The economics debate, again

Beatrice Cherrier (CNRS) and Andrej Svorencik (Mannheim): Defining Excellence: Seventy Years of the John Bates Clark Medal. John B. Davis (Marquette): Is Mainstream Economics a Science Bubble? Steven G. Medema (Colorado): “Exceptional and Unimportant”? The Rise, Fall, and Rebirth of Externalities in Economic Analysis. Marco P V Franco (UFMG): The History of Ecological Economics: A Contribution to the Debate on Methodological Pluralism. N. Emrah Aydinonat (Helsinki): The Diversity of Models as a Means to Better Explanations in Economics. Economic models are broken, and economists have wildly different ideas about how to fix them. Alex Izurieta on economic models that reality can no longer afford. From Democracy, a symposium: Has economics failed us?

How economics became a religion: Its moral code promises salvation, its high priests uphold their orthodoxy — but perhaps too many of its doctrines are taken on faith. Sorry, but economics isn’t “astrology for dudes”. Economics isn’t a bogus science — we just don’t use it correctly. Academic knowledge about economic policy is not just another opinion. Economists lose credibility when they’re too certain. Dani Rodrik on the economics debate, again and again.

80 economic bestsellers before 1850: A fresh look at the history of economic thought. There is nothing wrong with mathematics in economics — what matters is for what? How freshwater economics won the day: On the late George Stigler and his impact on the development of economic thought. The end of economics: Matt Seybold reviews In The Long Run We Are All Dead: Keynesianism, Political Economy and Revolution by Geoff Mann.

Two recent books — Identity Economics by Nobel laureate George Akerlof and Rachel Kranton and The Moral Economy by Sam Bowles — indicate that a quiet revolution is challenging the foundations of the dismal science, promising radical changes in how we view many aspects of organizations, public policy, and even social life.