So where do we go from here? If we accept that we need fundamental reform, what should the new economics—“de-conomics” as I’m calling it—look like? Much, of course, must be left to be determined by new research, working to new priorities within new paradigms. However, we can sketch out some desirable characteristics of a retooled economics.
First, we need to accept that there is no such thing as “value-free” analysis of the economy. As I’ve explained, neoclassical economics pretends to be ethically neutral while smuggling in an individualistic, anti-social ethos. In reality, any statement about the economy that goes beyond descriptive statistics (for example: “the annual rate of CPI inflation was 2.7 per cent last month”) is a value judgment.
Only by acknowledging that can we have an honest debate about how our economy and society work.
Guess whose, and which, values are to be embedded in the core of this new economics? Any predictions for what this new normative science will demand are the norms?