Reforming Economic Theory

Citation

Crines A & McIntosh B (2013) Reforming Economic Theory. [Backbencher] 14.02.2013. http://thebackbencher.co.uk/reforming-economic-theory/

Abstract
First paragraph: Corporatism, Free Markets, Public Investments…Is it time to rethink the whole subject of economic theory? The story of Britain’s economic liberalisation was based on the assumption that a stronger role for the state is economically inadequate. This is based on the belief that the state is too inefficient, slow, and smothers innovation. Advocates of this position argue that these issues can be rectified by the free market, whilst opponents say the state is the only body capable of ensuring equality of outcome. This has been how economic debates have been framed by political elites over recent decades. As a result, such debates have become increasingly polarised into extremes of these positions. With the emergence of such extremes, reasoned debate is nowhere to be seen.