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A Not-so-dismal Science: A Broader View of Economies and SocietiesFrom Oxford University Press
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Many of economics' greatest successes have been outside the traditional boundaries of the discipline. Economic ideas have been the intellectual focus in the study of law, while in the study of politics, economists and political scientists using economics-type methods are uniquely influential. In sociology and history, economics has had a smaller but growing influence through "rational choice sociology" and "cliometrics."
This book shows that, in calling economics the "dismal science," Thomas Carlyle was profoundly wrong. Economic ideas have illuminated behavior in all of the social sciences in addition to the economists' traditional domain. The broadening of economics and the use of economists' methods by social scientists in other fields is leading to a unified and positive view of economies and societies.
- Sales Rank: #2027575 in Books
- Brand: Oxford University Press
- Published on: 2000-02
- Original language: English
- Number of items: 1
- Dimensions: 9.10" h x .70" w x 6.00" l, .90 pounds
- Binding: Paperback
- 288 pages
- Great product!
Most helpful customer reviews
7 of 9 people found the following review helpful.
Not So Dismal
By Bill Roach
Reviewer: Bill Roach (Bill@BillRoach.net)
`Traditional' economics, which focuses on overpopulation and shortages of capital and other resources, tends to offer a dismal outlook for underdeveloped countries. The title of the book stems from the premise that, if the scope of investigation is expanded to include institutions and economic policy, the outlook is less dismal. That is, changes in institutions and policies can have a very favorable impact on prospects for development in poor countries.
The book is a collection of papers by scholars in Economics, Law, Business, History and Social Sciences, on the effects of policies and institutions on development. From the preface, by Olson and Kakhonen:
"The chapters in this book illustrate the intellectual advances that are broadening economics and integrating the social sciences. They illustrate these advances in almost all of the fields in which they are occurring. This book was inspired in part by the belief that just such a book on the broader economics or integrated social sciences was needed - and that it would take a number of experts in different fields to illustrate the wide range of work being done. ... It is the shortcomings of the economic policies and institutions of the capital-short countries of the world that keep investors ... from putting much capital there. ... These shortcomings also blight the productivity of the indigenous resources of the poor countries. ... governance is a decisive determinant of economic performance, and ... with the right economic policies and institutions, countries as poor as India could grow at very rapid rates and become developed nations far sooner than is usually supposed."
From Chapter 10, by Pranab Bardhan:
"The New Institutional Economics points to some very important features of institutional failures that cause or prolong underdevelopment, particularly the legal and contractual structures and rules of third-party enforcement which are necessary for most arms-length market transactions. ... In Western societies, over time, complex institutional structures have been devised ... [which include] property rights, formal contracts and guarantees, trademarks, limited liability, bankruptcy laws, and large corporate organization with governance structures to limit problems of agency and ... of incomplete contracting and ex-post opportunism."
Contributors include Pranab Bardhan, Robert D. Cooter, J. Bradford De Long, Russell Hardin, Satu Kahkonen, Eric Moberg, Joel Mokyr, Edward Montgomery, Mancur Olson, and Oliver E. Williamson.
0 of 1 people found the following review helpful.
Great insights from an important author
By Joseph L. Bast
Economics gets a bad rap from academics in other fields, reporters in the lamestream media, and liberals generally. Mancur Olson does an admirable job defending the discipline and showing how economics illuminates all manner of social and economic problems. The "introduction" of this book is actually a brilliant essay worth the price of the book itself. (Most of the rest of the book is articles by other writers.) Chapter 1 is a reprint of Olson's famous 1996 article, "Big Bills Left on the Sidewalk: Why Some Nations are Rich, and Others Poor." Read this book before you reach any judgment about the applicability of economics to any social problem, and be prepared to be surprised.
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