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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;
#TheScienceofMoney is the core of #SpaceTimeEconomics Money, as a social construct in evolution, is as critical & crucial as the discovery of fire. Both transformed the prospects of those who adopted them. This is social evolution.
Money lubricates transactions; it allows us to reduce risks; perceptions of enough of it can make us content; it is simultaneously beautiful, desirable, neutral, & dangerous. It is a tool, an idea, a way of ascribing responsibility, a tracking mechanism. It has multiple meanings.
“Money makes the world go round”, “Money, money, money”, if only I/we/they had enough, “they are moneyed”, “who needs money?” If you & I are not careful, money can dominate thoughts & hopes. The sunlit uplands are paved in gold. The magic. Love of money is “root of all evil”.
New multidimensional tools are available. @e3me is a #SpaceTimeEconomics modelling framework capable of analyzing policy packages at global, national, regional, & local levels.
However, there is a problem in that financial markets move almost instantaneously, whilst real markets need time to make, move, and sell goods & services. They have benefited more from computing science, & attracted more talent by their lucrative promises.
This imbalance is very destructive of progress towards #NetZero, which needs real investment in climate change mitigation & adaptation, not the #PostTruthEconomics of populist governments, or the pseudoscience of neoclassical economics. @INETeconomics
