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Money, Blood and Revolution

How Darwin and the doctor of King Charles I could turn economics into a science

By George Cooper

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About the Author

George Cooper

George Cooper is the Chief Investment Officer of Equitile Investments Ltd, a London-based fund management company.

He has previously worked for JP Morgan, Goldman Sachs, Deutsche Bank and BlueCrest Capital.

George's first book, 'The Origin of Financial Crises', received critical acclaim for its clear explanation of the monetary policy errors leading up to the global financial crisis.

Contents Listing

List of Figures
About the Author
Preface

1. Introduction: The Broken Science
To Crash Now or Later?
Big Government, Small Government or Both?
From Malign Neglect to Policy Paralysis
Self-contradictory Truths
We Have An Interesting Problem

PART 1. SCIENCE

2. Scientific Revolutions
Thomas S. Kuhn
- The Problem of incommensurability
Two Flavours of Science: Mr Spock vs Captain Kirk
Kuhn's Analysis and Economics

3. A Crisis in the Heavens
Copernicus - The First and Most Important Revolutionary
Early Astronomical Models
- The problem of the wandering stars
- The problem of retrograde motion
- Ptolemy's Tragic Triumph
The Copernican Revolution
- Implications of the heliocentric model
- After Copernicus
Bruno & Galileo
Copernicus's Achievement

4. Blood & Bacon
Hippocrates and his Theory of the Humours
- Galen's theory of blood flow
- Vesalius
- William Harvey's revolution
Rejection and Acceptance
Harvey, Bacon and the Shakespeare Controversy

5. Darwin's Theory of Species
Early Ideas of Species
The Discrepancies
Alternative Theories of Species
Darwin's Breakthrough
The Rejection

6. Continents and Revolutions
A Profusion of Explanations
- Mountain formation
- Balloon theory
- Iceberg Theory
- Continental drift
Lessons of the Revolutions

PART 2. ECONOMICS

7. Economics - Ripe for Revolution
Economics in a State of Un-civil War
- The classical and neoclassical schools of economics
- The Austrian school of Economics
- The libertarian school of Economics
- Monetarist school
- Keynesian school
- Minsky's school
- Marxist school
Behavioural School
Institutional School
The Problem of Herding Economists
Computational Complexity
Conclusion

8. Borrowing From Mr Darwin
The Ultimate Competitor
Are we Competitors or Optimisers?
- Darwin
- The ultimatum game
- The hedonic treadmill
- The fashion and luxury industries and Veblen goods
Some Thought Experiments on Competition vs. Optimisation
Darwin Refutes Marx and Smith
- Darwin vs the neoclassical school of economics
- Darwin vs Marxism
Darwin Refutes the Libertarians
Summary

9. The Paradigm Shift
An Unreasonably Brief Political History of the World
A Circulatory Theory of Economic Growth
Resolving the Scientific Crisis in Economics
A Clear Economic Anatomy
Striking the Balance
Circulatory Growth & Monetary vs Keynesian Policy

10. Policy Implications
The Fifth Labour of Hercules
- First: stop the herd from adding to the problem
- Second: change the course of the monetary river
- Third: change the course of the fiscal river
Conclusion

Bibliography
Index
List of Figures
About the Author
Preface

1. Introduction: The Broken Science
To Crash Now or Later?
Big Government, Small Government or Both?
From Malign Neglect to Policy Paralysis
Self-contradictory Truths
We Have An Interesting Problem

PART 1. SCIENCE

2. Scientific Revolutions
Thomas S. Kuhn
- The Problem of incommensurability
Two Flavours of Science: Mr Spock vs Captain Kirk ...

Jacket Text

Economics is a broken science, living in a kind of Alice in Wonderland state believing in multiple, inconsistent, things at the same time. Prior to the financial crisis, mainstream economics argued simultaneously for small government on taxation, regulation and spending, but big government on monetary policy. After the financial crisis, economics is now arguing for more government spending and for less government spending.

The premise of this book is that the internal inconsistencies between economic theories - the apparently unresolvable debates between leading economists and the incoherent policies of our governments - are symptomatic of economics being in a crisis. Specifically, in a scientific crisis.

The good news is that, thanks to the work of scientist and philosopher Thomas Kuhn, we know what needs to be done to fix a scientific crisis. Moreover, there are two scientists in particular whose ideas could show how to do this for economics: Charles Darwin, the man who discovered evolution, and William Harvey, doctor to King Charles I and the first man to understand blood flow and the workings of the human heart.

In Money, Blood and Revolution, bestselling financial writer George Cooper explains how the ideas of Darwin and Harvey could revolutionise economics, making it more scientific and understandable, and might even reveal the true origin of economic growth and inequality.

Taking readers on a gripping tour of scientific revolution, social upheaval and the secrets of money and debt, this is an unmissable read for anyone curious to understand how the world really works - and the amazing future of economics.

#autoshambles

Professional Reviews

"A fascinating new book...Recommended reading...A delightfully well-written new book" - John Authers, FT

"For those with an open mind his criticisms of the economics profession, and suggestions for new ways forward, will be extremely welcome" - Philip Coggan, The Economist

"Remarkable" - Club des Vigilants

"Masterly...a major contribution to our future well-being" - Cambridge Business magazine


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Media Coverage

The Economist

AS THE old joke goes, the questions in economics exams are the same every year; only the answers change. Just 40 years ago, the emergence of stagflation was prompting the monetarists to challenge the ...

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World Finance

World Finance interviews Dr George Cooper, fund manager and author of new book 'Money, Blood and Revolution', about how to fix the broken science of economics

Developing a modern economic model that ...

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Financial Times

Going all-out for maximised growth is often pushed aside

We all have a competitive instinct. Humans? natural urge is to compete. Rather than do the best for ourselves that we possibly can, many of ...

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Reading the Markets

George Cooper?s Money, Blood and Revolution: How Darwin and the Doctor of King Charles I Could Turn Economics into a Science (Harriman House, 2014) is a quick read but a much longer think. I?m still ...

Read more

Cambridge Business

As the consequences of economics? derisory narrative since the crash continue to reverberate through the global financial system, with accompanying political and social collateral damage, the ...

Read more

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