For a Different Economics (tags)
Economists are criticized everywhere for their onesidedness, their focus on markets and their inability to deal with the burning problems... From neoclassical assumptions "more is better" or markets lead to efficient distribution, a perspective on the world results that sets efficiency over justice
Why a Global Wealth Tax Reduces Inequality (tags)
The distribution of income and assets is one of the most controversial themes today. History teaches us that economic forces press in different directions - either to more equality or away from equality. Which will prevail depends on what political decisions we make.
New Economic Thinking - Turning Away from the Market Fetish (tags)
"New economic thinking" rejects the view of the person as "homo oeconomicus" reduced to maximization of individual benefits and offers a more comprehensive and realistic concept in which justice, norms, routines and emotions appear. "Homo recipocans" is an alternative.
The Invisible Hand Doesn't Help Any More (tags)
Neoclassicism starts from the assumpti8ons that people always act rationally and market processes always lead to optimal results on account of the price mechanism. The market fails. Its view of the person as Homo oeconomicus must be replaced by the Homo cooperativus.
The Silence of Economists (tags)
In 1936 Keynes was the first established economist who explained how a free enterprise system in no way realized a state of balance by itself. The state must take an active role in crisis times to prevent an economic downswing ending in a catastrophe.
Economics is not a Science (tags)
"Observations are central in a subject like economics where experiments are not possible.. Mathematics is misused to transport a certain ideology, the neoclassical theory of the market.. Capitalist crisis phenomena have made a fool of the harmony theory of the market.."
How Do We Pay for All This? by Steven Keen (tags)
The level of debt is the disease. The wage-productivity gap is the cause and the financial crisis is the symptom. (http://www.capitalismhitsthefan.com) Hyman Minsky spoke of "euphoric expectations" leading to debt-induced recession.
Homo Oeconomicus and Economic Theories (tags)
The neoclassical theory dominant today is different from the Keynesian theory that defined the decades after the 2nd World War. "Bad ideas flourish because theya re in the interest of powerful groups." (Paul Krugman)