to these fundamental questions. I have to agree with him.
I wish he had pointed out that economics is not doing a very good job being a religion. Material progress can not solve all the problems of the human race. We would all be better off, if we would admit that.
 Understanding Economics
Ever wonder how the field of economics could produce such disparate voices, from interventionists such as John Maynard Keynes to the classical liberalism of Milton Friedman? Those looking for insights will do well to read Economics as Religion: From Samuelson to Chicago and Beyond by Robert H. Nelson, an economist at the University of Maryland.As the book's subtitle suggests, Nelson takes the reader on tour of modern economic thought. Here he's done commendable job, providing a highly readable account of the major personalities. This book will appeal to historians as well as the informed non-specialist. Nelson ranges far and wide in his effort to explore the often unstated philosophical assumptions behind supposedly objective economic analysis. Of particular interest is Nelson's treatment of the rift between economists and environmentalists. He places the debate squarely (and rightly in my opinion) in religious terms. While this is not particularly original, he does a service by reinforcing the deep religious roots of modern American environmentalism. Finally, in an increasingly small world, Nelson again hammers home a vital point regarding economic opportunity provided by free markets: Economic progress requires the creation of a "civil society" and the rule of law. Social and human capital must be both nurtured and sustained. Laws must reflect these norms and governments must enforce them fairly. Without these, human rights and the environment suffer. In environments of rampant corruption and political instability, value creating institutions aren't sustained. Success comes when people are rewarded for creating value, not for transferring wealth via force or fraud. Political plunderers, not the market process, keeps countries poor. This is a desperately important message at a time when many equivocate and ring their hands about the spread of Western democracy as, "a hegemonic discourse of Western cultural imperialism". Pete Geddes is Program Director of the Foundation for Research on Economics and the Environment (FREE) and Gallatin Writers. Both are based in Bozeman, Montana.
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