"Des waerelds doen en doolen, is maar een mallemoolen,"

"Des waerelds doen en doolen, is maar een mallemoolen," engraving from Het Groote Tafereel der Dwaasheid, 1720.

"The actions and designs of the world go round as if in a mill." South Sea bubble financial crisis.

Sunday, September 11, 2011

Economics is so f%&cked up, Krugman calls for sociologists to solve the profession's problems

Market Positioning by Lee Nielsen




















Macroecomomics goes through a rough time to say the least. To steal Krugman's turn of phrase, it has entered a dark age,. Here's his address to the Eastern Economic Association and explanation of how economists failed. Good old sound (keynesian) knowledge about banking crisis and recession got lost througout the 1970' up to now. The dynamic at work he describes - a dominant approach casting aside academic production that doesn't correspond to the doxa it chose for itself - is one sociology of science knows well. So it seems reading Foucault's Archeology of Knowledge and Bourdieu's work on cultural and symbolic capital could be useful at last ;)
What we really need is a change in the destructive social dynamics that brought us to this point. And I wish I knew how to do that. But my problem is obvious: I’m an economist, and it seems that we need some kind of sociologist to solve our profession's problems.

No comments:

Post a Comment