econocracy

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Naked Capitalism discusses "a fantastic economics book" entitled The Econocracy: The Perils of Leaving Economics to the Experts:

It is about how the general population has been excluded from public policy debate by an inward-looking economics profession. More than this, the profession is fundamentally failing, having grown in the past three decades to become nothing more than ideology masquerading as science.

The authors - Joe Earle, Cahal Moran and Zach Ward-Perkins (EMW) - assert that "the economy is whatever economists assume it to be:"

When we think of Gross Domestic Product, probably the main measure of the ethereal thing we call the economy, we are actually thinking of a measure whose definition has changed dozens of times. The latest change of note is the inclusion of illegal drugs and prostitution in the European Union offical GDP statistics. So is crime now part of the economy? And if so, is it good or bad to have more of it?

Examples like this are common, yet routinely ignored. They reveal that when you define an economy, you are making moral judgements about what is good or bad for society. [...] Many people want to put forward their views in political debates about what constitutes a good, and just, society, but are bamboozled by economics jargon, which seems to leave no place for them. Cloaking policy debates in economic jargon limits participation from those who simply want to express their valid moral judgements about how society should be run.

"EMW propose that teaching in a more pluralist and critical way is the answer," the piece continues:

Many of the core parts of an economics course would be kept, and some replaced with a more diverse set of ideas and methods. No longer would material be presented uncritically as religious icons to be believed, not challenged, but each idea would be pulled apart and rigorously scrutinised.

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This page contains a single entry by cognitivedissident published on February 13, 2017 7:24 AM.

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