Articles & Blogs on Economics as a Science

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Coronavirus Recovery – The New Economic Thinking We Need

“based on the experience of the past decade, it’s hard to say that economic crises are truly abnormal. Heterodox economics, an approach to economics that I belong to, says economic crises are an inherent feature of capitalism. […] More government spending on public investment projects and public services, as well as greater oversight of how market activity influences society, must be the focus going forward.”

The Fundamental Error of the ‘New Economics’ Brigade

“The basic point being missed by all these calls for this new economics is that the old has examined, debated even, all of the questions and problems currently in the air. There are libraries full of commentaries, tens of thousands of very bright people have worked for a couple of centuries to get to this current state of knowledge. Most of what is in the current political air has already been considered – and found wanting”, so claims Tim Worstall, who works for the Adam Smith Institute, in response to a recent op-ed by Jonathan Aldred in The Guardian.

This Pandemic Has Exposed the Uselessness of Orthodox Economics

“Economic orthodoxy supports the narrative that this pandemic is a unique disaster no one could have prepared for, and with no wider lessons for economics and politics. […] There is an alternative: the pandemic provides further evidence that to tackle the climate emergency, inequality and any emerging crises, we must re-think our economics from the bottom up”, says Cambridge economist Jonathan Aldred, author of License to Be Bad; How Economics Corrupted Us (2019).

Economists’ Silence on Racism Is 100 Years in the Making

“Three years ago, Alice Wu’s thesis about overtly sexist language found on a forum used by job market candidates, followed by sexual assault allegations against star economist Roland Fryer less than two years later, represented a tipping point in the gender dynamics within the field of economics. Many Wu’s paper as the catalyst to institutional change in the economics profession with respect to gender. As a result, the American Economic Association decided to establish a Committee on Equity, Diversity and Professional Conduct, which administered and published a profession-wide climate survey. What the survey revealed was another deep-rooted problem, one that black economists have known for nearly a century: Economics has a race problem.”

COVID-19 and the End of Individualism

“The sudden stop to economic activity underscores a truth about the modern, interconnected economy: what affects some parts substantially affects the whole. This web of linkages is therefore a vulnerability when disrupted. But it is also a strength, because it shows once again how the division of labor makes everyone better off, exactly as Adam Smith pointed out over two centuries ago”, economist Diane Coyle argues.

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