What do economists really mean? Post-Keynesian Institutionalists as economic translators

Timothy Wunder

Chapter 10 in A Modern Guide to Post-Keynesian Institutional Economics, 2022, pp 230-252 from Edward Elgar Publishing

Abstract: Mainstream economics uses many words and phrases that convey something different from what the terms mean to non-economists. As a result, conventional economists and the general population frequently talk past each other, often not realizing the gulf between the sort of economic structure preferred by economists and most of the rest of society. This chapter stresses the vital work of Post-Keynesian Institutional economists and other non-mainstream economists as economic translators. The chapter looks at the privileged place of economists (usually mainstream economists) in policy discussions and then explores three concepts that especially warrant translation: rationality, scarcity, and small government. In each case, there is a vast gulf between what the concept means to conventional economists and what it means to other people.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
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