ERIC Number: EJ930471
Record Type: Journal
Publication Date: 2009
Who Are These Economists, Anyway?
Galbraith, James K.
Thought & Action, p85-97 Fall 2009
In this paper, the author ventures into the nether wastes of economics, and attempts a brief survey of the main currents that didn't get it wrong. He looks at the failure of the nation's leading academic economists to understand the current financial crisis or the shaky underpinnings of the nation's financial system. The author's method consists of surveying his own habitual reading, augmented by suggestions from a large list of economists. Many of the examples given in the paper were volunteered, at his request, by their authors or by admirers of those authors. He has documented that there is a considerable, rich, promising body of economics, theory and evidence, entirely suited to the study of the real economy and its enormous problems. This work is significant in ways in which the entire corpus of mainstream economics--including recent fashions like the new "behavioral economics"--simply is not. The author argues that there is an urgent need to expand the academic space and the public visibility of ongoing work that is of actual value when faced with the many deep problems of economic life. It is to make possible careers in those areas, and for people with those perspectives, that have been proven worthy by events. (Contains 19 endnotes and a bibliography.)
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Publication Type: Journal Articles; Reports - Evaluative
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