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Economists and economics have been harshly criticised recently. This book accepts many of the criticisms of conventional theory but argues that the fundamental insights of economics are capable of reinterpretation and reinvention to deal with a host of contemporary concerns - social networks, globalisation, pay inequality, climate change, automation and the growth of `nudge' policy amongst many others. The author uses his weekly column in the London business newspaper City A.M. to explain new developments in economic thinking and empirical research to a general audience. This book reproduces many of his most provocative columns with accompanying commentary and full references. The author's witty and informed analysis of events provides an ideal introduction to important ideas for anybody interested in how the modern economy works

Intro -- Other Books by This Author -- Title Page -- Copyright -- Contents -- Preface -- Introduction -- One: Living at the Edge of Chaos -- Two: Dedicated Followers of Fashion -- Three: To Catch a Thief -- Four: Family Values -- Five: 'Use the Maths, Then Burn It' -- Six: The Illusion of Control -- Seven: A Quantitative Quagmire -- Eight: Ups and Downs -- Nine: Through a Glass Darkly -- Ten: The Wealth of Nations -- Eleven: To Have and Have Not -- Twelve: Great Oaks from Little Acorns -- Conclusion: Less Can Be More -- Appendix One -- Appendix Two -- Appendix Three -- Bibliography.

AbstractWe consider the resilience of a group of 20 Western economies after the financial crisis of the late 2000s. We measure resilience by the growth of real GDP between 2007, the previous peak level, and 2015. The countries exhibit a broad range of experience, from a rise in GDP of 18 per cent in Australia to a fall of 26 per cent in Greece. A substantial proportion of the differences in growth rates can be accounted for by just two variables: the perceived level of corruption and membership of the Eurozone. The euro did have a negative impact on the recovery paths of the Mediterranean economies (Greece, Italy, Portugal and Spain), but their perceived corruption scores in 2007 had a bigger impact, especially on the first three of these economies.