Rethinking (the Role of) Economics as a Science

Online Courses

  1. How & How Not to Do Economics (Institute for New Economic Thinking)
  2. Capitalism & Political Economy (Duke University)
  3. Introduction to Economic Theories (Erasmus University Rotterdam)
  4. Capitalism: Competition, Conflict, Crisis (The New School for Social Research)

In the video slider a trailer of or lecture by the teachers of these courses.

Articles & Blogs

Hand-picked for you from around the web + original articles published just on the Moral Markets site

Why Do Economists Have Trouble Understanding Racialized Inequalities?

“The economics profession has long been criticized for often ignoring the structural basis of racism or, in general, any form of identity-based discrimination. Is there something about the way economics is taught that makes it difficult for economists to identify and address structural racism? A survey of around 500 economists that we ran earlier this year would suggest so.”

Economists versus Epidemiologists

“This Paul Krugman column helped crystallize the weirdness of the ongoing economists versus epidemiologists spat, perhaps more accurately described as the ‘some economists, especially those with libertarian politics, versus epidemiologists spat.’ Different theories, in turn below the fold. […] (1) The theory that economists actually are superior […] (2) The theory that economists’ superiority is a sociological construct that economists desire to maintain. […] (3) The theory that economists and epidemiologists have different motivations or values. […] (4) The theory that epidemiology challenges the basic ideological presuppositions of (some) economists. This is what Paul’s column points toward”

Post-COVID Economics: Toward a Paradigm of Social Collaboration

“Unlike the economic crises of the past, ours is one predicated on trying to slow the spread of a virus — a goal that involved curtailing consumer spending on purpose, whether through individuals staying home or more institutional efforts to constrain ‘non-essential’ corners of the economy. Yet in terms of economic policy, the government’s response looks just as it did in the 2008 financial crisis, focused mostly on top-down tweaking and arbitrary juicing, while ignoring the range of bottom-up factors at play. As economist Arnold Kling explains at National Affairs, this growing disconnect only illuminates the need for a more general reckoning with how we think about the modern economy.”

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.

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