Inequality and mainstream macroeconomics

I have argued many times over the years that mainstream economists, especially mainstream macroeconomists, largely ignore the issue of inequality. And when they do see it, they tend to misunderstand both its causes (often attributing it to exogenous events, such as globalization and technical change) and its consequences (often failing to connect it, other than through […]

Inequality and mainstream economics

Apparently, according to Justin Wolfers, mainstream economists expressed renewed interest in the issue of inequality (including Thomas Piketty’s book) at their most recent annual meeting. The problem is, they didn’t have much to say. It’s not that the heart of the profession buys into Mr. Piketty’s specific theoretical framework — although there’s much greater sympathy for […]

Inequality, the Second Great Depression, and mainstream economics

This morning, we’re faced with the extraordinary spectacle of two left-of-center, Nobel Prize-winning economists stumbling all over themselves trying to make sense of the role of inequality in creating and sustaining the Second Great Depression. Really?! Now, they may have missed the trend of growing inequality over the course of the past three decades. Still, […]

Inequality, politics, and mainstream economics

Mainstream economists have a real problem: how are they supposed to make sense of the obscene levels of inequality that are now obvious in the United States and other advanced capitalist nations? Their first attempt was simply to deny that inequality was an issue. But that simply won’t work anymore (at least for some mainstream […]

Inequality and mainstream economics

Consider the following irony: it takes the International Monetary Fund to show mainstream economists that inequality actually matters. Most mainstream economists don’t even mention the problem of inequality. And when they do, they explain it away as the natural consequence of changing technology, education, and globalization. And even if they consider it to be important, […]

Inequality, crises & mainstream economics

The existence of gross inequalities in the distribution of income and wealth, and the links between inequality and the ongoing crises, are just too obvious to ignore. Even mainstream economists are starting to pay attention. What are also becoming clear are the limited terms of the mainstream discussion of inequality and crises, which were rehearsed […]

Folk economics

Mainstream economists have, it seems, discovered the existence of economic ideas outside the official discipline of economics. It took them long enough! But, unfortunately, they don’t treat the topic particularly seriously—certainly not in the way the scholars who pioneered the project of the New Economic Criticism, starting in the mid-1990s, set out to conduct their […]

Performative economics

In this post, I continue the draft of sections of my forthcoming book, “Marxian Economics: An Introduction.” The first five posts (here, here, here, here, and here) will serve as the basis for chapter 1, Marxian Economics Today. The text of this post is for Chapter 2, Marxian Economics Versus Mainstream Economics (a short addendum to a previous post on Economic […]

Mainstream economics today: neoclassical

In this post, I continue the draft of sections of my forthcoming book, “Marxian Economics: An Introduction.” The first five posts (here, here, here, here, and here) will serve as the basis for chapter 1, Marxian Economics Today. The text of this post is for Chapter 2, Marxian Economics Versus Mainstream Economics (following on from the previous post). Mainstream Economics Today […]

Contemporary relevance of Marxian economics

I’ve just signed a contract with Polity Press to write a new book, “Marxian Economics: An Introduction.” The idea is to publish it in late 2021 or early 2022. My goal is to write a textbook that can fulfill two purposes: first, a stand-alone book for courses that are focused on Marxian economics or survey […]