Critiques of orthodox economics 2022

Sick with “shareholder value”: U.S. pharma’s financialized business model during the pandemic William Lazonick and Öner Tulum Institute for New Economic Thinking December 6, 2022

Herman Daly, 84, who challenged the economic gospel of growth, dies Ed Shanahan New York Times November 8, 2022
Perhaps the best-known ecological economist, he faulted his mainstream peers for failing to account for the environmental harm growth can bring.

Ecological breakdown: What are externalities external to? Güney Işıkara Developing Economics December 17, 2020
The 2018 Bank of Sweden Prize (falsely known as the Economics Nobel Prize) winner William Nordhaus opens the revised version of his Prize lecture as follows: “I begin with the fundamental problem posed by climate change – that is a public good or externality. Such activities are ones whose costs or benefits will spill outside the market and are not captured in market prices.”

Do you want to teach economics more critically? Here are some suggestions D-Econ October 31, 2022

A Nobel award for the wrong model Peter Bofinger and Thomas Haas Institute for New Economic Thinking October 18, 2022

University of California grad students demand higher pay and better conditions Hong Jian and Kimie Saito October 11, 2022

Moving the study of political economy off the university grid Tim Thornton Progress in Political Economy July 7, 2022 Beginning a face-to-face and on-line school of political economy in Sidney, Australia.

Resource limits to American capitalism & the Predator State today James K. Galbraith Institute for New Economic Thinking February 10, 2022

In the grip of a permanent war economy Seymour Melman CounterPunch March 15, 2003

How there’s more to economics than the science of scarcity Nicholas Gruen Evonomics May 8, 2022
Economic life as experienced was increasingly pushed out of view to make the chosen methods work.

ASE establishes a complimentary membership structure for individuals in lower income countries Association for Social Economics April 12, 2022
Individuals in lower-income countries are now able to receive a free one-year membership (with renewal) which includes the Review of Social Economy.

he Defense of Nature: Resisting the financializaton of the Earth John Bellamy Foster Monthly Review April 1, 2022

Keynes’, Piketty’s, and an extensive failure index: Introducing maldevelopment indices
Jorge Buzaglo and Leo Buzaglo Olofsgård Real-world Economics Review 2022 (Issue 99)
In recent decades GDP growth has been the argument to justify policies that aggravated unemployment and the inequality of wealth and incomes, and increased environmental harm. GDP growth, of course, is blind to the fact that there is mass unemployment, that real wages decline or stagnate; or to the fact that atmospheric pollution by greenhouse gases approaches catastrophic levels. GDP is also blind to many other flaws of unregulated capitalism, the economic society in which we live. Our study evaluated the extent of these flaws for a representative sample of countries.” [The maldevelopment indices developed in this article have much in common with the ideas of harm and exploitation, especially the extensive failure index.]

Weaponizing economics: Big Oil, economic consultants, and climate policy delay Benjamin Franta Environmental Politics August 25, 2021
The role of particular scientists in opposing policies to slow and halt global warming has been extensively documented. The role of economists, however, has received less attention. Here, I trace the history of an influential group of economic consultants hired by the petroleum industry from the 1990s to the 2010s to estimate the costs of various proposed climate policies. The economists used models that inflated predicted costs while ignoring policy benefits, and their results were often portrayed to the public as independent rather than industry-sponsored. Their work played a key role in undermining numerous major climate policy initiatives in the US over a span of decades, including carbon pricing and participation in international climate agreements. This study illustrates how the fossil fuel industry has funded biased economic analyses to oppose climate policy and highlights the need for greater attention on the role of economists and economic paradigms, doctrines, and models in climate policy delay.

Manifold exploitations: toward an intersectional political economy Nancy Folbre Review of Social Economy August 2020 (access to full article)
The distinction between oppression and exploitation is overstated in traditional Marxian theory. Defined in terms of economic advantages gained from unfair bargaining power, exploitation can take manifold forms, characterized by intersections, overlaps, and interactions within complex hierarchical systems in which actors often find themselves in somewhat contradictory positions.

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