Modern economics — the true picture

25 Mar, 2016 at 15:21 | Posted in Varia | 3 Comments

Most mainstream economists think ‘modern’ economics looks like this:


In reality, I would argue, it looks more like this:

neoclassical building


  1. Like the first picture – everything classical, symmetrical and in equilibrium. Let’s ignore the messiness of reality, it just isn’t convenient.

  2. Since everything is “natural” I think it should be an empty lot taken over by weeds. Because they have abdikated from actually doing anything, that is the meaning of “natural”.

  3. Economics does address the specific and local conditions related to all kinds of economic transactions. These pictures remind me of how gentrification really and actually occurs over the course of decades. Is Urban Renewal explained in Economics?

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