The Profit Doctrine
Economists of the Neoliberal Era
A comprehensive account of the role of professional economists in the economic, social and environmental crises of the early 21st century
By critically examining the work of the most famous economists of the neoliberal period including Alan Greenspan, Milton Friedman, and Robert Lucas, the authors Robert Chernomas and Ian Hudson demonstrate that many of those who rose to prominence did so primarily because of their defence of, and contribution to, rising corporate profits and not their ability to predict or explain economic events.
An important and controversial book, rofit Doctrine exposes the uses and abuses of mainstream economic canons, identify those responsible and reaffirm the primacy of political economy.
Robert Chernomas is Professor of Economics at the University of Manitoba, Canada. He is co-author (with Ian Hudson) of Economics in the Twenty-first Century: A Critical Perspective (University of Toronto Press, 2016) and To Live and Die in America: Class, Power Health and Health Care (Pluto Press, 2013).
Ian Hudson is Associate Professor of Economics at the University of Manitoba, Canada. He is the co-author (with Robert Chernomas) of Economics in the Twenty-first Century: A Critical Perspective (University of Toronto Press, 2016) and To Live and Die in America: Class, Class, Power Health and Health Care (Pluto Press, 2013).
'The financial crisis alerted the public to what some insiders have known for decades: mainstream economic ideas are seriously flawed. Chernomas and Hudson lay bare both the ideas and the equally flawed individuals behind them, from Milton Friedman to the ex-"Maestro" Alan Greenspan' - Professor Steve Keen, author of Debunking Economics (Zed Books, 2011)
'In lucid and accessible prose, <em>The Profit Doctrine</em> shows how the post-war evolution of economic ideas has systematically favoured the profitability of big business over the interests of everyday people' - Gary Dymski, Professor and Chair in Applied Economics, Leeds University Business School
List of Abbreviations
1. Prophets and Profits
2. The Contest of Economic Ideas: Survival of the Richest
3. The Consequences of Economic Ideas
4. Milton Friedman: The Godfather of the Age of Instability and Inequality
5. The Deregulationists: Public Choice and Private Gain
6. The Great Vacation: Rational Expectations and Real Business Cycles
7. Bursting Bubbles: Finance, Crisis and The Efficient Market Hypothesis
8. Economists Go to Washington: Ideas in Action
9. Conclusion: Dissenters and Victors
Hardcover ISBN: 9780745335865
eBook ISBN: 9781783719945
135mm x 215mm