The Death of Economics
Encyclopedia
The Death of Economics is a book written by Paul Ormerod
Paul Ormerod
Paul Ormerod is a Lancastrian economist who is currently researching complexity, complex systems, nonlinear feedback, the boom and bust cycle of business and economic competition...

. According to the author the title does not imply that the study of economies is not of great importance but rather it argues that conventional economics offers a misleading view of how the world operates and needs to be replaced.

The book is split into two parts. The first part contains Ormerod's assessment of the present state of economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...

; the second part represents a series of suggestions as to how economics can be developed, particularly in relation to unemployment
Unemployment
Unemployment , as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks...

.

Three properties are identified as essential to any model seeking to explain unemployment. First the model should be capable of settling into long periods of regular fluctuations; second, such fluctuations should be sensitive to the initial values of the system; thirdly, following a major shock, there should be no tendency to settle back to the regular behaviour previously seen.

Originally published for the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

 in 1994, Death of Economics has been translated into more than 10 languages.
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