“We need economic theories fit for the real world”

We need economic theories fit for the real worldThe Guardian, Thursday 21 November 2013

The Association for Heterodox Economics welcomes student initiatives for fundamental reform of the economics curriculum, as do our post-Keynesian colleagues (Letters, 19 November). Heterodox economists, drawing on a range of theorists, including Keynes, Marx, Minsky and others, have consistently argued for greater pluralism in both economics curricula and economics research evaluation. We recognise the clear benefits of pluralism in economics: it encourages, by exposing them to alternative perspectives, the development of students’ critical thinking and judgment. Also, by drawing on a range of views, pluralism offers greater power to explain real-world events and provides the tools to solve real-world complex problems. [Read full article]

Post-Keynesians are staging a comeback | The Guardian, Monday 18 November

The Post Keynesian Economics Study Group is committed to economicresearch and teaching with real-world relevance. The post-Keynesian approach emphasises the central importance of aggregate demand in the macro-economy, the challenges posed by financial instability in a world of globalised capital flows, the impact of inequality on economic growth, and the effect of uncertainty on expectations. In our view, these themes, which hold so much relevance at the present historical moment, cannot adequately be encompassed within the standard teaching models that treat the economy as rapidly self-adjusting towards an efficient state of full-employment equilibrium. We applaud the students’ initiative and suggest their criticisms be heard. The solution to the irrelevance of the economics curriculum is not to write off the discipline, but to insist on the renewal of its core historical concerns with the nature of growth, underemployment and financial instability and the distribution of income and wealth. [Read full article]

Posted in Research
Dr. Tae-Hee Jo

Economics and Finance Department
SUNY Buffalo State
1300 Elmwood Ave.
Buffalo, NY 14222
USA

o: Classroom Building B333
t: 716-878-3374
e: taeheejo [at] gmail.com
e: joth [at] buffalostate.edu

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