IDEAS home Printed from
   My bibliography  Save this article

The Failures of Economics and the Emerging New Economics


  • Michael Chibba


The current economic and financial crisis has exposed several weaknesses in economics that emanate from oversimplification of reality, the role of ideology, and the failure to consider culture and governance matters. In addition, tackling poverty and inequality in economics is highly problematic and it has arguably also been a failure. Other areas, including fundamental assumptions regarding rational decision-making and the lack of a robust linkage between the micro and the macro, leave much to be desired as well. And these ‘fault lines’ have had an impact on the depth and quality of economics. This paper draws from field research and other primary sources, and engages in a critical review and analysis of the background and certain aspects of the status quo of economics, with special reference to macroeconomics, development economics, and other areas. Fresh ideas and alternative paradigms suggest an emerging new economics to address the fault lines and to grow the discipline.

Suggested Citation

  • Michael Chibba, 2010. "The Failures of Economics and the Emerging New Economics," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 11(1), pages 49-68, January.
  • Handle: RePEc:wej:wldecn:404

    Download full text from publisher

    File URL:
    Download Restriction: no

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wej:wldecn:404. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ed Jones). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.