[M]ost economists were caught completely by surprise by the 2008 global financial crisis. ...[T]hey have not… — Chang Ha-Joon
[M]ost economists were caught completely by surprise by the 2008 global financial crisis. ...[T]hey have not been able to come up with solutions to the ongoing aftermaths ...[E]conomics seems to suffer from a serious case of megalomania—how can a subject that cannot... explain its own area... claim to explain (almost) everything?
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ECONOMICS COCKTAILS. Ingredients: Austrian, Behaviouralist, Classical, Developmentalist, Institutionalist, Keynesian, Marxist, Neoclassical and Schumpeterian. [...] Health warning: On no account drink only one ingredient – liable to lead to tunnel vision, arrogance and possibly brain death.
Money is a symbol of what others in your society owe you, or your claim on particular amounts of the society's resources.
How money and other financial claims... are created, sold and bought is... . ...[C]laims ...a lot of economics is (or should be) about those.
[T]he realm of production... has been... neglected since the Neoclassical school... emphasis on exchange and consumption, became dominant in the 1960s. ...[P]roduction is a lot more than combining ...abstract quanta called labour and capital ...how the is physically organized, how to control the workers or deal with trade unions, how to... improve the technologies used through research. ...[P]roduction is the ultimate foundation of any economy. ...[Its] changes ...usually have been the most powerful sources of social change.
