In the wake of the global financial crisis of 2008, the greatest economic disaster since the Great Depression, the cover story of the July 18th 2009 issue of The Economist, entitled “What went wrong with economics,” opened with an unequivocally incriminating statement: “Of all the economic bubbles that have been pricked, few have burst more spectacularly than the reputation of economics itself.” In the months surrounding this indictment, many influential economists, including several Nobel laureates, were drawn to the same embarrassing (...) conclusion. Despite the existence of a handful of Cassandras, economists, as a group, had failed to foresee the crash. This short essay reviews the criticisms addressed to modern economic theory in the immediate aftermath of the crash. Overall, the main issues raised by critics were that (a) economists versed in the dominant models in macroeconomics and finance have been blinded to the possibility that we live in an uncertain and complex world; and (b) that the content of current economics education has sidelined many of the relevant insights to be found in the history of the discipline. This has led the critics to call for changes in the institutional structure of discipline, with a particular emphasis on the promotion of interdisciplinarity, and theoretical and methodological pluralism. (shrink)

Understanding a normative concept like oppression requires attention to not only its harms but also the causes of those harms. In other words, a complete understanding of such a concept requires a proper causal explanation. This causal explanation can also inform and constrain our moral response to such harms. Therefore, the conceptual explanatory framework that we use to inform our moral diagnosis and our moral response become significant. The first goal of this dissertation is to propose complexity theory as the (...) proper framework for not only explaining a social phenomenon like oppression but also understanding the proper sites for social change. The second goal of this dissertation is to answer three interrelated questions about how we should respond, morally, to a chronic and complex social problem like racial or gender inequality: (1) Why do the current interventions to address these problems fail? (2) Do social movements play any unique role in addressing these problems? (3) What is our individual responsibility to participate in social movements? In response, I argue that the explanatory frameworks that we choose to understand the cause(s) of social problems can be the source of the inadequacy of our intervention. I argue that a proper social and moral intervention needs to capture the complex and dynamic nature of the social world. I also show that changing the explanatory framework allows us to see the unique role social movements play in making effective and sustainable social change possible. Finally, I conclude supporting such movements is a moral imperative. (shrink)

ABSTRACTThis is a critical discussion and proposed refinement of the inspiring account of the successes and failures of economic modelling sketched in Dani Rodrik’s Economics Rules. The refinements make use of a systematic framework of the structure of scientific modelling. The issues include distinguishing the discipline of economics from the behaviour and attitudes of economists as targets of normative assessment; nature and sources of success and failure in modelling; the key role of model commentary; model transparency; purposes and audiences of (...) modelling; the nature of critical assumptions; negligibility, applicability, and tractability in modelling; the possibility of generally applicable models; and economics fundamentalism. The proposed refinements submit sharper formulations for some of Rodrik’s ideas and supplement others, but they also reveal tensions and relieve some – not yet all – of these. (shrink)