Friday, June 1, 2007

Orthodox Economics = Mafia?

I have posted several articles on some criticism of orthodox economics, such as Mark Blaug's Ugly Currents in Modern Economics, Lester Thurow's The Strengths and Weaknesses of Economists and The Rhetoric of Economics by D. N. McCloskey. Even the new president of the American Economic Association, Nobel medallist George Akerlof, gave what was in many senses a radical presidential address this year, attacking some of the discipline's most basic assumptions about what drives human economic behavior.

The latest debate over the above issue is that, whether the neoclassical economics is becoming more and more like a mafia? A controversial article from The Nation says yes, because heterodox and non-neoclassical approaches are unduly ignored.

You can read more comments on this ongoing debates. And as far as I know, the world's largest association of heterodox economists will meet today in Salt Lake City(link).

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