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.