Articles & Blogs, Category = Economics as a Science

Category: Economics as a Science

How Ergodicity Reimagines Economics for the Benefit of us all

“In the real world, through the pages of scientific journals, in blog posts and in spirited Twitter exchanges, the set of ideas now called ‘Ergodicity Economics’ is overturning a fundamental concept at the heart of economics, with radical implications for the way we approach uncertainty and cooperation. The economics group at LML is attempting to redevelop economic theory from scratch, starting with the axiom that individuals optimise what happens to them over time, not what happens to them on average in a collection of parallel worlds.”

AI is Forcing Us to Rethink Economics

“ince its founding in the aftermath of the 2008 global financial crisis, INET has been spearheading efforts to move economics towards more pluralistic, multidisciplinary, and human-centric approaches. The evident failure of the profession’s mainstream to predict, prevent, and manage the crisis has laid bare its limitations. Currently, in the face of another transformation of seismic scale—the rise of artificial intelligence, or AI—an enlarged and improved economic discussion is crucial to ensure shared prosperity, and that humanity as a whole is not left behind.”

Finance, Class, and the Birth of Neoclassical Economics: The Marginalist Revolution Revisited

“In economic textbooks, the concept of ‘value’ is regarded as nothing more than the prevailing market price. This definition might seem self-evident, but it stands in sharp contrast to the classical theories of Adam Smith and David Ricardo, who used the notion of ‘value’ to probe beneath the surface of the market and discover objective factors that regulate economic exchanges. It was only in the late nineteenth century, when the idea of ‘marginal utility’ was first introduced into the field, that ‘value’ came to be viewed as a subjective measure that is reflected in prices.”

Black Markets Reveal the Power of Economic Laws

“In contrast to the common perception, socialism has been unable to kill the market economy. The market went underground and turned into a black market. Black markets existed in capitalist countries as well, but they worked underground because they dealt in illegal commodities and services. The black market under socialism served the same purpose, but the list of commodities and services included mostly items of everyday and innocent consumption that people under capitalism could easily purchase in stores.”

Are Economists Blocking Progress on Climate Change?

Dutch economist Servaas Storm: “progress on climate change demands collective action, both between nations and within nations. Questions of who is paying the cost and who is getting the benefits are critical. We need coordination, direct steering and guidance of investment, research and develpment, along with innovation and mechanisms for burden sharing. The effort can only work if it is inclusive, democratic and fair: the strongest shoulders must carry the largest burden.”

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