Book Review: The Econocracy

The Econocracy: this book’s title tells much about what its authors want to express. Economics has nowadays become a technical language, understandable by few people but, at the same time, very much affecting everything through politics. «Bad/good for the economy» are sentences often used to make people accept very different situations.

The authors, Joe Earle, Cahal Moran and Zach Ward-Perkins, graduated recently at Manchester University: they were compelled to study Economics by the 2008 financial crisis, but their education wasn't enough, according to them, to understand what was going on in the world. This is why they founded the Post-Crash Economics Society within Manchester University, with the same spirit that pushed them to write The Econocracy. In itself, it’s a sort of manifesto for a different way of thinking, talking and doing economics.

The book starts with the explanation of what is intended with econocracy, a power parallel to the democracy that influences all decisions, and goes on explaining how this situation has developed. The authors, however, take their stand in trying to propose corrections for a better teaching of Economics, for example at University level, and for ways to help everyone understand what specialists are talking about.

Besides the theory, Earle, Moran and Ward-Perkins also give very practical suggestions, stemming from their recent course of study – they all started at the same time, in 2011. A more inductive approach, with theory coming after some case studies, or classes organised by senior students are a few examples.

It is therefore an interesting volume for anyone who wants to rethink their approach to the economical language.

The Econocracy is published by Manchester University Press.