Scarcity: Why Having Too Little Means So Much
Sendhil Mullainathan and Eldar Shafir
Allen Lane, 304pp, £20
Mass Flourishing: How Grass-Roots Innovation Created Jobs, Challenge and Change
Edmund Phelps
Princeton University Press, 392pp, £19.95
1. Eighteen months ago, I attended a conference on the crisis facing economics. Its title posed a blunt question: “Are graduate economists fit for purpose?” That it was sponsored by two of the largest employers of professional economists in the country – the Bank of England and the Government Economic Service – suggested that their polite answer was no.
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