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.
- Market leading savings rates are being pulled after just days on offer
- Halloween stock picks which could be winners but are still not for the faint hearted
- More than 20m have failed to review their pension in the past four years
- Younger women are not financially protected against breast cancer
- Up to 200,000 are poised to cash in their pensions next April
- As temperatures drop the battle between the UK's energy providers heats up
- Mindful Money's weekly shares watch: BP, Lloyds, Next & Barclays
- Pension scammer warning as 77% say they don't know the difference between pension income reforms and pension liberation
- The average working Briton enjoys some £500 a month in spare cash says Lloyds
- Red flag – Despite what some policymakers may imply, global debt levels are not reducing