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Economics: What to Do About an Unreformable Discipline? الاقتصاد: ماذا نفعل لعلم غير قابل للإصلاح؟

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  • Steve Keen

    (Honorary Professor, University College London and Distinguished Research Fellow, Institute for Strategy, Resilience & Security, London)

Abstract

The 2008 crisis was an obvious anomaly for mainstream Neoclassical economic theory, and yet a decade after the crisis, the Neoclassical school still dominates the discipline and is largely unchanged. I argue that the separation of academic economics from the consequences of its empirical failures means that it is extremely unlikely that academic economics will be reformed. Instead, if change is to occur within economics, it will likely be led by institutions like central banks and treasuries which are under at least some pressure to produce useful economic forecasts. Apart from this, I hold out hope that emerging disciplines such as complex system analysis will supplant economics itself. I also encourage all would-be students of economics to join the Rethinking Economics network and teach themselves non-mainstream economics using the resources of the internet. مَثَّلت الأزمة المالية لعام 2008م إخفاقاً كبيراً في النظرية الاقتصادية الكلاسيكية الحديثة السائدة. وبعد مرور عقد على الأزمة، لا يزال فكر تلك المدرسة مهيمناً على علم الاقتصاد الذي يُدرس في المحافل العلمية والأكاديمية دون إدخال أي إصلاحات أو تغييرات تُذكر. أناقش في هذه الوقة أن فصل الاقتصاد الأكاديمي عن عواقب إخفاقاته التجريبية يعني أنه من غير المرجح للغاية أن يتم إصلاح الاقتصاد عبر المسار الأكاديمي. عوضاً عن ذلك، إذا كان التغيير سيحدث في الاقتصاد فمن المحتمل أن تقوده مؤسسات تطبيقية كالبنوك المركزية والوزارات المالية التي تتعرض على الأقل لبعض الضغط لإنتاج توقعات اقتصادية مفيدة. وبصرف النظر عن هذا، فإنني آمل في أن التخصصات الناشئة مثل تحليل النظم المعقدة ستحل محل الاقتصاد نفسه، كما أشجع جميع طلاب الاقتصاد المحتملين على الانضمام إلى شبكة "إعادة التفكير في الاقتصاد" وتعليم أنفسهم أفكاراً اقتصادية وأدوات تحليل غير سائدة باستخدام موارد متاحة على شبكة المعلومات العالمية (الإنترنت).

Suggested Citation

  • Steve Keen, 2019. "Economics: What to Do About an Unreformable Discipline? الاقتصاد: ماذا نفعل لعلم غير قابل للإصلاح؟," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 109-117, January.
  • Handle: RePEc:abd:kauiea:v:32:y:2019:i:2:no:8:p:109-117
    DOI: 10.4197/Islec.32-2.8
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    References listed on IDEAS

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    More about this item

    Keywords

    Pedagogy; Paradigms; Education; Macroeconomics; Complex systems. علم أصول التدريس، النماذج الإرشادية، التعليم، الاقتصاد الكلي، النظم المعقدة.;
    All these keywords.

    JEL classification:

    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • P41 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Planning, Coordination, and Reform
    • Y8 - Miscellaneous Categories - - Related Disciplines

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