Economics in Transition
Since the 2008 global financial crisis, there has been no shortage of criticism of conventional economics, with its rigid models and fanciful “representative agents,” which utterly failed to predict the collapse. But the critics often overlook the emergence of new approaches – some predating the crisis – that could redefine the mainstream of economic thinking.
MANCHESTER – There seems to be no end to the tide of books criticizing economics, and – as I am an economist – it must make me something of a masochist that I keep reading them. The exercise is all the more wearisome as the criticisms are both repetitive and increasingly misdirected.