Methodology, Modelling and Bias
In this chapter, the author draws on the discipline of epistemology to pinpoint exactly the problems with modern economic methodology. Economic modelling is examined in detail and shown to be a particular form of what epistemologists call ‘abstraction’. T
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A Deconstruction and Reconstruction of Economic Theory
The Reformation in Economics
Philip Pilkington
The Reformation in Economics A Deconstruction and Reconstruction of Economic Theory
Philip Pilkington GMO LLC London, United Kingdom
ISBN 978-3-319-40756-2 ISBN 978-3-319-40757-9 DOI 10.1007/978-3-319-40757-9
(eBook)
Library of Congress Control Number: 2016953821 © The Editor(s) (if applicable) and The Author(s) 2016 This book was advertised with a copyright holder in the name of the publisher in error, whereas the author holds the copyright. This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To the students who know in their hearts that something is rotten. For when pupils grow wiser than teachers the light of knowledge grows dim and the acidic mists of ignorance corrode all that is good and true.
FOREWORD
In this lucid, extremely lively book Philip Pilkington offers a radical critique of economics from within the profession. He does not hesitate to pulverise the great panjandrums of the discipline like Paul Samuelson, chief architect of the neoclassical synthesis of Keynesian and pre-Keynesian economics. He reserves special scorn for the Nobel Laureateocracy, which closes the profession to heterodoxy. His heroes are John Maynard Keynes, Hyman Minsky, George Shackle, Nicholas Kaldor, Mikhail Kalecki, Wynne Godley and George Soros, who, in their different ways, have opened up new paths of thought. Philip Pikington’s starting point is that economics is a ‘contested subject firmly grounded in the humanities and should be taught as such’. This is in contrast to the usual division between politics and economics, in which politics is viewed as necessarily contested, whereas economics, being a science, lea
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