Articles & Blogs, Category = Economics as a Science

Category: Economics as a Science

Psychologist Explains Why Economists—and Liberals—Get Human Nature Wrong

“For a fictional character, homo economicus has had a pretty good run. Since the 1950s, this mono-motivated, self-seeking figure has stalked the pages of economics textbooks, busy deciding each action according to a rational calculus of personal loss and gain. But more recently his territory has shrunk as experts on human nature have demonstrated what any decent novelist could have told them: our real selves are nothing like this.”

Sin and Vice Do not Belong in the GDP

“On a larger scale, international standards of measurement help economists develop monetary policy, make economic forecasts, and monitor growth. But greed, fraud, and theft can easily find their way into financial transactions. That is why economics must be subject to those higher normative sciences like ethics that regulate all human behavior.”

Greta Thunberg, Donald Trump, and the Future of Capitalism

“Some lament the Trump administration’s animosity toward young people and scientists who speak common sense about a massive threat that we should confront through global cooperation. But Trump and his cabal appear to understand something that their liberal detractors do not: Their politics is the only authentic defense of contemporary capitalism.”

Rethinking Economics; 5 TEDx Talks (and 4 Books)

Five TEDx talks by economists who want to change how we view the economy. The first challenges the assumption of ‘homo economicus’, the second critizises the fetishisation of economic growth, the third discusses happiness as the ultimate purpose of our economy, the fourth developed a ‘common good balance sheet’ to assess the contribution of companies, and the fifth developed a doughnut-shaped alternative view on economics.

Economics: Theories vs. Stories

“It is the power of stories—especially stories about the economy—that obsesses Shiller. Humanists were already obsessed with narratives; they have finally found a famous economist with kindred concerns. But are humanists and economists on the same wavelength? Do economic stories matter more than, well, economic theories? The answer is yes and no.”

Bipolar Economics

“No amount of research talent can design an RCT [Randomized Controlled Trial] to test whether more globalization is desirable, how big government ought to be, or what triggers economic growth. As a result, randomistas can say little about the big issues that inflame passions and around which grand narratives are built. And it is such narratives, […] that organize our thinking about the economy. If not woven into a broad narrative of change, empirical evidence can have limited political impact at best.”

How Free-Market Economists Got It Wrong

“Azeem Azhar and Binyamin Appelbaum discuss how a group of free-market economists managed to reshape our modern world. They promised growth and broad prosperity, but instead left us with fractured societies and weakened democracies. Appelbaum is the author of the new book, The Economists’ Hour, a deep dive into the history of ideas that formed capitalism, as we know it.”

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