{"id":40002,"date":"2017-12-20T13:29:43","date_gmt":"2017-12-20T13:29:43","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=40002"},"modified":"2017-12-20T13:30:39","modified_gmt":"2017-12-20T13:30:39","slug":"the-economic-reformation-gains-support","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2017\/12\/20\/the-economic-reformation-gains-support\/","title":{"rendered":"The economic reformation gains support"},"content":{"rendered":"

I referred to the need for a reformation in economics last week<\/a>. Today the idea reached the Guardian<\/a>, in which I am a co-signatory to the following letter,<\/p>\n

I should add that I do not think this the final word on the subject.<\/p>\n

In the 500th anniversary of the Reformation, which challenged a single dominant belief system, we agree it is time for the reformation of another all-embracing and powerful set of beliefs: that of mainstream economics (Larry Elliott:\u00a0Economics needs a Reformation of its own<\/a>, 18 December). Neoclassical theories currently dominate the university teaching of economics, as well as public debate, policy and decision making. Yet we believe they have assumed this level of influence not as the result of open debate, challenge and the scientific method, but as a belief system whose founding principles now pass unquestioned. Its proponents claim special authority to pronounce on all matters and its teaching has taken on the characteristics of indoctrination: students being asked to memorise and repeat rather than to criticise and evaluate.<\/em><\/p>\n

The world faces poverty, inequality, ecological crises and financial instability that mainstream economics, apparently incapable of self-correction, seems powerless to understand, let alone help address. We support the call made last week in the publication of \u201c33 theses for an economics reformation<\/a>\u201d for radically greater pluralism, and believe this necessary if we are to reverse these problems. It must begin with reform of the way economics research is funded in universities, which under the present system perpetuates the monopoly of a single narrow perspective. Ending the unhealthy intellectual monopoly within economics is not just about making the discipline more effective and democratic, it is essential to raise our collective chances of surviving and thriving.<\/em><\/p>\n

