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.
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- More than half a million over-40s plan to use their pension to repay their mortgage
- China sell-off is a correction, not a crash
- The dangers of pensions drawdown in a falling market
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- European markets dip again on ongoing China fears
- Is this the start of a bear market?