The chief defect of economic theories is their narrowing of the range of relevant evidence that their theory is adequate to cover. Empirical adequacy to cover all cases is an ideal to which theories may aspire, but of course none of the theories that exist are adequate in this sense. The critique offered by Professor Han-Joon Chang and his appeal for a pluralism of theories is a step towards a coherentist approach to economics. I wish him well, but I have my doubts that he will have much influence, either in academe or in "political economy". The need for theories that do not require literacy in order to garner support for careers and political ambitions is too strong. (I admit my gloomy view may have been brought about by my early exposure to the tsunami of "successful" intellectual simplifications that broke over the University of Chicago when I was a law student - or, perhaps more accurately, a "Law and Economics" student, since I certainly wanted not to drown but to survive ...🙄)
@@OnlineEnglish-wl5rp Certainly on the political right. Every time you hear a connection between economics and "freedom" you can bet your life that a right wing ideologue is talking.
Well done Cambridge. I remember the student activism at Manchester which came to nought
Very nice and necessary for all to understand how the real world works ...
It's certainly not a stammer of random thoughts and images. The presentation reminds me of Homer Simpson's website. ;-)
The chief defect of economic theories is their narrowing of the range of relevant evidence that their theory is adequate to cover. Empirical adequacy to cover all cases is an ideal to which theories may aspire, but of course none of the theories that exist are adequate in this sense. The critique offered by Professor Han-Joon Chang and his appeal for a pluralism of theories is a step towards a coherentist approach to economics. I wish him well, but I have my doubts that he will have much influence, either in academe or in "political economy". The need for theories that do not require literacy in order to garner support for careers and political ambitions is too strong. (I admit my gloomy view may have been brought about by my early exposure to the tsunami of "successful" intellectual simplifications that broke over the University of Chicago when I was a law student - or, perhaps more accurately, a "Law and Economics" student, since I certainly wanted not to drown but to survive ...🙄)
What he was eluding to aren't economic theories. They are more or less religious belief systems that are hiding behind economics.
@@schmetterling4477 Power systems that are hiding behind economics
@@OnlineEnglish-wl5rp Certainly on the political right. Every time you hear a connection between economics and "freedom" you can bet your life that a right wing ideologue is talking.