For those of you that follow and study economics – this is an excellent source to help balance your knowledge.
[ The three earlier posts “How free-market fundamentalists are hopelessly wrong” are extracted from a paper that is now published by the World Economics Association in an on-line conference on Economics in Society, the Ethical Dimension. The full text of the paper follows, covering more deficiencies of the mainstream and some new modelling illustrating a more useful approach. A pdf can be downloaded here (300 kb) ]
A profession that claims to understand economies, and that has gained power over the greater part of our societies, has big responsibilities. The fundamental responsibility is to ensure its perception of economies gives some useful guidance to the behaviour of real economies. Here mainstream economics fails utterly, and has been failing for a long time. Worse, it actively resists alternative views that might overcome its failings. Ethics do not come much worse than that.
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