Paradigms Lost?

I would like to recommend you “Paradigms Lost? Cowboys and Indians in the Battle over Economic Ideas” posted by Mark Blyth at TripleCrisis. It provides a powerful analysis of why neoliberalism is still the state of the art in economics on the one, and hope that we can change it, on the other hand. Here an excerpt:

You might then think that given such large losses and red faces we really should now be living in a post-neoclassical world. Yet we are not. Here are two reasons why this is the case: one that I don’t buy and one that I do buy.

“There is (still) no Alternative” – There is No New Paradigm.

This is a very odd but powerful form of argument. Odd, when you consider that this blog, INET, and hundreds of other sources are actively building one. Powerful, in that by saying that ‘unless you replace one complete integrated mathematically perfect theory with another one you should stick with the one you have got.’

I have always been suspicious of this form of argument […]