Promoting Economic Pluralism
Our mission is to reform the economics profession to ensure economics serves the public interest by using and developing better models and techniques to meet the challenges of creating a sustainable and fair economic system. We intend to use the media attention around anniversaries of Crash events over the next 2 years. We are developing a campaign working with a coalition of other NGOs, academics and think tanks.
Many people have been affected by the Crash in 2007/8. Some have lost their jobs while many people have been affected by ongoing reductions in public services due to the resulting public spending cuts. The Queen famously asked economists why they hadn’t seen it coming. Economists said it was a result of wishful thinking and hubris aided by inadequate models, and they would learn and do better in the future.
Many have critiqued mainstream economists’ models as seriously unrealistic and inadequate for understanding the economy. Most regulation and management of the economy depends on mainstream economists’ models. If these could be improved, governments could better manage the economy with resulting benefits and reduced risks for the people. 10 years after the Crash, initial evidence suggests much of the economics profession has not learnt from the Crash and is constraining the development of new models and techniques.