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.
- UK monetary policy is expansionary for banks and housing but what about exporters?
- Possible flight disruption from Icelandic eruption - travellers warned to check their insurance policies for exclusions
- What does the transfer window just gone tell us about the economics of England's Premier League?
- Douglas Carswell defects to UKIP
- The current difficulties and dangers faced by investors seeking income
- Scottish independence - all others risks pale besides the currency risk
- Woodford sells out of HSBC due to "fine risk"
- Half of homeowners would struggle with 1% rate rise
- Consumers miss out on huge savings by sticking with same providers
- Surgeons are the most accident-prone drivers