104 The econocracy
between different approaches’. This letter illustrates that there have
been fairly widespread concerns from many quarters about the state
of economics for a long time.
It would take until the turn of the century for the battle for the
soul of economics to be picked up, this time by economics students.
In June 2000 students at the French University Ecole Normale
Supérieure launched a petition calling for economic pluralism. While
dissenting economists had tried in vain to interrupt the march of
academic economics towards monopolisation and
’ civilisation (2016).
Radical questioning of economic growth has led to the concept of de-
growth. As a concept, it originates from the work of thinkers including Marx
(1859), Jevons (1865), Soddy (1922, 1926), Polanyi (1944), Illich (1973, 1977),
Schumacher (1973) and Hirsch (1976). Essentially it can be defined as a new
economic paradigm based on the scientific idea of entropy. Indeed, the term
decroissance (de-growth) first appeared in the French translation of Georgescu-
Roegen’s (1971) seminal work The Entropy Law and the Economic Process.
Since then it has been
Stan Metcalfe and Alan Warde
In conclusion we draw together and evaluate a number of the themes raised
in this volume and begin to sketch an agenda for future research about
markets and the competitive process. Happily, this book resides within a
now-flourishing broader stream of ideas at the interface between economics
and sociology. Some of this new work signals the resurrection of economic
sociology, while other aspects of it emanate from within the literature on
innovation processes and, more generally, from evolutionary economics.
be questioned. 15
Lo reiterated this view in his contribution to The New Palgrave: A Dictionary of Economics almost a decade later, but added that the EMH might be a way of gauging the efficiency of a particular market relative to other markets, such as futures vs. spot markets, or auction vs. dealer markets. He also pointed to ‘several new strands of literature’ based on ‘more realistic assumptions’ including ‘psychological approaches to risk-taking behaviour’. 16 More of that
architecture, and what implications does it hold for emerging economies in
Asia and elsewhere?
The aim of the study is to provide answers to these complex and interrelated questions. Already a large and ever-growing body of literature (academic, policy-oriented and journalistic) has emerged addressing some of
these issues – with the question dealing with why the crisis occurred receiving most of the attention. However, much of this literature remains either
too general or too country-speciﬁc, with the country-speciﬁc usually being
highly technical and specialized. This study