The book has a fairly straightforward main message: that the theorems and their derivatives introduced during a basic course of economics ("Economics 101") are not an accurate representation how the economy actually works. Namely, the standard basic depiction of markets (e.g. matching of supply and demand, and the price mechanism therein) rely on a number of simplifying assumptions (e.g. self-interested actors highly adept in monetary calculations), which should be born clearly in mind.
Despite this, this basic view of economics - laden with quite bold assumptions - dominates public policy such that the underlying assumptions are forgotten - either intentionally or unintentionally - and policy recommendations or even demands are advanced as if the basic view of economics accurately represented how the economy actually works.
All this the authors call "Economics", justification of public policy on the grounds of economic theory and, moreover, overly simplistic such theory.
Was it good?
The book is quite refreshing reading. For someone with a good knowledge on basic neo-classical economics and its main "rivals" such as the Austrian school of economics (which the authors, nonetheless, roughly bundle in the same "camp"), the book offers rather little in terms of new theoretical insights, However, the book does an excellent job in illustrating how overly simplistic views of economy have successfully been employed to justify public policy in issues such as minimum wage or unemployment insurance.
The main take-away for me?
The book actually forced me to revise my own thinking as well. I, too, am guilty of relying on quite simplistic economic theory to make sense of and discuss societal issues. Thus, I personally greatly benefited from reading the book by way of wanting to do better job of not falling back to "Economics 101" thinking.
Who should read the book?
I believe that the book would be healthy reading for anyone interested or active in societal issues. Especially "right wing" politicians should read the book with heightened attention.
The book on Amazon.com: Economism
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