Written by John Lounsbury
In 2011 Harvard students taking the first year economics course taught by Prof. N.Gregory Mankiw walked out of a lecture in protest of the “limited – view of economics that we believe perpetuates problematic and inefficient systems of economic inequality in our society today“. (Wikipedia). This week we have a lecture by another Harvard professor, Stephen Marglin, presented to the protesting students in which he discusses heterodox economics.
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From Wikipedia:
Stephen Alan Marglin is an American economist. He is the Walter S. Barker Professor of Economics at Harvard University, a fellow of the Econometric Society, and a founding member of the World Economics Association.[1]
Marglin started out as a neoclassical economist, and was regarded, even while still an undergraduate, as the star of Harvard’s economics department.[4] Arthur Maass, the Frank G. Thomson Professor of Government, Emeritus, at Harvard,[7] once remembered how Marglin, “when he was just a senior, wrote two of the best chapters in a book published by a team of graduate students and professors.”[4] His exceptional early contributions to neoclassical theory[4] led to his becoming a tenured professor at Harvard in 1968, one of the youngest in the history of the university.[2]
Since the late 1960s, Marglin, following the lead of people such as Samuel Bowles, Herbert Gintis, and Arthur MacEwan, rejected orthodox economics and began expressing dissenting views in his academic work.[3][4][8] According to his former teacher, James Duesenberry, Marglin’s career subsequently “suffered” because of his department and the university authorities in general taking a negative view of this change.[4] Economist Brad DeLong noted in a similar vein that the wider community of “Ivy League economists” took a rather dim view of Marglin’s post-tenure “deviancy”, something that has “not been pretty” to observe.[9]
Marglin has published in areas including the foundations of cost – benefit analysis, the workings of the labor-surplus economy, the organization of production, the relationship between the growth of income and its distribution, and the process of macroeconomic adjustment.[10]
Source: YouTube
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