The point can be made in more detail with respect to labour - TopicsExpress



          

The point can be made in more detail with respect to labour economics, finance theory, public economics and industrial organization. None of the standard conclusions of these fields of microeconomics can be assumed to be valid under conditions of sustained high unemployment. Keynes specifically presented his macroeconomic ideas as making the world safe for neoclassical micro. If governments could stabilise the aggregate economy with fiscal policy, there was no need for comprehensive economic planning of the kind being practised, with apparent success, in the Soviet Union, or for ad hoc interventions like the price-fixing elements of the New Deal. In summary, the failure of macroeconomists and finance economists to provide either a warning of the Global Financial Crisis or any consistent advice on how to deal with the ensuing Great Recession it isn’t just a problem for them. It undermines the whole economics profession. The sooner we realise that the entire discipline is in a state of scientific crisis the sooner we might start to do something about it.
Posted on: Sat, 26 Oct 2013 15:29:33 +0000

Trending Topics



Recently Viewed Topics




© 2015