Economics faces long needed upheaval as students demand right to dissent


By Robert Skidelsky – In a manifesto published in April economics students at the University of Manchester advocated an approach “that begins with economic phenomena and then gives students a toolkit to evaluate how well different perspectives can explain it”, rather than with mathematical models based on unreal assumptions.

Significantly, Andrew Haldane, executive director for financial stability at the Bank of England, wrote the introduction.

The Manchester students argue that: “The mainstream within the discipline (neoclassical theory) has excluded all dissenting opinion, and the crisis is arguably the ultimate price of this exclusion. Alternative approaches such as post-Keynesian, Marxist, and Austrian economics (as well as many others) have been marginalized. The same can be said of the history of the discipline.” more> http://tinyurl.com/otce83o

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