26 March 2009

Back to the roots

Rumblings against orthodoxy are growing stronger..here is a piece by Kaletsky on the need for economics to get a 'new' paradigm..its conclusion: Economics today is a discipline that must either die or undergo a paradigm shift—to make itself both more broadminded, and more modest. It must broaden its horizons to recognise the insights of other social sciences and historical studies and it must return to its roots. Smith, Keynes, Hayek, Schumpeter and all the other truly great economists were interested in economic reality. They studied real human behaviour in markets that actually existed. Their insights came from historical knowledge, psychological intuition and political understanding.

2 comments:

  1. This couldn't have been captured any better, especially with the dearth of inspired problem solving mechanisms at the international level. Issues such as these might be the turning point perhaps...

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  2. Agreed to Edo Nimose. There needs to be a collaborative effort by the nations across the world especially by G20 as they actually write scripts which are followed by rest of the world. But agian Edo is right, issues like this give us an opportunity to improve our existing systems and looking for even better options.....

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