The Tragic Science: How Economists Cause Harm (Even as They Aspire to Do Good), by George F. DeMartino
University of Chicago Press, 2022
ISBN: 9780226821238
The Tragic Science: How Economists Cause Harm (Even as They Aspire to Do Good) (University of Chicago Press) was released in July.
From author and AFEE member George F. DeMartino: “The book argues that economists cause severe harm owing to training that represses the knowledge problem in economics and that trivializes economist-induced harm--largely through application of ‘moral geometry’ like Kaldor-Hicks, CBA, and social welfare functions that treat all harms as compensable and that ignore structural violence/social harm. And the book examines emerging strategies across other professions that manage the problem of harm far better than does the economics profession, not least by empowering stakeholders rather than detached experts to weigh which risks to take to achieve valued outcomes. In this connection I explore ‘decision making under deep uncertainty’ which looks to provide stakeholders with decision support rather than to monopolize expertise and authority in the hands of economists.”
You can view more details, including table of contents, reviews, and an excerpt, and order the book here.