Category Archives: Economics (Critiques of)

Critiques of orthodox economics 2020

Why do economists have trouble understanding racialized inequalities? Ingrid Harvold Kvangraven and Surbhi Kesar Institute for New Economic Thinking August 3, 2020
Mainstream economics ignores historical and structural factors by design.

Economics is a disgrace Claudia Sahm Macromom July 29, 2020

Economics for Black lives Darrick Hamilton and Jesse A. Myerson Dissent June 29, 2020.
Discussion of the pandemic, the uprisings, and the future through the lens of stratification economics.

Whitewashing capitalism Tim Koechlin Common Dreams June 16, 2020
How ECON 100 obscures the relationships among capitalism, racism and racial inequality.

Principles of Radical Political Economics RPE Principles Working Group of the URPE Steering Committee URPE 2020

To celebrate the 500th anniversary of Martin Luther's 95 Theses, a group of free-thinking Economists and students challenged the current dogma in standard economics and investigated the shaky foundations of the neoclassical faith, at a meeting in London at the UCL Institute for Innovation and Public Purpose. Credit: IIPP

Standard economics: 50+ years of resisting new ideas

Lane Vanderslice

The Union for Radical Political Economics is 50 this year, and a notice has just been sent out about a 50th anniversary celebration at the University of Massachusetts .  URPE was started in 1968 because of great frustration with standard economics, which  had limited theories (neglecting power, for one thing) and confined to a narrow range of problems which did not include such things as imperialism, the military industrial complex and discrimination. I was one of the group of economics graduate students at the University of Michigan, that, after several years of working for change at the U.M. economics department, sent out a call for a new organization embodying different principles to economics departments across the United States.  The response was great, and URPE was begun.  (See the 1968 URPE Prospectus.)

URPE and the organizations and publications that preceded and came after its establishment, have come to be known as heterodox, for expressing a variety of analyses and analytical frameworks such as Marxism and Institutional Economics not present in standard economics.  This significant group has permitted much useful analysis to be presented, which otherwise would have been stifled by standard economic journals.

Alas,  the divide between standard and heterodox economics continues today. Gary Dimski Continue reading

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You might have earned it, but don’t forget that your wealth came from society

An excellent article, pointing out clearly something that economics glosses over: that a major influence in the size of the income from one’s work has been the contribution of knowledge and productive capacity of past generations.  Thus “I earned it–it’s mine,” or the marginal product of labor and capital is a superficial look at the outcome.  “We see so clearly, because we stand on the shoulders of giants.”  The legacy of the past is there in what we and capitalists earn too.

You might have earned it, but don’t forget that your wealth came from society Ryan Avent Evonomics: The Next Evolution of Economics November, 2017

Also see  Understanding harmful economic systems., especially the section on  obtaining income.

Caption: “If I have seen further it is by standing on ye sholders of Giants”–Isaac Newton. The phrase is most famous as an expression of Newton’s but he was using a metaphor which in its earliest known form was attributed to Bernard of Chartres by John of Salisbury: Bernard of Chartres used to say that we [the Moderns] are like dwarves perched on the shoulders of giants [the Ancients], and thus we are able to see more and farther than the latter. And this is not at all because of the acuteness of our sight or the stature of our body, but because we are carried aloft and elevated by the magnitude of the giants. (Wikipedia) Image credit:  By Godfrey Kneller – National Portrait Gallery: NPG 2881