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What Should Economists Be Doing?

Economics is now at a stage when we need to examine the assumptions in the woodwork that are hindering our ability to understand and map the new world of digital technology and inter-linkages that we are just beginning to inhabit. “Normal science” must continue, but it also is time for paradigmatic thinking.

ITHACA – The unexpected financial crash of 2008, the persistence of the slowdown that occurred in its wake, the failure of conventional monetary and fiscal policies to revive economies, and the cracks in global trade that we are witnessing now have all given rise to a widespread disquiet about conventional economics. As David Graeber wrote in a recent review of Robert Skidelsky’s new book Money and Government: The Past and Future of Economics, “There is a growing feeling … that the discipline of economics is no longer fit for purpose.”