Economics - Unfit for purpose: The Director's Cut
AbstractThis paper is a lengthier 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 â€œentanglementsâ€ (such as facts and values) as critical point of departure, leading to the suggestion that ethical systems are subject to the 10 Cs â€“ Constructed, Construed, Conforming, Commodified, Contextual, Contradictory, Closed, Contested, Collective and Chaotic.
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Bibliographic InfoPaper provided by Department of Economics, SOAS, University of London, UK in its series Working Papers with number 176.
Length: 26 pages
Date of creation: Jan 2013
Date of revision:
Economics and ethics; heterodox critique of mainstream; social capital;
Find related papers by JEL classification:
- A10 - General Economics and Teaching - - General Economics - - - General
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
- A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
- A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-03-16 (All new papers)
- NEP-HME-2013-03-16 (Heterodox Microeconomics)
- NEP-HPE-2013-03-16 (History & Philosophy of Economics)
- NEP-PKE-2013-03-16 (Post Keynesian Economics)
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