friction, asymmetric information and search costs all violate the assumptions of perfect competition. The authors argue that monopolistic price theories may depict reality better than the perfectly competitive model. In this case it can be shown that raising a minimum wage can in some circumstances, lead to a decrease in unemployment. The existence of multiple equilibria in a supply/demand system may mean that imposition of a minimum wage forces the system over a tipping point from a less efficient to a more efficient equilibrium. Arguments in favour of increasing allocative efficiency were in any case constructed in an era where society was less wealthy than it is today. Recent studies have shown that for well-off societies, the happiness of a population has little correlation with its absolute wealth. Therefore, efficiency may not necessarily be an important goal of resource allocation in any case. In any case, efficient markets can have morally undesirable outcomes. Other areas Later chapters explore the concept of bounded rationality and how it confounds classical arguments in favour of laissez faire; in particular it is noted that the very existence of an advertising industry disproves rational behaviour. Arguments from the field of game theory explain limited rationality and the balance of power of corporations over the individual. Conclusion Overall, the authors argue – with reference to Thomas Kuhn's The Structure of Scientific Revolutions – that the existing economic paradigm is due for a change. The book presents their own paradigm for interpreting economic behaviour. Context The book is one of several textbooks comparing mainstream and heterodox perspectives on economics, along with and . Other similar textbooks offering alternative perspectives to mainstream economics include and . None of these have yet achieved widespread adoption. A thorough review of critical economics books relevant to 21st century economies recommended this book as a textbook in real-world economics which supports a broad view of economic perspectives, along with , , and It is one of the most popular works critiquing neoclassical economics, along with and . The book was part of a movement of economists attempting to offer explanations of economic theory to the general public in the wake of the Great Recession. Reviews Despite not yet being reviewed in mainstream journals, as of February 2011 the introductory chapter has received 13,000 views on stumbleupon and the book has attracted positive comment on various blogs. The Huffington Post especially recommended the