Economics, an uncertain glory
Kumar, Vikas (2016) Economics, an uncertain glory. Homo Oeconomicus, 33. pp. 321-332. ISSN 2366-6161
Full text not available from this repository.Abstract
In What Is Wrong with the West’s Economies, Edmund Phelps adds to the growing self-criticism of economics. He argues that Western economies no longer support “good life” as they are neither inclusive, nor innovative. The “suppression of innovation by vested [corporate] interests” and “repression of potential innovators by families and schools” are responsible for the sorry state of Western economies. He adds that the “failing in the West’s economies is also a failing of [West’s] economics” and calls for “a modern economics that places imagination and creativity at the center of economic life”. I argue that Phelps misdiagnoses the problem. The lack of encouragement to innovation is not the main shortcoming of economics; rather it is a manifestation of deeper problems. Economics can be rejuvenated only when both teachers-cum-researchers and students alike drop their statistical-mathematical glasses and step back into real space and historical time.
| Item Type: | Article |
|---|---|
| Authors: | Kumar, Vikas |
| Document Language: | Language English (Full Issue) |
| Uncontrolled Keywords: | West’s economies, Edmund Phelps, criticism of economics |
| Subjects: | Social sciences Social sciences > Economics |
| Divisions: | Azim Premji University - Bengaluru > School of Development |
| Full Text Status: | None |
| Related URLs: | |
| URI: | http://publications.azimpremjiuniversity.edu.in/id/eprint/5961 |
| Publisher URL: | https://link.springer.com/ |
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