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.
- Why the price of oil has “changed for a generation”
- Average rate offered by easy access ISAs collapses to its lowest on record
- Dividend hero investment company managers share their secrets
- House prices rise by 8.6% in September as supply remains weak
- Lloyds shares to be offered to the public at a discount
- Confidence in house price growth remains robust despite the threat of higher interest rates
- New car sales reach an all-time high
- Generous grandparents putting their own finances at risk by giving away too much cash
- Pensions tax relief consultation: “Constant change can be detrimental”
- Markets look to central banks for more help as stocks struggle, says BlackRock's Koesterich