RE: What is wrong with the mainstream economics?

[Devine, James]

What a big order! If I were to be forced to talk about this subject, I'd stick to the basic point that "the problem with mainstream economics is not that it's wrong in its own terms as much as that it's incomplete." For example, the mainstream's "new institutional economics" (NIO) is a matter of explaining the form of institutions in terms of technology (including transactions costs) and individual tastes, which are given at any one time. But this leaves out the way in which the institutional form _feeds back_ to help determine the types of technology developed and applied and the preferences and expectations of individuals. It thus ignores the way in which institutions can "take on a life of their own," developing independently of exogenously-given technologies and preferences.

 

There was a good contrast in the JOURNAL OF ECONOMIC LITERATURE, where Oliver Williamson presented the NIO (September 2000, vol. 38, number 3) and Geoffrey Hodgson (March 1998, vol. 36, number 1). It's interesting that even though the former wrote after the latter, he ignored the latter's contribution. (Perhaps arrogance is a characteristic of the mainstream?)

Jim Devine [EMAIL PROTECTED] &  http://bellarmine.lmu.edu/~jdevine

-----Original Message-----
From: Mengen Lucy [mailto:[EMAIL PROTECTED]]
Sent: Thursday, February 13, 2003 7:14 AM
To: [EMAIL PROTECTED]
Subject: [PEN-L:34668] What is wrong with the mainstream economics?

Hi everyone. In 3 weeks time I will be giving a talk titled "what is wrong with the mainstream economics" and the audience will be mostly mainstream economists and students! I feel this is a good opportunity to influence some students but also feel very nervous:o( I am quite confident about my own area, which is international trade. However, I cannot limit my talk to international trade and I need help. Any good books/articles (including internet), your own notes, any ideas & advice .... just anything would be greatly appreciated. Particularly the philosophical/methodological weaknesses of the mainstream economics are off interest. For example, do you know a good criticism of the utility concept? The assumptions of the mainstream economics about human nature? Excessive mathematicasion of economics? Anything will do. 

Many thanks for your help. 

Lucy

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