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Economics: Unfit for Purpose

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  • Ben Fine

Abstract

This paper is a shortened and revised version of the Closing Plenary given to the World Congress of the Association of Social Economics, and Cairncross Lecture, University of Glasgow, June 2012. Mainstream economics is seen as unfit for purpose because of deficiencies that have long been criticised by a marginalised heterodoxy. These include the taking out of the historical and social even if bringing them back in on the basis of a technical apparatus and architecture that is sorely inappropriate. These observations are illustrated in passing reference to social capital but are particularly appropriate for understanding the weakness of ethics within mainstream economics. An alternative is offered through taking various "entanglements" (such as facts and values) as critical point of departure, leading to the suggestion that ethical systems are subject to the 10 Cs-Constructed, Construed, Conforming, Commodified, Contextual, Contradictory, Closed, Contested, Collective and Chaotic.

Suggested Citation

  • Ben Fine, 2013. "Economics: Unfit for Purpose," Review of Social Economy, Taylor & Francis Journals, vol. 71(3), pages 373-389, September.
    • Handle: RePEc:taf:rsocec:v:71:y:2013:i:3:p:373-389
    DOI: 10.1080/00346764.2013.799969
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    References listed on IDEAS

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    1. Gerald Epstein & Jessica Carrick-Hagenbarth, 2010. "Financial Economists, Financial Interests and Dark Corners of the Meltdown: It’s Time to Set Ethical Standards for the Economics Profession," Working Papers wp239_revised, Political Economy Research Institute, University of Massachusetts at Amherst.
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    Cited by:

    1. Kader, Haithem, 2021. "Human well-being, morality and the economy: an Islamic perspective," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 28, pages 102-123.
    2. Hanappi, Hardy & Scholz-Waeckerle, Manuel, 2015. "Evolutionary Political Economy: Content and Methods," MPRA Paper 75447, University Library of Munich, Germany.
    3. Ben Fine, 2016. "Social Capital: From One-Dimensional Man to One-Dimensions Economy and Economics," Working Papers 197, Department of Economics, SOAS University of London, UK.
    4. Ben Fine, 2019. "Post-Truth: An Alumni Economist’s Perspective," Working Papers 219, Department of Economics, SOAS University of London, UK.

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