Discover and read the best of Twitter Threads about #neoclassicaleconomics
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Thanks for useful summary of how “heterodox” economics is defined. The name is problematic, since it appears to be “non-orthodox”, yet “orthodox” economics is left undefined. Is it “mainstream”? I prefer “new” versus “old” economics, which are not defined by their age but …
.. in relation to the Keynesian revolution of the 1930s. Keynesian economics was characterised after WW2 as “new” in relation to the “old”, neoclassical, Marshallian, economics that preceded it. The counter-revolution of the Samuelson neoclassical school eventually prevailed.
However, #NeoclassicalEconomics has, essentially met its demise in the ongoing collapse of free-market capitalism (or neoliberalism), inaugurated by the #GFC, which exposed that “the banks were too big to fail”. Bankruptcy is an essential feature of capitalism.
To all my followers. I’m preparing my presentation for the @CTNTE Conference to be held next Wed. In short, the UK can learn many valuable lessons from the Mexican experience in addressing the inflation problems caused by the knock-on effects of the Russian invasion of Ukraine.
I have tweeted before about the Mexican policy solution to the #CostofLivingCrisis , and will retrieve the tweets if I have time. Russia is using oil & gas prices as a war weapon against the West. We need to respond in kind with fresh anti-inflation policies. In summary we need:
1. a new basic-needs inflation index; 2. negotiated links of wage-rate increases to inflation using this index; 3. govt-led food policy in which the large food companies work together to achieve economies of scale in producing basic goods and services;
#NeoclassicalEconomics is partly to blame for the serious global urban problem of air pollution. Incredibly, the CBA (cost-benefit-analysis) when applied to climate mitigation, excludes air pollution. Their reasoning is that air pollution needs its own instruments to solve it.
This is absurd because the CO2 and the air pollutants are joint products of combustion. Lead additives were also in the mix, when the oil refining industry knew perfectly well that lead poisoning seriously damages child development.
In fact the benefits of reducing non-CO2 are very substantial and compared to those from reducing CO2 emissions, immediate. In many localities reducing non-CO2 air pollution should be the primary priority for mitigation.
