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Tony Addison

3 Economics tony addison Industrialization and democratization could not be achieved at the same time. When my father became president, this country was in terrible poverty. The first thing he had to do was to save the country through industrialization and from that followed democratization. (South Korean presidential candidate, Park Geun-hye, on her father, Park Chung-hee, who took power in the 1961 military coup, quoted in Financial Times 12 March 2002) The quotation that starts this chapter expresses a sentiment that was common currency in the early days of

in Democratization through the looking-glass

Today, in many countries what is viewed as ‘credible’ economic knowledge stems from academic economics. The discipline of academic economics is based in universities across the world that employ economists who produce research that is published in academic journals and educate students who then go into government, businesses, and think tanks. Through the book’s authors’ and contributors’ experiences of economics education, and as part of the international student movement Rethinking Economics, it argues that academic economics in its current state does not provide people with the knowledge that we need to build thriving economies that allows everyone to flourish wherever they are from in the world, and whatever their racialised identity, gender or socioeconomic background. The consequences of this inadequate education links to modern economies being a root cause of systemic racism and sexism, socioeconomic inequality, and the ecological crisis. When economies are rooted in a set of principles that values whiteness, maleness and wealth, we should not be surprised by the inequalities that show up. Structural inequalities need systemic change, change that infiltrates through every level of the system, otherwise we risk reproducing and deepening them. This book makes the case that in order to reclaim economics it is necessary to diversify, decolonise and democratise how economics is taught and practised, and by whom. It calls on everyone to do what we can to reclaim economics for racial justice, gender equality and future generations.

Joe Earle, Cahal Moran, and Zach Ward-Perkins

Chapter 3 Beyond neoclassical economics Economics as a contested discipline pluralism n. a condition or system in which two or more states, groups, principles, sources of authority, etc., coexist.1 Economics education shapes how its students think about the world. This makes economics powerful, as those who study it often go on to have significant authority. Economics is presented as a unified field and its association with maths and statistics makes it easy to see it as a science. However, this is not the reality. In this chapter we argue that there is a

in The econocracy
Joe Earle, Cahal Moran, and Zach Ward-Perkins

Chapter 2 Economics as indoctrination The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else John Maynard Keynes1 I don’t care who writes a nation’s laws, if I can write its economics textbooks Paul Samuelson2 In the space of seventy or eighty years the idea of ‘the economy’ went from non-existent to occupying a central place in our world. As a result of this meteoric ascent, economics – the study of the economy  – has gained

in The econocracy
Bill Dunn

Introduction This chapter introduces economics as Keynes encountered it and then how his own work before the General Theory begins to break from orthodoxy. Keynes depicts almost all his predecessors, at least those he considered worth discussing, as ‘classical’ economists. He acknowledges that this stretches the concept, but it allows him to include not just ‘Ricardo and James Mill and their predecessors …[but also] the followers of Ricardo’ ( 1973 : footnote 3). His understanding therefore includes the later marginalist or ‘neo-classical’ writers

in Keynes and Marx
Joe Earle, Cahal Moran, and Zach Ward-Perkins

Chapter 4 The struggle for the soul of economics Economic thought is today dominated by a single perspective, which seriously limits the ability of economic experts to deal with many of the problems faced by society. The belief in this one perspective goes right to the heart of the profession. For example, the  2014 Nobel Laureate in Economics, Jean Tirole, stated that it is  ‘important for the community of academics … and researchers to be endowed with  a single scientific assessment standard’.1 Thus, while economists often criticise the existence of

in The econocracy
Abstract only
Amy Harris

4 Sibling economics It must be remember’d that life consists not of a series of illustrious actions, or of elegant enjoyments; the greater part of our time passes in complyance with necessities in the performance of daily duties, in the removal of small inconveniences, in the procurement of petty pleasures; & we are ill or well at ease, as the main stream of life glides on smoothly, or is ruffled by small obstacles & frequent [como]tion. Samuel Johnson, A Journey to the Western Islands of Scotland, 1775, extracted by Anne Travell, c.1780s1 On a Monday in

in Siblinghood and social relations in Georgian England
Joe Earle, Cahal Moran, and Zach Ward-Perkins

Chapter 6 Economics is for everyone Renewing democracy In the last chapter we set out our vision for how the education of economic experts could be improved, and the temptation might be to end there. However, this would at best be addressing only half of the problem. While we have been following one path to an important set of conclusions, there has been another path running alongside, just out of sight but interwoven with our story; neglecting its ultimate conclusions will only leave us at a dead end. Throughout this book we have shown how economics underpins

in The econocracy
Insights from Irish research
Series: Irish Society

This book brings together research relating to the economics of disability in Ireland. It addresses key questions of relevance to the economic circumstances of people with disabilities, with emphasis on the relationship between disability and social inclusion, poverty, the labour market, living standards and public policy. Importantly, it also incorporates a life cycle perspective on disability, considering issues of specific relevance to children, working-age adults and older people with disabilities. There is also a focus on issues relating to resource allocation and to wider society, while the book also presents a number of contributions focusing on mental health. The book examines the economics of mental health services and presents a broad overview of key economic issues facing the provision of such services in Ireland. A number of issues are addressed, including the nature and extent of mental illnesses in Ireland, the resources spent on care provided to people with mental illnesses, as well as the economic cost of mental illness in Ireland. The book also examines the socioeconomic determinants of mental stress. It focuses on socioeconomic factors which are most closely associated with mental stress, and considers the socioeconomic determinants of subjective well-being.

Paddy Gillespie and Sheelah Connolly

8 The economics of dementia Paddy Gillespie and Sheelah Connolly Introduction Dementia describes the group of symptoms caused by the gradual death of brain cells, leading to the progressive decline of functions such as memory, ­orientation, understanding, judgement, calculation, learning, language and thinking (Luengo-Fernandez et al., 2010). There is no single cause of dementia, with a combination of risk factors, both known and unknown, believed to ­influence its onset and progression. Within this risk factor profile, increasing age is by far the strongest

in The economics of disability