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Evolution of Economics

It has now been several years since the worst economic crisis since the Great Depression struck, and an exercise in intradisciplinary introspection is finally beginning to take shape. The dossier of the inaugural issue of Perspectives takes on the defining question of current economic debate: Is economics in need of reform? The editorial team invited a diverse list of professional contributors to offer their take on the challenges the economics field is facing. We are proud to be able to present the culmination of their respective efforts. Over the following posts, observers from a variety of perspectives share their take on the key issues facing economics and economics teaching.

Economics: towards science or philosophy?

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BY UNLEARNING ECONOMICS 07/10/2014 What is the way forward for economics and homo economicus following the financial crisis? To answer this I will consider a debate which is important in theory, yet often sterile in practice: is economics a ‘science’? In this essay I will argue that economics contains elements ...

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Time for a Copernican Revolution in Economics

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BY DR. STEVE KEEN 2/10/2014 The financial crisis took the vast majority of the economics profession by surprise. Though there were individual mainstream economists—such as Robert Shiller and Joseph Stiglitz—who have a claim to having warned of the crisis, no mainstream economic model foresaw anything like what eventuated in 2007. ...

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