By N. Aslanbeigui, Young Back Choi
Lately there was expanding discontent with the summary nature of mainstream economics. not just does this make the topic much less appropriate to actual matters, it drives a wedge among economics and different disciplines ostensibly addressing an analogous matters. Borderlands of Economics explores the ways that economics can be reconnected, either with the true global and with different disciplines.
Read Online or Download Borderlands of Economics: Essays in Honour of Daniel R.Fusfeld (Routledge Frontiers of Political Economy, 11) PDF
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Additional info for Borderlands of Economics: Essays in Honour of Daniel R.Fusfeld (Routledge Frontiers of Political Economy, 11)
The mathematical tools available to economists are too simple to capture the intricate complexities of the real-world economy. Mathematical models require simplifying assumptions that move away from reality into metaphysics. ) I also realized that the larger and more complex the mathematical model, such as the Arrow-Hahn and Debreu general equilibrium models—the longer the chain of logical-deductive reasoning—the less reliable it is in terms of logical consistency. That conclusion came from studying mathematical logic.
These chapters focused not on theoretic analysis but on the political and institutional factors involved. The earlier chapters presented economic theory as a way of thinking about basic issues and problems, while the later chapters applied that way of thinking, but not necessarily the theory itself. The book changed somewhat over the years, moving more to the left ideologically, but retaining its institutionalist and problem-solving emphasis. My views on the uses of economic theory and the nature of economic inquiry were expressed in the preface to the 1988 edition: Theory is…an instrument by which the student can move from the empirical facts and institutional arrangements of a real-world economy to considerations of economic policy and social philosophy.
FUSFELD During this period Kenneth Boulding and I jointly taught a graduate course on ‘The Heterodox Economists’, featuring Henry George, Karl Marx, Thorstein Veblen, and the ‘monetary cranks’ of the 1920s. We alternated in responsibility for the sessions. One of us would make a presentation, the other would comment, and then the class was open for comments, questions and argument. The discussions were invariably exciting, and ideas flew like a torrent from Boulding. The basic theme was that there was a great deal to be learned from economists who were outside the mainstream.