Reformation in economics30 December, 2016 at 17:52 | Posted in Economics | 4 Comments
This is a book about human limitations and the difficulty of gaining true insight into the world around us. There is, in truth, no way of separating these two things from one other. To try to discuss economics without understanding the difficulty applying it to the real world is to consign oneself to dealing with pure makings of our imaginations. Much of economics at the time of writing is of this sort, although it is unclear such modes of thought should be called ‘economics’ and whether future generations will see them as such. There is every chance that the backward-looking eye of posterity will see much of what today’s economic departments produce in the same as we now see phrenology: a highly technical, but ultimately ridiculous pseudoscience constructed rather unconsciously to serve the political needs of the era.
Highly recommended reading for everyone interested in making economics a relevant and realist science.