Information Transfer Economics
Is economics scientific? A short play in one act.
Jason Smith
An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
As yours truly has reported repeatedly lately, university students all over Europe are increasingly beginning to question if the kind of economics they are taught — mainstream neoclassical economics — really is of any value. Some have even started to question if economics really is a science.How to make economics a realist and relevant science
Where we frequently go wrong as economists is to look for the “one right model” – the single story that provides the best universal explanation. Yet, the strength of economics is that it provides a panoply of context-specific models. The right explanation depends on the situation we find ourselves in. Sometimes the Keynesians are right, sometimes the classicals. Markets work sometimes along the lines of competitive models and sometimes along monopolistic models.The craft of economics consists on being able to diagnose which of the models apply best in a given historical and geographical context.Dani Rodrik's Weblog