Economics : what to do about an unreformable discipline ?
Other Title(s)
الاقتصاد : ماذا نفعل لعلم غير قابل للإصلاح ؟
Author
Source
Journal of King Abdulaziz University : Islamic Economics
Issue
Vol. 32, Issue 2 (31 Jul. 2019), pp.109-117, 9 p.
Publisher
King Abdulaziz University Scientific Publishing Center
Publication Date
2019-07-31
Country of Publication
Saudi Arabia
No. of Pages
9
Main Subjects
Topics
Abstract EN
The 2008 crisis was an obvious anomaly for mainstream Neoclassical economic theory, and yet a decade after the crisis, the Neoclassical school still dominates the discipline and is largely unchanged.
I argue that the separation of academic economics from the consequences of its empirical failures means that it is extremely unlikely that academic economics will be reformed.
Instead, if change is to occur within economics, it will likely be led by institutions like central banks and treasuries which are under at least some pressure to produce useful economic forecasts.
Apart from this, I hold out hope that emerging disciplines such as complex system analysis will supplant economics itself.
I also encourage all would-be students of economics to join the Rethinking Economics network and teach themselves non-mainstream economics using the resources of the internet.
American Psychological Association (APA)
Keen, Steve. 2019. Economics : what to do about an unreformable discipline ?. Journal of King Abdulaziz University : Islamic Economics،Vol. 32, no. 2, pp.109-117.
https://search.emarefa.net/detail/BIM-888365
Modern Language Association (MLA)
Keen, Steve. Economics : what to do about an unreformable discipline ?. Journal of King Abdulaziz University : Islamic Economics Vol. 32, no. 2 (Jul. 2019), pp.109-117.
https://search.emarefa.net/detail/BIM-888365
American Medical Association (AMA)
Keen, Steve. Economics : what to do about an unreformable discipline ?. Journal of King Abdulaziz University : Islamic Economics. 2019. Vol. 32, no. 2, pp.109-117.
https://search.emarefa.net/detail/BIM-888365
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 114-115
Record ID
BIM-888365