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THE ECONOMICS CURRICULUM IS FINALLY CHANGING TO INCLUDE REAL WORLD REALITIES!! WE WON THIS FIGHT AND THE ACADEMIC GATEKEEPERS ARE CHANGING THEIR TUNE BECAUSE OF US!! STAY VIGILANT AS WE WATCH THEM IMPLEMENT THESE NEW PRINCIPLES ACROSS THE BOARD!!

September 24, 2009

Revitalizing Economics After the Crash

Revitalizing Economics After the Crash

🏆 Won — 2,316 supporters Verified

Final supporters

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HONGGANG L.
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ULGEN F.
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+2,306 more
Started by Anonymous 16 years, 10 months ago
Signatories of this plea support the following words by Nobel Laureate Paul Krugman: "Few economists saw our current crisis coming, but this predictive failure was the least of the field’s problems. More important was the profession’s blindness to the very possibility of catastrophic failures in a market economy ... the economics profession went astray because economists, as a group, mistook beauty, clad in impressive-looking mathematics, for truth ... economists fell back in love with the old, idealized vision of an economy in which rational individuals interact in perfect markets, this time gussied up with fancy equations ... Unfortunately, this romanticized and sanitized vision of the economy led most economists to ignore all the things that can go wrong. They turned a blind eye to the limitations of human rationality that often lead to bubbles and busts; to the problems of institutions that run amok; to the imperfections of markets – especially financial markets – that can cause the economy’s operating system to undergo sudden, unpredictable crashes; and to the dangers created when regulators don’t believe in regulation. ... When it comes to the all-too-human problem of recessions and depressions, economists need to abandon the neat but wrong solution of assuming that everyone is rational and markets work perfectly." (New York Times, September 2nd, 2009.)

Updates

Reached 1,000 supporters

September 14, 2009

Reached 100 supporters

September 11, 2009

9 Comments

J
Jessica Griffin
16 years ago Featured

PREACH. tired of hearing about how the markets are self correcting when the reality is people are struggling to buy groceries.

K
Kevin Haddad
16 years ago Featured

Krugman hit the nail on the head. keep ignoring the real world and we are just heading for another crash.

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Tom Reeves
16 years ago Featured

Economics has become more like a cult than a real science. stop relying on these failed theories.

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Sarah Pratt
16 years ago Featured

Spot on. My family lost everything in 2008 and nobody in charge seemed to have a clue why it was happening even as it unfolded.

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Dave Nair
16 years ago Featured

The ivy league types have been wrong about everything for years. time for a change.

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Mark Wallace
16 years ago Featured

Finally some sense. These math models were just excuses for wall street to do whatever they wanted while the rest of us paid the price.

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HONGGANG LI
5 years ago

I support!

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ULGEN Faruk
11 years ago

The modern economics is unfortunately area of great confusion between two opposed forces: on the one hand, the economics as a part of social sciences in quantitative reasoning about the working of a specific economy -called capitalism- and its reproduction process -called the process of accumulation-through monetary and financial relations and, on the other hand, a certain belief called the liberal doctrine which is more a philosophical and political doctrine than a positive scientifique research area and which is often manipulated by some so-called economists who believe that thinking about the economics in societal terms in their entire complexity instead of deterministic and ergodic way of rationalising the human life is a dangerous orientation which could result in a radical contestation of capitalist market economy. Consequently, dominant economists lead society and decision makers astray and prevent the economics (as a social science aiming at understanding the functioning of our world under some specific dynamics) from undertaking relevant decisions in order to raise the wellbeing level of people.

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