Terry Barker Profile picture
Apr 15 7 tweets 2 min read Twitter logo Read on Twitter
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.
I am also very suspicious of “pluralist” economics. Why include a pseudoscience, such as neoclassical economics, in a modern economics course or series of economics seminars? #NeoclassicalEconomics belongs in courses on the History of Economic Thought, …
… or a course on Modern Pseudosciences, along with psychiatry.
The core of a modern course of Political Economy/Economic Science should be “Economic Geography”, “Economic History”, #SpaceTimeEconomics , with optional courses on Sociology, Human Behaviour, Human Evolution, Climate Science, or History of Economic Thought.

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More from @terry_barker21

Apr 14
#ClimateActionNow implies that we should all act now to do what we can, bring reasonable about it. We can check what fossil fuel we could stop burning, or at least reduce burning. And reduce its use.
The best way of reducing GHG emissions is by changing personal behavior by changing our routines. Switch from a car to a e-bike, walk to the shops, review all the uses of electricity at home and switch off unnecessary uses.
Read 5 tweets
Apr 12
The problem with western central banks is their obsession with the outdated Taylor Rule. They don’t know what else to do, but by slavishly following the rule that can make serious misjudgements in the timing, speed and extent of interest rises.
Another problem for western, inflation-obsessed central banks, is that they tend to focus on one instrument of policy, when a mix is much better, including fiscal and regulatory policies, especially for #NetZero
The crucial aim for policy today is to protect the vulnerable from the #CostOfLivingCrisis , by strong fiscal stimulus focused on deprived areas, promoting the #GreenNewDeal supported by monetary policies of low interest rates for green investments.
Read 5 tweets
Apr 10
#Labour is fighting dirty, provoking the woke @Young_Tories @loveukhatetory What to think? About time? It’s political theatre, grandstanding on the issue of crime. But justified, because the legacy on 13 years of #ConservativeParty misrule has led to #BrexitBrokeBritain #Strikes
The Tories #brexitshambles followed by @trussliz were accompanied by underfunded public services, especially policing, the courts, jails, & probation services. Lawlessness stalks the land and this is at least partly to blame.
We have a government skimping on law&order, without compassion, barely clinging to the idea of public service, and without new ideas. #GeneralElectionNow @labourandtrade is anticipating the dirty political fights ahead, and laying the ground to win them.
Read 4 tweets
Apr 5
I regard him as a progenitor of the Big Bang, one of the most devious and scheming of Mrs Thatcher’s ministers, who brought the country to its knees with the monetarist experiment in 1979-82, & who deserves to be denounced as a supporter of those who deny climate change.
Lawson chaired the notorious and toxic Global Warming Foundation. He was a terrible Chancellor, using the Office to pursue extremely damaging ideological policies based on the writings of Hayek. He and Thatcher were well matched in ideological purity, along with the dictator of… twitter.com/i/web/status/1…
Lawson was responsible as Chancellor for the Lawson boom, a second major policy error, in 1988, which was partly the reason why Thatcher herself was defenestrated weeping from No. 10. This was an earlier example of Tory mismanagement of the UK economy.
Read 6 tweets
Apr 4
#Budget2023 and #NetZero a thread. The UK is lagging behind in its commitment to achieving a drastic reduction in GHG emissions & protecting us against climate change.
#Budget2023 has an industrial strategy. However, it is clear that it will be insufficient to meet the requirements of #NetZero in the right place, in a timely manner in order to reach the target by 2040, not 2050. We are in war-time crises of an unprecedented kind.
Russia has been waging a cyber war against the West for at least 10, if not 15, years. Now due to #Brexit, #COVID19 , & #WarInUkraine, prices, especially energy & food, are spiking, but the Tory govt is either inadequate or absent in response.
Read 16 tweets
Apr 2
I’m watching, on delay, @SuellaBraverman on @bbclaurak this morning. What a liar, what a fake, what nonsense she utters, no end of squealing and misbehaviour. She should be on a boat in the channel, experiencing the wrath of the sea. Ruanda! Deterrent! “Evil people smugglers”!… twitter.com/i/web/status/1…
She should be on the cross of public opinion. What drivel, what … This is insupportable. “Cohorts of people”. Who does she think she is? We are not stupid. The ear rings! I could swear they were mine in a previous bad life. I can’t watch any more. #PostTruthSociety She surely… twitter.com/i/web/status/1…
These photos come from Paris and reflect my view of our Home Secretary, who is beyond the pale, so right wing as to be a racist, a bigot, a liar and a fraud. Trying to speak for the racists and miserable unwoke of the country. Promising the earth, but telling lies not truth.
Read 5 tweets

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