Few people working in university economics departments over the past few years could be unaware of the rising tide of criticism about the profession. From the collective failure of economists to predict the GFC; complaints about the narrowness of mainstream curriculum and poor teaching, to the lack of ethical behaviour among some individual economists, the discipline has been described as “in crisis.” Within the towers of academia, however, few economists seem to be listening, or even concerned with, the increased level of attacks. It is this lack of response that motivates Steven Payson’s recent book.... This book adds to the growing calls for change in the way the economics profession operates.

International Review of Economics Education

It is clear that it is time to change economics, and Payson is yet one more voice that (hopefully) will make such change inevitable.

The London School of Economics and Political Science Review of Books

Thankfully, no knowledge of advanced mathematics is required to read Payson’s book or to understand his examples, which he carefully and artfully explains with words and pictures.

Financial History

The book is written in a strong tone and the straightforward approach of the author is certainly not commonly seen. . . . this was an interesting read, and should provide fodder for reflection and discourse for a member of the academia.

Journal of Higher Education Policy and Management

Steven Payson, the author of this provocatively titled book, is a former career federal government economist who has the temerity to argue that economics could be a useful science if mainstream academic economist theoreticians would simply adopt and employ the scientific method in a serious effort to provide an understanding of the world in which we live. Instead, he convincingly argues, the culture of academic economists encourages and rewards a mathematical modeling onanism that is not only not “seminal,” but is instead practically barren of any contributions to that understanding. . . . There is much anger and outrage expressed by the author in the course of his argument, and yet the book is not just a polemic. If Payson’s critique is on the mark, the question of what to do is certainly an important one.

Quarterly Journal Of Austrian Economics

Payson’s career has given him a rare perspective on economics in both practical policy use and in academia. He uses the fundamental insight of economics itself, that of the impact of incentives on behavior, to build a powerful indictment of the academic economics profession in the United States. Economics occupies a dominant position in public policy making, and this book will be an eye-opener for the general public.

Paul Ormerod, Volterra Partners