Tags: economic theory

Ideological Foundations of Mainstream Neoclassical Economics: Class Interests as “Economic Theory”

November 20th, 2014
in Op Ed

There is now a widespread consensus that mainstream/neoclassical economists failed miserably to either predict the coming of the 2008 financial implosion, or provide a reasonable explanation when it actually arrived. Not surprisingly, many critics have argued that more »

The Re-reincarnation of Keynesian Economics

February 2nd, 2012
in Op Ed

by Dirk Ehnts The above is (almost) the title of a NBER working paper by Gregory Mankiw from 1991. It highlights the susbstantial difference between new Keynesian economics and the convictions of early Keynesians, he writes in the abstract. In the pape… more »

Do Harvard’s Econ Students Have a Point?

November 9th, 2011
in Op Ed

by Stephanie Kelton, New Economic Perspectives Originally posted November 04, 2011 Two days ago, a group of students at Harvard University submitted a letter to their econ prof -- Greg Mankiw – just before they got up and walked out of his introductory econ class. In the letter, Professor Mankiw's students say: If Harvard fails to equip its students with a broad and critical understanding of economics, their actions are likely to harm the global financial system. The last five years of economic turmoil have been proof enough of this.These students are clearly aware of the harm that economists can do when they're employing faulty models that rest on faith-based (theoclassical) assumptions to dispense policy advice in the real world. See, for example: more »

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