Introduction—Searching for a New Economics

Steven Hail ()
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Steven Hail: University of Adelaide

Chapter Chapter 1 in Economics for Sustainable Prosperity, 2018, pp 1-19 from Palgrave Macmillan

Abstract: Abstract There are two broadly defined approaches to the study of how modern economies work, what drives their evolution over time, and what role, if any, government policies can play in ensuring economic outcomes serve the public purpose. Most policy-makers are aware of only one of these approaches, often referred to as orthodox, mainstream or neoclassical macroeconomics. The limitations of orthodox macroeconomics are illustrated in this chapter with reference to a series of recent statements by economists and policy-makers about economic policy and financial markets which are demonstrably incorrect, and yet in each case a consequence of thinking within the frame of the orthodox model.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:pal:bifchp:978-3-319-90981-3_1

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DOI: 10.1007/978-3-319-90981-3_1

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