Economics

Douglas Kennedy is one of that group of travel writers who are annoyingly good at getting an angle on a story but never really making a point. He whisks us around the world, in this case around the money markets of the world, observing, picking up quotable quotes, telling tidy anecdotes, and in the end, back home, he snaps the lid on his collected experience and calls it a day. Easy listening, but perhaps a bit too easy.

This book has emanated from the University of Newcastle based upon the much needed research into the plight of Australian small businesses by the staff there. The book is intended to make such research findings available in a digestible form and the publication definitely achieves that goal.

Central to this collection of essays by Ted Wheelwright is the argument that orthodox economics is a positive hindrance to any real understanding of the problems of the last quarter of the twentieth century. A rebirth of the political economy is necessary to remove the stench (from the corpse of orthodox economics) that is polluting the social sciences.

Now, it is certainly true that orthodox economics (that is the economics taught in ninety-nine per cent of our Universities, practised by Treasuries around Australia and spiritual descendant of Adam Smith, sometimes modified by Keynes) casts little light on some of the most acute problems of our era – the coex­istence of unemployment and inflation, the (Mal) distribution of income between classes, the persistence of poverty, the power of the multi-nationals, etc.