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Further Reading Roger E. Backhouse, The Penguin History of Economics, Penguin (2002) Eric D. Beinhocker, Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics, Harvard Business School Press (2006) Todd Buchholz, New Ideas from Dead Economists: An Introduction to Modern Economic Thought, Penguin, rev'd edn (1999) Herman E. Daly, Beyond Growth: The Economics of Sustainable Development, Beacon Press ( 1996) Robert L. Heilbroner, The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers, Penguin, 7th rev'd edn (2000) Benoit B. Mandelbrot and Richard L. Hudson, The (Mis)Behaviour of Markets: A Fractal View of Financial Turbulence, Basic Books (2004) David Orrell, Economyths: Ten Ways That Economics Gets it Wrong, Icon Books (2010) Steven Pressman, Fifty Major Economists, Routledge, 2nd edn (2006) David Orrell is an applied mathematician and author of several books including Economyths. Keep up with him online at www.davidorrell.com and www.facebook.com/economyths. Acknowledgements The author would like to thank Norbert Haring, Herman Daly and Beatriz Leon for their valuable comments on the text. He dedicates the book to Isabel. Sorin Van Loon is a surrealist artist, humourist and collagist. This is his sixteenth documentary comic book. He is also the creator of The Bart Dickon Omnibus and other books. www.borinvanloon.co.uk Page 174
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Index advertising 162 Age of Commerce 52 agent-based models 167 agriculture 45-7 Akerlof, George 160 American Economic Association 101 animal spirits 118 Aquinas , Thomas 18 Aristotle 9-12, 15, 16-19 arithmetical ratio 64 Arrow, Kenneth 132, 149 Arrow-Debreu model 132-5 Austrian School 106, 167 "average man" 90 Averroes 15, 16 Bachelier, Louis 145 Bank of Sweden Prize 149 Becker, Gary 143, 149 behavioural economics 159 bell curve 147, 165 Bentham, Jeremy 67-70, 74 Black, Fischer 148 boom and bust 81 Bouchard , Jean-Philippe 169 Boulding, Kenneth 153 bounded rationality 159 Bratton Woods conference 121 business cycles 100, 122-5 cap-auction-trade system 155 capital 41 capitalism 13, 78-82, 132 capitalists 79-80 Carlyle, Thomas 65 Chicago School of Economics 137, 141-2 Christianity 14, 16-18 Clark, John Bates 107, 109, 119 class revolt 82 classical economics 50 coins, earliest 4 Colbert, Jean-Baptiste 24 Cold War 150 communism 83-4, 132 comparative advantage 73 complexity science 166 Computable General Equilibrium (CGE) models 135, 146 conspicuous consumption 109, 136, 162 Copernicus, Nicolaus 19, 26 Corn Laws 71-2 Cournot, Antoine Augustin 85, 92 crashes, proneness to 164-5 creative destruction 124 Daly, Herman 155-6 Dark Ages 13 Darwin , Charles 66 Debreu , Gerard 132, 149 debt 14, 114, 164 dialectical approach 83 Earthrise 152 ecological economics 157 economic growth , continuous 154 economics, definition 3 economies of scale 108 Edgeworth , Francis 97, 162 efficient markets 142, 144-7 "80-20 rule" 96, 161 Elizabeth I, Queen 23, 24 empire , rise of 22 Engels, Friedrich 78, 80 Enlightenment 29 entrepreneur 123 environment 152-8 equilibrium 99-100, 119, 129- 30, 132, 134 random variation around 145 ethics 14, 170 exchange, types of 11 exchange economy 52, 54 exponential growth 64 Fama, Eugene 144-5, 147 feminist economics 163 feudalism 16 Financephalograph 128 financial derivatives 148 financial engineering 148 Financial Instability Hypothesis 164 fiscal policy 138 Fisher, Irving 111-14, 123 Fisher equation 111-13 free-market ideology 141 free trade 38, 73, 156 Friedman , Milton 113, 126, 136-42, 149 Galbraith , John Kenneth 110 game theory 151 geometric ratio 64 Georgescu-Roegen, Nicholas 154 gold standard 121 Goldman Sachs 170 Graunt, John 43 Great Depression 114-15 Gresham, Thomas 37 "Gresham's law" 37 Gross Domestic Product (GDP) 112, 121, 136 happiness, science of 162 harmonic mean 9 Harmony of the Spheres 6, 168 Harvey, William 45 Hayek, Friedrich von 105, 125-6, 149 hedonistic calculus 68 Hegel, Georg 83 Hicks, John 127, 149 Hobbes, Thomas 29-31, 40 Hume, David 31, 38, 53 individualism 35 Industrial Revolution 62 inflation 24, 72, 136 and unemployment 128, 138 information asymmetry 160 institutionalism 109 interest rates 36, 111, 125 International Monetary Fund 121 , 150 intrinsic value 144 invisible hand 58-9, 161 IS-LM model 127, 129-30 Islam 14-15 Jenkin , Fleeming 85 Jevons, William Stanley 86-92,99, 122, 144 Juglar, Clement 122 Kahneman, Daniel 159 Keynes, John Maynard 114-22, 125-7, 129-31 , 135, 138 Keynesian economics 119 Kitchin, Joseph 122 Knights Templar 16 Kondratiev wave 123 Kuznets , Simon 120, 149 Kuznets cycle 123

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Further Reading

Roger E. Backhouse, The Penguin History of Economics, Penguin (2002)

Eric D. Beinhocker, Origin of Wealth: Evolution, Complexity, and the

Radical Remaking of Economics, Harvard Business School Press (2006)

Todd Buchholz, New Ideas from Dead Economists: An Introduction to

Modern Economic Thought, Penguin, rev'd edn (1999)

Herman E. Daly, Beyond Growth: The Economics of Sustainable

Development, Beacon Press ( 1996)

Robert L. Heilbroner, The Worldly Philosophers: The Lives, Times, and

Ideas of the Great Economic Thinkers, Penguin, 7th rev'd edn (2000)

Benoit B. Mandelbrot and Richard L. Hudson, The (Mis)Behaviour of

Markets: A Fractal View of Financial Turbulence, Basic Books (2004)

David Orrell, Economyths: Ten Ways That Economics Gets it Wrong, Icon

Books (2010)

Steven Pressman, Fifty Major Economists, Routledge, 2nd edn (2006)

David Orrell is an applied mathematician and author of several books including Economyths. Keep up with him online at www.davidorrell.com and www.facebook.com/economyths.

Acknowledgements The author would like to thank Norbert Haring, Herman Daly and Beatriz Leon for their valuable comments on the text. He dedicates the book to Isabel.

Sorin Van Loon is a surrealist artist, humourist and collagist. This is his sixteenth documentary comic book. He is also the creator of The Bart Dickon Omnibus and other books. www.borinvanloon.co.uk

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