Ricardo’s Dream

Ricardo’s Dream: How Economists Forgot the Real World and Led Us Astray is published by Bristol University Press. Order the book from your local book shop or:

About the book

From the workings of financial markets to our response to the ecological crisis, economic theory shapes the world. But where do these ideas come from?

Ricardo’s Dream tells the fascinating story of David Ricardo, Adam Smith’s only real rival as the ‘founder of economics’: The wealthiest stock trader of his day, Ricardo introduced the study of abstract models to economics. He also developed the theory of trade that underpinned globalization and hides, behind its mathematical façade, a history of power, empire and slavery.

Brimming with fresh ideas and stories, Ricardo’s Dream shows how too many economists, from Ricardo’s day to our own, have turned away from observing the real world and led us astray.

Selected reviews

“The stockbroker David Ricardo laid the foundations of an economic pantheon that survives to this day. Unlike his contemporary Adam Smith, Ricardo ignored questions of morality, history and power. Nat Dyer systematically examines, surveys and excavates the flimsy foundations of today’s economic orthodoxy… His book is essential reading for the curious and a vital antidote for all students of economics.”
Ann Pettifor, Policy Research in Macroeconomics

“A fascinating investigation into the development of economic thought from David Ricardo’s era to the present day – and its impact on real lives and livelihoods. Wide-ranging and carefully researched, this book shows the temptations and dangers of assuming away too much of reality in the pursuit of elegant economic models. A heartfelt and reasoned call for a more human economics.”
Erica Thompson, author of Escape from Model Land

“Nat Dyer’s brilliant and erudite book shows the deep roots of David Ricardo’s economic theories… Like Sir Isaac Newton, Ricardo hoped to find immutable economic laws.  Instead, as Dyer so learnedly shows, much of Ricardo’s theory of international trade was based on an ideal, rather than on the way international trade actually works. This pioneering deep dive into Ricardo’s intellectual and social universe is a revelation for those interested in history, economics, science and their rich interaction at the dawn of the modern world.”
Jacob Soll, University of Southern California, author of Free Market: The History of an Idea

“A wonderful achievement bursting with humanity. Nat Dyer fills in the historical detail of what Ricardo left unsaid about the underpinnings of his abstract free market models. As important for how we study international economic affairs today as it is in reappraising nineteenth-century imperial trade.”
Matthew Watson, University of Warwick

“Dyer skilfully shows how Ricardo’s simple, incredibly influential models hid a history of conquest and exploitation spanning four continents — and how a commitment to models over evidence can hide similar misdeeds even today.”
Elizabeth Popp Berman, University of Michigan, author of Thinking Like an Economist

“Excellently researched and beautifully written, Ricardo’s Dream transformed my understanding of Isaac Newton’s engagement in global trade and British imperialism by highlighting the importance of Brazilian gold.”
Patricia Fara, University of Cambridge, author of Life After Gravity

“The book provides eye-opening revelations about Sir Isaac Newton’s connection with Brazilian slavery and gold guineas.”
Corinne Fowler, author of Our Island Stories: Country Walks Through Colonial Britain

“The high priests of economics thought they had created a science, when in fact they had created a religion. This important and lucid book skewers – in delightful detail – the false gods of the profession that has wreaked so much modern havoc around the globe.” Nicholas Shaxson, author of Treasure Islands

“Nat Dyer’s gripping, page-turning exposé of the Neverland of economic models, thriving at the crippling expense of the real world, is simply brilliant.”
Patrick Alley, author of Very Bad People and Terrible Humans

“Economics should be about the wellbeing of people and the integrity of the planet Earth. This brilliant book gets us closer to this end goal.”
Satish Kumar, author of Soil, Soul, Society

“An engaging critique of economics, which takes Ricardo’s personality and his abstract theories of trade and rent as founding models for the discipline. Lively and compelling, it calls for more grounded and inclusive approaches.”
Avner Offer, University of Oxford

“Ricardo’s Dream illustrates how the economic ideas that drive political policy are frequently little more than articles of faith.”
Tom Bergin, author of Free Lunch Thinking

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