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w2: Post-crisis economics I /2548

Topic 1

Lecture handouts

A note about learning materials – you should regard the recorded materials and handouts as a skeleton or framework for ideas that we flesh out. That skeleton requires you to follow up through the guided reading and to engage in discussion in follow up seminars.

w2: The crisis in economics 1 [pdf]

An interesting follow-up:

Rodrik, D (2017), The fatal flaw of neoliberalism: it’s bad economics, The Guardian, Nov 14th
This is quite a lengthy article but does address some of the concerns that are raised about how economics presents itself and some of the contradictions within mainstream economics.

Lecture reading – week 2

Beker, V (2011), On the economic crisis and the crisis of economics, Real-world Economics Review, issue no. 56, 11 March, pp. 72-94

* Blaug, M (1980), The Methodology of Economics – or how economists explain, Cambridge: Cambridge University Press

Boom Bust Boom (2015) – Terry Jones’ documentary, inspired by Kocken’s work – currently available on Amazon Prime (as at 5/10/20)
– see Kocken, T (2012), Endogenous instability, VU university Amsterdam, Mar 15th

* Chakrabortty, A (2018), Cassandras of the crash, BBC Radio 4, Sept 22nd <- Listen

* Chang, Ha-Joon (2014), Economics: The User’s Guide, London: Pelican books


* Coyle, D (ed) (2012a), What’s the use of economics, London: London Publishing Partnership

Coyle, D (2012b), Do economic crises reflect crises in economics?, keynote address, ‘Rethinking Economics’ conference, Frankfurt, Jan 23rd [pdf]

Coyle, D (2012c), The public responsibilities of the economist, Tanner lecture, Brasenose College, Oxford, May 18th-19th [pdf]

Davis, E (2019), What have economists been getting wrong?, BBC News, May 22nd

Elliott, L (2018), The right and left have both signed up to the myth of free market, The Guardian, April 15th

Haldane, A (2012), What have the economists ever done for us?,, Oct 1st

Hill, R and Myatt, T (2010), The economics anti-textbook, London: Zed books, ch 1-2

Inman, P (2018), Britain’s economics students are dangerously poorly educated, The Guardian, Aug 4th

* Krugman, P (2009), How Did Economists Get It So Wrong?, New York Times, Sept 6th

* Reed, H (2018), Rip it up and start again: the case for a new economics, Prospect, April 13th

Shaft, T and Gamble, R (1999), A theoretical basis for the assessment of rule-based system reliability,  AMCIS 1999 Proceedings

Wikipedia (2017), Self-replicating machine, Wikimedia Foundation Inc, Sept 4th

* Wolf, M (2018), Economics failed us before the global crisis, FT, Mar 20th

Zaltzman, A (2016), on The Now Show, BBC Radio 4, Sept 16th

Is economics a science?

Arthur, WB (2013), Complexity Economics: A Different Framework for Economic Thought, Sante Fe Institute Working Paper: 2013-04-012

* Chang, Ha-Joon (2014), Economics: The User’s Guide, London: Pelican books

Fullbrook, E (ed) (2004), What’s wrong with economics, London: Anthem Press

Luyendijk, Joris (2015b), Don’t let the Nobel prize fool you. Economics is not a science, The Guardian, Oct 11th

Nelson, JA (2005), Is economics a natural science?, Cosmos and History: The Journal of Natural and Social Philosophy, v1 i2 pp261-269 [pdf]

* Orell, D (2012), Econo myths, London: Icon books

* Romer, P (2016), The trouble with macroeconomics, Commons memorial lecture of the Omicron Epsilon Delta Society, New York University, Jan 5th

General background

Luyendijk, Joris (2015a), How the banks ignored the lessons of the crash, The Guardian, Sept 30th
[extract from Luyendijk’s book about the banking industry, Swimming with Sharks]

Keen, S (2011), Debunking Economics: The Naked Emperor Dethroned?,  Zed Books

Smith, Noah (2012), EconoTrolls: An Illustrated Bestiary, Noahpinion, Sept. 25th

Institute for New Economic Thinking – see Inaugural Conference: The Economic Crisis and the Crisis in Economics (which ran April 8-11 2010) – great selection of speakers’ videos, papers and interviews

Real World Economics Review blog

Wyne, A (2012), Empirics and Psychology: Eight of the World’s Top Young Economists Discuss Where Their Field Is Going, Big Think :: Power Games blog, July 25th