John Kay on the future of Economics

There is a sparkling article from John Kay in today’s Financial Times - available in full (I think) on a subscription-only basis. He attacks the dominant paradigms in mainstream macro and financial economics built around the efficient markets hypothesis and rational expectations. This will be an ideal article to throw in front of Oxbridge applicants this autumn.

“Economics is not a technique in search of problems but a set of problems in need of solution. Such problems are varied and the solutions will inevitably be eclectic. Such pragmatic thinking requires not just deductive logic but an understanding of the processes of belief formation, of anthropology, psychology and organisational behaviour, and meticulous observation of what people, businesses and governments do”

Read: Economics: Rituals of rigour (John Kay) more from his own web site here

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