The Economics of Good and Evil: The Quest for Economic Meaning from Gilgamesh to Wall Street by Tomas Sedlacek is quite possibly the most gripping book I have ever read. I found myself reading it late at night, on the toilet and even (gasp) in lectures.
I don't agree with everything Sedlacek writes, but boy has reading his work opened my mind. I could easily fill this review with things I disagree with, but that would miss the point. I don't recommend The Economics of Good and Evil because it is tells the truth, but because it will get you questioning: What is the truth? What is economics? Why do we conduct economics in the way that we do? Why do we persist with economics when it persistently fails to live up to its own expectations? Should economics include the ethics of good and evil? Why must the economy always grow?
What marvels me most about the book is that it deals with complex topics in such a fascinating way. Not once did it lose my interest. If you study, or plan to study, economics at any academic level you MUST read this book. As for the casual reader, I still recommend it, but do not be under any illusions - it does cover economics in-depth. It did take me a while to read (although as I say, I was gripped at every point).
The first half of the book takes a historical perspective of economics, mush of which was new to me (having always been taught that economics did not exist before Adam Smith). The second half of the book takes a more thematic approach (this is less brilliant, but still worth reading). Amongst other concepts, Sedlacek challenges utility, homo economicus, ceteris paribus, the need for growth, mathematics in economics, economics as religion and the invisible hand.
The one complaint with the book that I will mention is Sedlacek's attempt to be a theologian - he is not averse to taking biblical passages out of context - I do not advise using him as a guide to Christianity.
Having only just finished the book I am unsure how much I agree with, but this I do know: I am very glad to have read it and am definitely a better economist for doing so.
Accessibility: 6/10
Accuracy: 5/10
Readability: 7/10
Usefulness: 10/10
Verdict: Required Reading for Economists
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