This paper argues that the recent global crisis has confirmed in a stark manner that the dominant mainstream approach to the study of economics is seriously deficient. While these deficiencies are multidimensional, a major reason is that the dominant approach fails to take into account seriously and adequately three major aspects of real-world economies: uncertainty, power, and institutions. Incorporating these issues into economic analysis, which is the urgent and important business at hand for critics of mainstream economics, leads to a more appropriate approach to policies that can help to shape more desirable forms of capitalism.
Posted on: Thu, 22 Jan 2015 04:57:28 +0000
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