New Releases by Paul Ormerod

In 1949, Hayek attributed the dominant position of planning in the West to the role of intellectuals, by which he meant ''professional second-hand dealers in ideas'' such as journalists and commentators. Later in the twentieth century, we saw a similar phenomenon: particular social ideas, although frequently falsified empirically, have come to dominate through the efforts of intellectuals. This paper addresses how a small minority can set so decisively the terms of the debate. Hayek conjectured that this was the case, but did not specify the mechanism by which this can occur. Recent advances in network theory about how ideas can either spread across, or disappear in, a social network of individuals can explain this phenomenon. The implication of Hayek''s insight, validated by modern network theory, is that think tanks should seek to influence ''professional second-hand dealers in ideas'' rather than adopt the naïve democratic principle of trying to persuade individual voters.

"Paul Ormerod shows how crime rates have varied across time and between countries in a way that economic variables and incentives alone cannot explain. In a style, accessible to the non-economist and economist alike, the author shows how new developments in economics can be applied to the analysis of criminal behaviour and used to draw policy conclusions. These new models take into account and illustrate how individuals interact with each other in social networks. As a result, they lead the author to more realistic conclusions and more informed policy recommendations."--BOOK JACKET.

Book reviewed in this article: Don Lavoie and Emily Chamlee-Wright, Culture and Enterprise: The Development, Representation and Morality of Business Daniel F. Spulber (ed.), Famous Fables of Economics: Myths of Market Failures John Plender, A Stake in the Future: A Stakeholding Solution Paul Strathern, Dr. Strangelove''s Game: A Brief History of Economic Genius Johan Norberg, In Defence of Global Capitalism Tomas Larsson, The Race to the Top Rodney Atkinson, Fascist Europe Rising: The Repression and Resurgence of Democratic Nations.

This text questions the abilities of the economists who influence political decisions on the economy. Ormerod aims to show that traditional economists view the world in a way which ensures they will never be able to understand it. He suggests that economies are not machines, but dynamic organisms.

Includes statistics.