How to Use Economics and Not Be Used By Economists (6/6) — Lynn Fries interviews Ha-Joon Chang

Video and transcript.

... in the book I argue that there should be intellectual diversity within economics. I introduce no less than nine schools of economics, each with its own strengths and weaknesses, each with its own focus and specialty. And I argue that all of these different schools are necessary if you are going to fully understand the complex thing called the economy....

No one has the ocean in their bucket, regardless of how imposing the bucket.

..we have created a world where economists are impervious to outside scrutiny, and economists do not have to subject themselves to public debate. They can just browbeat the general public, saying well, we know what you don't know. We have all these sophisticated mathematical models that proves this, proves that. And that closing off of public debate in the area of economics I think has been very important in weakening our democracies.

So my hope in writing this book was to tell people, look. I mean, economics is not that difficult. You know, anyone with secondary education can understand the basics of it, and by getting rid of that aversion or even fear about economics, I think that this book will contribute to encouraging people to engage in more vigorous debate on economic issues. And through that, I hope to contribute to the promotion and strengthening of democratic debate.

Amen. Otherwise we are toast and that could be literally.

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How to Use Economics and Not Be Used By Economists (6/6)

Lynn Fries interviews Ha-Joon Chang