Economics in disarray, having placed efficiency before ethics, human well-being(abc.net.au)
abc.net.au
Economics in disarray, having placed efficiency before ethics, human well-being
https://www.abc.net.au/news/2024-03-17/nobel-prize-winning-economist-criticises-economics-profession/103582032
3 comments
Thanks - I may pickup his latest book
"Mainstream economics is in "disarray."
It ignores the reality of power, it neglects questions of equity, and its policy recommendations can be "little more than a license for plunder."
In other words, economics is not about social justice, it's about optimal allocation of resources, how markets set prices, and what makes economies grow or not, productivity and efficiency.
So economics haven't placed marxist clads struggles at it's center, therefore it is in "disarray"
It ignores the reality of power, it neglects questions of equity, and its policy recommendations can be "little more than a license for plunder."
In other words, economics is not about social justice, it's about optimal allocation of resources, how markets set prices, and what makes economies grow or not, productivity and efficiency.
So economics haven't placed marxist clads struggles at it's center, therefore it is in "disarray"
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