Who Needs a New Economic Paradigm?
Most economists are allergic to grandiose calls for new agendas and paradigms. But useful paradigms are about principles, and a set of principles, organized around a paradigm, helps policymakers look for answers that are best for their countries, given their unique history.
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LONDON – Demand for new economic paradigms is fast outrunning supply. On the left, the Institute for New Economic Thinking claims that “mainstream economics has demonstrated blind spots that have impaired its effectiveness and credibility – and failed society at large … We need a new vision of the economy that aims to serve society.”