Skip to Content

August 1, 2014 - Latest:

Part 4: Conclusion: Bye Bye Laputa?

  • 26 June 2012

 

I'm not a professional economist but then again you don't need to be a new economist to see that the problems we're currently encountering lie outside the realm of economics as it's defined and practised by the neo-classicists.

By way of conclusion, my point is that we desperately need to find viable alternative ways of modelling our economies.

It's true that sometimes the proponents of alternative approaches to economic approaches can seem naïve – for example I would argue that Angry Bear‘s Dan Crawford might come across as such when he argued that:

"we have everything we need, right now, to restart our economies. All the unemployment, the hardship, the lost opportunities are unnecessary."

Dystopia or Utopia – its up to us

But even if they do sometimes come across as utopian, I welcome the fact that ‘new economists' including Crawford, Keen, Kelton, Mitchell and Roche are swimming out of the mainstream in the hope of finding a current that will get us out of the present dystopia, away perhaps from that floating island of un-reality, Laputa.

And who knows, along the way they might even find a version of economics that is not just humanized but also rooted in empiricism.       

 

Intro: The end of economics as we know it                     

Part 1: What's wrong with neo-classical economics? 

Part 2: The decline and fall of neoclassicism  

Part 3: The rise of the New Economists – key players and ideas 

Part 4:  Conclusion: Bye Bye Laputa?

EXTRA

20 'New Economics' sites you should read

Subscribe Find an Adviser



Recent Comments

X Sign up for newsletter

Sign up for the Mindful Money daily newsletter for news, analysis and expert opinion from Mindful Money’s journalists and columnists including Shaun Richards, Simon Ward, Nick Gartside, Justin Urquhart Stewart and many more.

* = required field
Other

Other 2