RWER issue 54: Edward Fullbrook
Real-World Economics Review, issue 54
You may read the whole paper here:
How to bring economics into the 3rd millennium by 2020
This paper argues four theses and outlines an action plan.
- The Global Financial Collapse has created a climate among the intelligentsia – left, right and centre – that strongly supports fundamental changes in economics as a discipline, but this climate is unlikely to have significant effect.
- Six basic and interconnected categories of institutions comprise the economics profession: university departments, associations, journals, classification systems, economics 101 textbooks, and its basic narrative. The institutions currently filling these categories are together closed to major change and capable of resisting all attempts at serious reform.
- The combination of digitalization and globalization has rendered economics’ existing institutions in five of the six categories anachronistic and vulnerable not to reform but to being superseded by new institutions within ten years. The exception is university departments, but the existing ones would be reformed as a consequence of the ascendancy of new institutions in the other five categories.
- These new institutions will emerge only if their linked realization becomes the goal of informed, co-operative, non-profit entrepreneurial pursuit. A rough outline of how these goals could be realized is offered.
You may read the whole paper here: http://www.paecon.net/PAEReview/issue54/Fullbrook54.pdf