by Roger Backhouse. Economics: people either praise it or condemn it. Are such judgments fair? Backhouse, noted historian of economics and methodologist, is well positioned to respond to the question. He views it as a puzzle, asking why an analytical method accepted by so many is also the object of such derision. He begins by examining four areas in which science and ideology are confronted: globalization, the creation of new markets, the introduction of a market economy, and the financial world. He then provides a brief history of the development of economics as a mode of analysis that helps explain how market economies work and concludes with a chapter addressing the science versus ideology question. Throughout, Backhouse implements the patient, well-balanced hand of someone familiar with handling intellectual puzzles. The puzzle, in fact, is less problematic than it appears. Economics performs best when the focus is narrow, its tools honed on assessing the benefits of trade or the structuring of well-functioning auctions. However, when wider questions of equity and welfare are considered, economics provides less guidance. Thus, both praise and condemnation are probably misplaced. An excellent resource for anyone deciding whether to trust economic knowledge. --Choice
(Check Catalog)