Victoria Chick<\/strong>\u00a0Emeritus professor of Economics, University College London,\u00a0<\/em>Professor Stephany Griffith-Jones<\/strong>\u00a0Financial markets director, Columbia University,\u00a0<\/em>Frances Stewart<\/strong>\u00a0Professor emeritus, University of Oxford,\u00a0<\/em>Jayati Ghosh<\/strong>Professor of economics, Jawaharlal Nehru University, New Delhi, India,\u00a0<\/em>Steve Keen<\/strong>\u00a0Professor of economics, author Debunking Economics,<\/em>Andrew Simms<\/strong>\u00a0New Weather Institute, research associate, University of Sussex,\u00a0<\/em>Prof Danny Dorling<\/strong>Oxford University,\u00a0<\/em>Dr Ha-Joon Chang<\/strong>\u00a0Reader in economics, University of Cambridge,\u00a0<\/em>Sir David King<\/strong>Emeritus professor, University of Cambridge,\u00a0<\/em>Ian Gough<\/strong>\u00a0Visiting professor, London School of Economics,\u00a0<\/em>Kate E Pickett<\/strong>\u00a0Professor of epidemiology, University of York,\u00a0<\/em>Tim Jackson<\/strong>\u00a0Professor of sustainable development, University of Surrey,\u00a0<\/em>Kate Raworth<\/strong>Environmental Change Institute, Oxford University,\u00a0<\/em>Richard Wilkinson<\/strong>\u00a0Emeritus professor of social epidemiology, University of Nottingham,\u00a0<\/em>Professor Adam David Morton<\/strong>\u00a0Department of political economy, University of Sydney,<\/em>\u00a0Peter Newell<\/strong>Professor of international relations, University of Sussex,\u00a0<\/em>Mario Seccareccia<\/strong>Professor of economics, University of Ottawa,\u00a0<\/em>Mehmet Ugur<\/strong>\u00a0Professor of economics and institutions, University of Greenwich,\u00a0<\/em>Richard Murphy<\/strong>\u00a0Professor of international political economy, City, University of London,\u00a0<\/em>Alan Cibils<\/strong>\u00a0Professor of political economy, Universidad Nacional de General Sarmiento, Argentina,<\/em>Professor Rebecca Malby<\/strong>\u00a0London South Bank University,\u00a0<\/em>Mike Danson<\/strong>\u00a0Professor of enterprise policy, Heriot-Watt University,<\/em>\u00a0Prof Tim Lang<\/strong>\u00a0City, University of London,<\/em>Prof Christine Cooper<\/strong>\u00a0University of Strathclyde,\u00a0<\/em>Bill McGuire<\/strong>\u00a0Professor emeritus of geophysical and climate hazards, University College London,\u00a0<\/em>Cyrus Bina<\/strong>Distinguished research professor of economics, University of Minnesota,\u00a0<\/em>Marc Lavoie<\/strong>\u00a0Senior research chair, Universit\u00c3\u00a9 Sorbonne Paris Cit\u00c3\u00a9, Emeritus professor, Department of Economics, University of Ottawa,\u00a0<\/em>Louis Philippe Rochon<\/strong>\u00a0Full professor, economics, Laurentian University,\u00a0<\/em>Professor Alfredo Saad Filho<\/strong>Department of Development Studies, Soas, University of London,\u00a0<\/em>Professor Lyla Mehta<\/strong>\u00a0Institute of Development Studies, UK,\u00a0<\/em>Pritam Singh<\/strong>\u00a0Professor of economics, Oxford Brookes Business School,\u00a0<\/em>John Weeks<\/strong>\u00a0Professor emeritus of economics, Soas, University of London,\u00a0<\/em>Professor Rhys Jenkins<\/strong>\u00a0School of International Development, University of East Anglia,\u00a0<\/em>Professor Aled Jones<\/strong>\u00a0Global Sustainability Institute, Anglia Ruskin University,\u00a0<\/em>Professor Howard Stein<\/strong>\u00a0Department of Epidemiology, University of Michigan,<\/em>\u00a0Michael Lipton<\/strong>\u00a0Emeritus professor, economics, Sussex University,\u00a0<\/em>Professor Emeritus Geoffrey C Harcourt<\/strong>\u00a0Adelaide, Emeritus reader in the history of economic theory, Cambridge,\u00a0<\/em>Peter Taylor-Gooby<\/strong>\u00a0Professor of social policy, University of Kent,\u00a0<\/em>Tony Greenham<\/strong>\u00a0Director of economics, Royal Society of Arts, Manufactures and Commerce,<\/em>\u00a0Victor Anderson<\/strong>\u00a0Visiting professor, Global Sustainability Institute, Anglia Ruskin University,\u00a0<\/em>Philip Daniel<\/strong>\u00a0Honorary professor, University of Dundee,\u00a0<\/em>Judith Heyer<\/strong>\u00a0Emeritus fellow, economics, Somerville College, Oxford,\u00a0<\/em>Dr Suzanne J Konzelmann<\/strong>\u00a0Reader in management, Birkbeck, University of London; Co-executive editor, Cambridge Journal of Economics,\u00a0<\/em>Dr Andrew Denis<\/strong>Department of Economics, City, University of London,\u00a0<\/em>Dr Steven Hail<\/strong>\u00a0School of Economics, University of Adelaide,<\/em>\u00a0Dr Daniela Senkl<\/strong>\u00a0University of Strathclyde Business School,\u00a0<\/em>Dr Kalim Siddiqui<\/strong>\u00a0The Business School, University of Huddersfield,<\/em>Dr Charlie Dannreuther<\/strong>\u00a0School of Politics and International Studies, University of Leeds,\u00a0<\/em>Dr Andreas Antoniades<\/strong>\u00a0Senior lecturer in global political economy, University of Sussex,\u00a0<\/em>Dr David Ockwell<\/strong>\u00a0University of Sussex,\u00a0<\/em>Dr Josh Ryan-Collins<\/strong>Institute for Innovation and Public Purpose, University College London,\u00a0<\/em>Dr Michael Joffe<\/strong>\u00a0Imperial College London,\u00a0<\/em>Dr Mary M Cleveland<\/strong>\u00a0School of International and Public Affairs, Columbia University,\u00a0<\/em>Dr Emanuele Lobina<\/strong>\u00a0Public Services International Research Unit, University of Greenwich,\u00a0<\/em>Dr Eugenia Correa<\/strong>\u00a0Mexico National University,\u00a0<\/em>Stewart Lansley<\/strong>\u00a0Fellow, City, University of London,\u00a0<\/em>Gareth Dale<\/strong>\u00a0Brunel University,\u00a0<\/em>Lynsey Hanley<\/strong>\u00a0Lancaster University,\u00a0<\/em>Neal Lawson<\/strong>\u00a0Chair of Compass,\u00a0<\/em>Ann Pettifor<\/strong>\u00a0Director, Prime Economics,\u00a0<\/em>Anna Coote<\/strong>\u00a0Principal fellow, New\u00a0Economics<\/a>\u00a0Foundation,\u00a0<\/em>Dr Mark S Freeland<\/strong>\u00a0(retired) Centers for Medicare & Medicaid Services, US Department of Health & Human Services,\u00a0<\/em>Jennifer Casta\u00c3\u00b1eda-Navarrete<\/strong>\u00a0Institute of Development Studies, UK,\u00a0<\/em>Tim Crabtree<\/strong>\u00a0Senior lecturer in economics, Schumacher College,\u00a0<\/em>Will Straw<\/strong>\u00a0(Personal capacity)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

I referred to the need for a reformation in economics last week. Today the idea reached the Guardian, in which I am a co-signatory to
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-40002","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/40002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=40002"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/40002\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=40002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=40002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=40002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}