By Robert Skidelsky, Nan Craig
Since the monetary problem of 2008 and the next nice Recession, there was strangely little switch within the platforms of rules, associations and rules which preceded the crash and helped carry it approximately. 'Mainstream' economics incorporates on a lot because it did earlier than. regardless of a lot dialogue of what went mistaken, little or no has considerably replaced. might be the reply has whatever to do with energy; an issue on which economics is surprisingly quiet. while economics are able to speak about bargaining energy and industry strength, it fails to discover the reciprocal connections among fiscal principles and politics: the political strength of financial rules at the one part, and the impact of energy constructions on monetary idea at the different. This booklet explores how the supposedly impartial self-discipline of economics doesn't easily describe human behaviour, yet in reality shapes it.
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Extra info for Who Runs the Economy?: The Role of Power in Economics
I would like to spend a few more minutes talking about what is not to be talked about in economics. The first thing that comes to mind is power itself; market power is there, but power by itself is hardly ever there. The powerful have a need to legitimise their power. If that is not viable, they like their power to be downplayed as much as possible to the point of becoming invisible; that is, what we have discussed as the third dimension. This is what mainstream economics is doing: if you look at the index of a random economics textbook the chances are very good that you will not find the entry ‘power’ in the index.
These are examples of how the ideas suit those who are in power, and I find this a very productive way of thinking. In contemporary discussions about economics, the trap is to think about who is right and who is wrong; I think about who does this idea serve and who does that idea serve, and that is usually much more revealing and rewarding. ’ For example, in Germany, there often is a very one-sided discussion among the German economists and politicians that is very different from everybody around them, including the Anglo-Saxons or the South Europeans.
In particular, if you are in Germany, that is exactly where economists who are in any way influential start from, that is what they equate with economic reason; everything else is some sort of aberration that you have to convince people you really need less of. If you pretend that market power is the exception and not the rule, you cannot tax companies without doing a great deal of harm. You cannot ask for higher wages without causing unemployment. If you pretend that there is a wellfunctioning market for top managers, CEOs will have no real power, and you will need to reward them very handsomely for any value that they help to create.
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