Toxic Economic Theory, Fraudulent Accounting Standards, and the Bankruptcy of Economic Policy

Anthony Rayman is the author of articles on economics, accounting, and taxation in professional and academic journals and in the financial press. His books include Price Stability and Full Employment (London: Political and Economic Planning (PEP), 1975), Economics Through the Looking-Glass (London: Ashgate, 1998), and Accounting Standards: True or False? (Abingdon: Routledge, 2006).

• Preface: Economic Crisis or Crisis of Economics? PART I: A VERY DISMAL SCIENCE 1 The Greatest Pyramid Scheme since the Time of the Pharaohs? 2 From Economic Miracle to Credit Crunch: Thirty Years of Self-Delusion PART II: THE MICROECONOMIC 'MARKET-VALUE' FALLACY 3 A Mediaeval System of Accounting 4 Fair-Value Accounting and Balance-Sheet Myopia 5 The Market-Value Delusion and the Credit Crunch PART III: THE MACROECONOMIC 'SINGLE-GEAR' FALLACY 6 The Topsy-Turvy Wonderland of Single-Gear Economics 7 Traffique: The Praeheminent Studie Of Princes 8 Capitalism and Socialism: The Fatal Conceit 9 A Genuine Free-Market Alternative PART IV: THE TAX THAT GOT PASSED BY MISTAKE 10 Income Tax: A Two-Hundred-Year-Old Myth 11 The Assessed Taxes 12 Not So Much a Tax, More an Anti-Avoidance Provision 13 The Growth of the Monster PART V: REFORM OF THE TAX SYSTEM 14 Economic Efficiency or Social Justice? 15 Taxation and 'The Law of the Market' 16 Pay As You Spend 17 PAYS: The Social Justification 18 PAYS: The Economic Justification PART VI: THE BANKRUPTCY OF ECONOMIC POLICY 19 Toxic Economic Theory and Global Recession TECHNICAL APPENDICES: The Source of the Poison A The Fatal Flaw in Accounting Theory: The Present-Value Fallacy B The Fatal Flaw in Macroeconomic Theory: The Single-Gear Fallacy