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.
- Bond markets are pricing much weaker growth
- Mindful Money's weekly shares watch: Tesco, GlaxoSmithKline & Unilever
- Weak corporate earnings and the strength of sterling drags UK dividend growth to a standstill
- Are bank stocks the new utilities?
- Responsible investment doesn't have to mean sacrificing returns
- High and dry – There is a reason some fixed income investments are known as ‘junk’ bonds
- Mortgage lending up 10% on an annual basis in September but market is "sitting on a plateau"
- Taxman sees 70% rise in fraudulent 'phishing' emails
- Is India presently enjoying a “Goldilocks moment”
- Rival of the UK's top comparison sites claims the big players are hiding the best deals from consumers