The foundation of real-world economics: what every student needs to know

Abstract

The third edition of The Foundations of Real-World Economics updates the two earlier editions published by Routledge, including new chapters on the rise of populism, hidden racism, and the Covid-19 pandemic. The earlier editions were translated into five languages. Within the vast economic literature, the book opens alternative research horizons, providing an innovative look at economic theory which advocates for a major revision of seemingly immutable mainstream economics. The author, Professor Emeritus at the Ludwig Maximilian University of Munich (Germany) John Komlos, demonstrates the weaknesses of conventional economic theory, emphasising the need for a paradigmatic change to what he calls Humanistic Economics, in which people and quality of life count instead of focusing primarily on money, income, or GDP and, moreover, where the economy works for everyone, instead of a select few. Offering the reader another perspective on economics and advancing an alternative approach to standard textbooks, he explains why this paradigm shift should focus on the creation of a better society, the improvement of people's lives, and increased life satisfaction.