Economics is cool

"Economics is a cool critique and defense of the discipline at the same time - it shows the way to a more humble but far more effective science." - Martin Sandbu, Financial Times In the wake of the financial crisis and the Great Depression, economics is seen as everything but science. In this cleverly and masterfully reasoning book, Dani Rodrik, one of the chief critics of his own profession, scrutinizes economics to examine when he fails, when he brings results; drawing on the history of the discipline as well as his own serious practical experience, Rodrik argues that economics is an effective tool for making the world a better place - but only if economists break with universal theories and focus on defining the context precisely. According to the cool of economics, the real power of the discipline lies in its much-mocked mathematical models. Models are the tools that make economics a science. Rodrik highlights how using the right model can provide valuable, new insights into social reality and public policy. According to Rodrik, the model toolkit of economists is much richer than free market models. With a pragmatic model choice, economists were able to develop successful anti-poverty programs in Mexico, strategies for economic growth in Africa, and smart remedies for household income disparities.