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Africa Should Discard Mainstream Economic Theory

In: The Palgrave Handbook of Africa’s Economic Sectors

Author

Listed:
  • John Komlos

    (University of Munich)

Abstract

Economists in developing countries should abandon the ideas enshrined in the Washington consensus, and resist teaching mainstream economic theory, because the idealized markets of mainstream economic theory differ greatly from real markets in ways that disadvantages those who are at the lower end of the global income distribution. The inconvenient truth is that real markets have numerous Achilles heels that prevent them working as described within the neoliberal framework. Real markets reduce the chances of those born into poverty to succeed in today’s complex global economy. These intrinsic imperfections, generally overlooked or trivialized by mainstream economists, are discussed in this essay. They include such factors as the costs associated with acquiring reliable information about market conditions, the myriad of problems associated with bounded rationality, manipulation of utility function of market participants.

Suggested Citation

  • John Komlos, 2022. "Africa Should Discard Mainstream Economic Theory," Springer Books, in: Evelyn F. Wamboye & Bichaka Fayissa (ed.), The Palgrave Handbook of Africa’s Economic Sectors, pages 995-1017, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-75556-0_39
    DOI: 10.1007/978-3-030-75556-0_39
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    More about this item

    Keywords

    A00; B50; D60; J15; Z13;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • D60 - Microeconomics - - Welfare Economics - - - General
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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