Economists Criticizing Economics

Unlearning Economics¬†has put together a collection of brief quotations of famous economists attacking their own subject matter. I’m only going to share a few of them, but I thought I’d take this opportunity to address two of the most common responses I get when I offer up critiques of neoclassical economic theory. The usual responses […]

Why do poor people make bad decisions?

In their new book,¬†Scarcity: Why Having Too Little Means So Much, economist Sendhil Mullainathan and psychologist Eldar Shafir team up to tackle the question of how scarcity impacts decision-making behavior. Scarcity of money can actually cause poor decisions, as can scarcity of time, calories, or friends. The remarkable finding of the book is just how […]

What is the economy for? – Thoughts from J.S. Mill

I know not why it should be matter of congratulation that persons who are already richer than any one needs to be, should have doubled their means of consuming things which give little or no pleasure except as representative of wealth – J.S. Mill Watching economics become untethered from its origins in political economy could […]