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Showing posts with the label “mainstream economics”

The Existential Crisis of Mainstream Economics

Both conservative and liberal economists, in other words, continue to frame economics the way Lionel Robbins defined it, as the allocation of scarce resources among competing ends, which has rightfully earned the discipline the description of being the dismal science. For both schools, efficiency remains the prime consideration. Rather, the economic  problematique  should be, according to Deaton, the way his fellow Cambridge economist Keynes defined it: “how to combine three things: economic efficiency, social justice, and individual liberty.”

Has ‘Globalisation’ Ended?

The claim was  global expansion and harmonious development of the productive forces and resources of the world .  The 2008-09 crisis, the Arab uprisings and social movements in the West itself, wars and civil wars, migration, fall in living standards for many people, environmental degradation, rise of neofascism and more racism, increase in inequality and corruption, the handling of the pandemic and vaccine apartheid … has exposed what ‘globalisation’ has really meant.