Dirk Ehnts — John Kay on economic methodology: no heterodox, please – we’re INET

John Kay writes about alternatives to the economics we have today. He kind of sympathizes with the Manchester students:

Their demand for more pluralism in the economics curriculum is well made. Yet much of the “heterodox economics” the Manchester students suggest including is flaky, the creation of people with their own political agenda, whether Marxist or neoliberal; or of those who cannot do the mathematics the dominant rational choice paradigm requires. Their professors reject the introduction of these alternative schemes for the same good reasons their science colleagues would reject phlogiston theory or creationism.

So, professors reject much of the “heterodox economics” [...] “for the same good reasons their science colleagues would reject phlogiston theory or creationism”. Is that so?...

Another conservative think tank is not what the world needs. Perhaps some new economic thinking at INET can still be hoped for?

 Nah, principled heterodox people should just pull out and start something real.

econoblog 101
John Kay on economic methodology: no heterodox, please – we’re INET
Dirk Ehnts | Berlin School for Economics and Law