Open Future "How Economists Mistook Wild Horses for a Rocking Chair"

The Nature of the Beast

Book review by John Stephen Veitch
The Network Ambassador

The Nature of the Beast

Book By Geoff Davies

Geoff Davies wrote a longer and more technical book, "Economia; New economic systems to empower people and support a living world," published in 2004. I read that book with interest, but in my view it was patchy. I think the author was still struggling to master his theme.

In "The Nature of the Beast" Geoff Davies is much more in command of the material, and his text is highly readable and clear even for people who are not well informed about economics.

The general theme is that neo-classical economic thought assumes that the economy is self contained, and always close to equilibrium, and if it's not, it will soon return to equilibrium. This is the idea of the rocking chair. If you make it rock, and then leave it alone, it will "fix itself" returning to a stable state.

However there is ample evidence that this model is wrong. The economy is contained within two critical master sets, the general environment of the Earth, and the social and political environment of a human society. The economy is constrained, but inside the economy there are forces that seek more power and wealth, which behave in an unrestrained way if they can. This is the wild horses idea. The economy is a long way from equilibrium, and the behaviour of the wild horses tends to keep it that way.

Geoff Davies had his objective in the title of his earlier book; "New economic systems to empower people and support a living world." In "The Nature of the Beast" he makes a excellent effort to explain what's wrong with the present way we think about economics and how we could easily change that to our great advantage.

"The Nature of the Beast" is a very readable book, and it's very low cost ($10 Australian) as a PDF download. Essential reading. I suggest that you buy your copy here.

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