If the rational, selfish “economic man” of mainstream theory does not exist in the real world, why do we study that model at all? After all, would it make sense for medical students to study unrealistic models of the human body for their training in anatomy? The same could be asked of the model of perfectly competitive businesses. Why should we cloud our understanding with such unrealistic models as economists?
Q: Theories of Crisis
Given that so many mainstream theorists were blindsided by the 2008 crisis, why doesn’t our curriculum address heterodox crisis theories such as the Marxian falling rate of profit or the Post Keynesian views on problems of effective demand and the fallacy of Say’s Law?
Q: Is it moral to value the present more than the future?
Why should we use “discounting” to decide how much to spend to avert future catastrophes like climate change? Given the high uncertainty around climate impacts, as well as high uncertainty about future economic stability, doesn’t inter-generational justice demand that we follow the precautionary principle and take the strongest action possible while we are able?
Q: How do you measure progress?
Is GDP a sufficient measure of economic well-being? Why don’t we subtract social and environmental costs of business from GDP?
Q: Role of Finance
Should the financial system serve as an engine for speculative profits, or should it serve as a well regulated public utility whose end is to promote the economy’s productive capacity?
Q: Islamic economics
Why is there nothing about Islamic economics in our curriculum?
Q: System Change
If it is true that capitalism cannot solve and in fact is worsening intractable global problems like poverty, inequality, ecological decline, armed conflicts, and financial instability, why don’t we spend any time learning about systemic alternatives beyond capitalism and state socialism?
Q: Robin Hood Tax
Should we slow down fast money with a Robin Hood Tax?