I thought studying economics meant learning how economies work everywhere. That the models were neutral and universal. Then I saw what happens when these models are applied in the real world and realized how quickly things fall apart. Most economic degrees don’t tell you they're handing you one intellectual tradition among several and calling it universal. The models just get presented as “how economies work”. The Washington Consensus demonstrates a clear example of what this costs; of how “neut
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I thought studying economics meant learning how economies work everywhere. That the models were neutral and universal. Then I saw what happens when these models are applied in the real world and realized how quickly things fall apart. Most economic degrees don’t tell you they're handing you one intellectual tradition among several and calling it universal. The models just get presented as “how economies work”. The Washington Consensus demonstrates a clear example of what this costs; of how “neut
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China’s housing crash is affecting economies all over the world. Our Beijing bureau chief, Keith Bradsher, explains what to know. Video by Keith Bradsher, Rebecca Suner, Thomas Vollkommer, Joey Sendaydiego and Luke Piotrowski/The New York Times #china #housing #economy
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If you studied economics and something about the models never sat right, this is why. What mainstream economics actually represents is not science but a particular political and economic worldview disguised as objective analysis. It wasn’t always this way. The field was literally called “political economy” until the late 19th century marginalist revolution, when economists decided they’d rather resemble physicists. The politics didn’t disappear. They got written out of the textbook. If you recog
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