Economists study cycles, but they also create some. Every other month, a British heterodox economist explains why economics is broken, and other British economists respond that the critic doesn’t understand what economists really do (there’s even a dedicated hashtag). The anti and pro arguments have more or less been the same for the past 10 years. This week, the accuser is Howard Reed and the defender, Diane Coyle. It would be business as usual without interesting comments by Econocracy coauthor Cahal Moran at Opendemocracy and by Jo Michell on twitter along the same lines. What matters, they argue, is not what economists do but how they do it. The problem is not whether some economists deal with money, financial instability, inequality or gender, but how their dominant modeling strategies allow them to take them into account or rather, they argue, constrain them to leave these crucial issues out…
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