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.
- We can expect plenty of good news in the UK Autumn Statement
- Is Abenomics unleashing a real wage and cost of living crisis on Japan just like the UK has seen?
- The economy of France has decoupled from that of Germany
- Will the government make peer-to-peer lending Isa-inclusive?
- Buying into the UK Industrial Renaissance
- Property - yield is important but there are other reasons to invest
- UK savings plummet as £23bn withdrawn from accounts
- State pension age to rise dramatically for the under 50s. The young can expect to work till they're 70
- The last five years before you retire are arguably the most important. De-risk your pension as you approach retirement
- Riding the property rollercoaster