by From Lars Syll A critique yours truly sometimes encounters is that as long as I cannot come up with some own alternative to the failing mainstream theory, I shouldn’t expect people to pay attention. This is however to misunderstand the role of philosophy and methodology of economics! As John Locke wrote in An Essay Concerning Human Understanding: The Commonwealth of Learning is not at this time without Master-Builders, whose mighty Designs, in advancing the Sciences, will leave lasting Monuments to the Admiration of Posterity; But every one must not hope to be a Boyle, or a Sydenham; and in an Age that produces such Masters, as the Great-Huygenius, and the incomparable Mr. Newton, with some other of that Strain; ’tis Ambition enough to be employed as an Under-Labourer in clearing
Topics:
Lars Pålsson Syll considers the following as important: Uncategorized
This could be interesting, too:
Stavros Mavroudeas writes Workgroup for ‘Political Economy of Inequality and Social Policy’ – WAPE 2024, 2-4 August 2024, Panteion University
tom writes Keynes’ denial of conflict: a reply to Professor Heise’s critique
Lars Pålsson Syll writes Chicago economics — nothing but pseudo-scientific cheating
tom writes Rethinking conflict inflation: the hybrid Keynesian – NAIRU character of the conflict Phillips curve
from Lars Syll
A critique yours truly sometimes encounters is that as long as I cannot come up with some own alternative to the failing mainstream theory, I shouldn’t expect people to pay attention.
This is however to misunderstand the role of philosophy and methodology of economics!
As John Locke wrote in An Essay Concerning Human Understanding:
The Commonwealth of Learning is not at this time without Master-Builders, whose mighty Designs, in advancing the Sciences, will leave lasting Monuments to the Admiration of Posterity; But every one must not hope to be a Boyle, or a Sydenham; and in an Age that produces such Masters, as the Great-Huygenius, and the incomparable Mr. Newton, with some other of that Strain; ’tis Ambition enough to be employed as an Under-Labourer in clearing Ground a little, and removing some of the Rubbish, that lies in the way to Knowledge.
That’s what philosophy and methodology can contribute to economics — clear obstacles to science.
Every now and then yours truly also gets some upset comments from people wondering why I’m not always ‘respectful’ of people like Eugene Fama, Robert Lucas, Greg Mankiw, and others of the same ilk.
But sometimes it might actually, from a Lockean perspective, be quite appropriate to be disrespectful.
New Classical and ‘New Keynesian’ macroeconomics is rubbish that ‘lies in the way to Knowledge.’
And when New Classical and ‘New Keynesian’economists resurrect fallacious ideas and theories that were proven wrong already in the 1930s, then I think a less respectful and more colourful language is called for.