Enjoying Economics

I know, I know. Those two words have never, ever been placed together before. Economics is a dreary edifice of impersonal information, presented by people who wish to demonstrate why things (particularly money, business things) have to be as they are, even though some of the effects seem to be disastrous. But not any more.

My fresh optimism has been created by reading two books in close succession:
23 Things they don’t tell you about Capitalism, by Ha-Joon Chang, and
Doughnut Economics, by Kate Raworth.

Chang takes you gently through some very complicated territory, with an approach that seems like a Dummies Guide. There are 23 ‘Things’ and each of them starts with a “What they tell you” section, followed by a “What they don’t tell you” section. It could be childishly simplified, or deeply condescending, but it’s neither. He knows a lot, and brings in all kinds of evidence but only when it’s needed, so the whole effect is to clarify and explain. It’s not difficult to read, but with every chapter you feel yourself getting wiser.

Raworth has a simple, basic insight, so amazing it’s astonishing that no-one’s latched on to it before. The potency of economic theory is carried as much through the visual (diagrams, graphs) as through the words. So if we want to know what’s wrong with previous economic theories, we need to look at their visuals, and really analyse them, rather than taking them for granted. And of course, if we’re going to see things differently in the future, we’ll need new visuals, which reflect the actual nature of our lives – interconnected people, with a range of interests and needs, living on a planet whose resources are under threat.

These are not angry outsiders, throwing stones at the evil people who have led us astray. They’re both economists, who know their field and its history, who understand how things have got to where they are. But they’re not shrill, or full of themselves, or bristling with spite because their truths have not been sufficiently recognised. They’re both clear, positive and humane, using their intelligence to point forward to a more constructive approach which might at least give us a chance of survival. Don’t take my word for it. Get hold of them, and read them both. You won’t regret it.