Real World Economics by Victor A. Beker - 9781032970233

Real World EconomicsMethodological, Theoretical, and Critical Issues\nAuthor(s): Victor A. Beker\nFormat: Hardback\nPublisher: Taylor & Francis Ltd, United Kingdom\nImprint: Routledge\nISBN-13: 9781032970233, 978-1032970233\nSynopsis\nThe starting point of this book is that economics is an applied science: a tool to understand the real-world economy and a guide for economic policy. In contrast to the unrealistic and artificial models of neoclassical economics, the book argues that the point of departure for economic theory should be the real world with realistic assumptions being made. The book explores the theoretical underpinnings of this real-world economics including the concepts of similarity (the relationship between economic models and real-world phenomena), evolution (economic change is a historical process in which recurrent patterns of growth, maturation, and decline exist), and uncertainty (the absence of knowledge of the full set of circumstances faced and the probabi.