by Summary:
Another argument for paradigm shift away from the neoclassical model in economics. It no longer fits the facts (if it ever did). The "free market" that neoclassical economics assumes, the atomism of methodological individualism, and other such assumptions based on "simplifying," are myths concocted partly for methodological convenience ("mathematical tractability") and partly owing to ideology (cognitive bias). Theoretically, this would just be a curiosity of history, like the "ether" and "philostigon" of physics if economics were not crucial to policy formulation and adoption.The Enlightened EconomistWhy Economics Must Go DigitalDiane Coyle | freelance economist and a former advisor to the UK Treasury. She is a member of the UK Competition Commission and is acting Chairman of the BBC
Topics:
Mike Norman considers the following as important: economics profession, paradigm shift
This could be interesting, too:
Another argument for paradigm shift away from the neoclassical model in economics. It no longer fits the facts (if it ever did). The "free market" that neoclassical economics assumes, the atomism of methodological individualism, and other such assumptions based on "simplifying," are myths concocted partly for methodological convenience ("mathematical tractability") and partly owing to ideology (cognitive bias). Theoretically, this would just be a curiosity of history, like the "ether" and "philostigon" of physics if economics were not crucial to policy formulation and adoption.The Enlightened EconomistWhy Economics Must Go DigitalDiane Coyle | freelance economist and a former advisor to the UK Treasury. She is a member of the UK Competition Commission and is acting Chairman of the BBC
Topics:
Mike Norman considers the following as important: economics profession, paradigm shift
This could be interesting, too:
Mike Norman writes REVIEW ESSAY–The Reformation in Economics: A Deconstruction and Reconstruction of Economic Theory by Philip Pilkington Marc Morgan
Mike Norman writes Three Economic Ideas Threatening to Defenders of the Status Quo — Peter Cooper
Mike Norman writes Bill Mitchell — Be careful of what parades as academic research (Uber)
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The Enlightened Economist
Why Economics Must Go Digital
Diane Coyle | freelance economist and a former advisor to the UK Treasury. She is a member of the UK Competition Commission and is acting Chairman of the BBC Trust, the governing body of the British Broadcasting Corporation