Economics as Anatomy

Economics as Anatomy is a superb sequel to Peter Swann’s earlier book, Putting Econometrics in its Place. It is filled with educated common sense. It critiques the profession without condemnation, and provides some excellent and well-reasoned suggestions for how the profession can (and should) do better. –David Colander, Middlebury College, US

‘Peter Swann’s call for economics to embrace a federation of approaches to economics, akin to the diversity one finds in medicine, is a thoughtful insider’s response to the calls for pluralism in economics by internal and external critics after the financial crisis of 2008. His demonstration that the signal to noise ratio in the vast majority of econometric studies is far too low to rely on econometrics alone as a way to evaluate economic theories should be read and appreciated by all econometricians. Humility may be the first necessary step in the reform of economics.’ –Steve Keen, Kingston University London, UK

‘Swann applies ideas from the economics of innovation and standards plus entertaining analogies from medicine and Sherlock Holmes to make a persuasive case for improving empirical economics. He shows how this can be done by adopting a wider variety of methods and embracing free trade and a division of labour with other disciplines.’ –Ron Smith, Birkbeck, University of London, UK

G.M. Peter Swann, Emeritus Professor of Industrial Economics, Nottingham University Business School, UK.