“The academic discipline of economics ought to be in crisis. Its reputation has been severely damaged by the financial crisis. The implosion of finance and the slowdown in economic growth has left economics floundering. Economists have routinely assumed that markets work more or less perfectly and have assumed away the possibility of crisis. These assumptions betray an economics that is out of touch with reality and in need of revision.
Yet in several ways mainstream economics is continuing as if the events of recent years had never occurred. Its approach to research and key underlying theories remain essentially the same as before the financial crisis. The radical thinking that those outside economics might have hoped and expected to develop has not materialised: rather economics has been hemmed in by the standards and conventions of the dominant neoclassical paradigm. It has been business as usual in academic economics: no fundamental change in the economics profession, no fundamental change in economics journals, and no fundamental change in the economics curriculum. READ MORE“
