Why do things go wrong? Why do things go right? Why are weather forecasts always wrong? Why are economic forecasts even worse? John Legge explains that uncertainty is part of the Universe: spending money on computers, or experts, or both may give you some comfort, but unless the forecasts are for the very short term reality will turn out differently. Enjoy this light hearted but serious look at the problems of managing and forecasting in an intrinsically uncertain world.

John M. Legge shows the many ways in which the real world diverges from economics textbooks. He argues that mainstream economic theory took a disastrous turn 140 years ago, when it attempted to use calculus to explain human behaviour. A real economy involves people who are not variables in equations. This error led to a second, mainstream economics becoming obsessed with equilibrium. However, constant change is the reality and one cannot explain the present without understanding the path taken to get here.

This book presents economics in historical context. It includes a short...

John M. Legge shows the many ways in which the real world diverges from economics textbooks. He argues that mainstream economic theory took a disastrous turn 140 years ago, when it attempted to use calculus to explain human behaviour. A real economy involves people who are not variables in equations. This error led to a second, mainstream economics becoming obsessed with equilibrium. However, constant change is the reality and one cannot explain the present without understanding the path taken to get here.

This book presents economics in historical context. It includes a short...