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On tectonic plates, the economic system and the economics profession

Summary:
It is my view that the greatest weakness of economics is the habit of drawing, or encouraging politicians to draw, macroeconomic conclusions from microeconomic reasoning (“the government budget, like a household budget, must balance”). This weakness is endemic within the profession. It is caused by the deliberate neglect of macroeconomics, including shameful neglect of Keynes’s monetary theory and policies; and by the dominance of microeconomics. Such skewed dominance is not accidental. After all, and this is something that economists must finally and honestly acknowledge: economic theorising is driven by class interests. For more, follow this link to the PRIME website. Related Posts

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It is my view that the greatest weakness of economics is the habit of drawing, or encouraging politicians to draw, macroeconomic conclusions from microeconomic reasoning (“the government budget, like a household budget, must balance”). This weakness is endemic within the profession. It is caused by the deliberate neglect of macroeconomics, including shameful neglect of Keynes’s monetary theory and policies; and by the dominance of microeconomics. Such skewed dominance is not accidental. After all, and this is something that economists must finally and honestly acknowledge: economic theorising is driven by class interests.

For more, follow this link to the PRIME website.

Ann Pettifor
I’m Ann Pettifor, author and analyst of the global financial system, and co-author of The Green New Deal (2008). I predicted an Anglo-American debt-deflationary crisis back in 2003, and in September, 2006 published The Coming First World Debt Crisis (Palgrave). I am known for my work on the sovereign debts of low income countries and for leading an international movement for the cancellation of debts, Jubilee 2000.

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