Revealing the fudge in ‘Nudge Economics’ Review of Robert Sugden’s ‘The Community of Advantage’

Professor Sugden, a renowned and celebrated pioneer of behavioural economics, has written an important book. In it he skewers the “nudge economics” fudge that maintains the illusion of the possibility of economic rationality and reframes how we should judge markets. They are just one form of social collaboration for mutual benefit…. or not. It is … Continued

Economics for the Antropocene (or Capitalocene)

So what does an economics look like that is fit for the 21st century? The mainstream environmental economics framework of labelling the environment as an ‘externality’ clearly doesn’t fit the bill.  We are now dominating global ecosystems so they should hardly an add on in our thinking and models.  So what does an economics look … Continued

Outrage at corruption drove the reformation 500 years ago, couldn’t similar outrage drive a modern economic reformation?

Larry Elliot in his piece ‘Heretics welcome! Economics needs a new Reformation’ reported on Steve Keen and other leading economists ‘nailing’ 33 theses on ‘economic reformation’ to the door of a top university. This was designed to echo the apocryphal story of Luther nailing up his 95 theses 500 years ago. Clearly we do need … Continued

Economic Pluralism isn’t a Right-Left thing, but maybe it is a matter of national security

It might be thought that anyone who criticises the prevailing economic orthodoxy and calls for other approaches to understanding economics must be left wing. They might also be supposed to be anti-markets. However, neither of these suppositions are necessarily true. One of the most famous cases in point is Margaret Thatcher’ favourite economist, Friedrich Hayek. … Continued