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\nDo Economists Understand the Economy?\n

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\n\nPublisher:\n\nInstitute for New Economic Thinking\n\n\n
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\nMissing the big picture is all too common in the field.Lance Taylor, Professor Emeritus at The New School for Social Research, has focused on the reconstruction of macroeconomic theory and seeks to challenge mainstream approaches.Taylor...\nMissing the big picture is all too common in the field.

Lance Taylor, Professor Emeritus at The New School for Social Research, has focused on the reconstruction of macroeconomic theory and seeks to challenge mainstream approaches.

Taylor argues that macroeconomists have not typically understood the unpredictability of human behavior, how social institutions interact with the economy, or the inability of markets to self-correct. Microeconomists, he contends, tend to omit important issues, like economies of scale. On the topic of inequality, Taylor points out that economists focusing on supply side models don’t address important questions, such as why CEO pay has skyrocketed or why real wages have not kept up with productivity growth. What will happen down the road if economists and policy makers don’t get it right?

Watch the interview as Taylor shares his views with Lynn Parramore, Senior Research Analyst at the Institute for New Economic Thinking.
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Resource Details

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Educator Rating
Not yet Rated
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Media Length
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14:33
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Grade
Higher Ed
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Subjects
Social Studies & History
3 more...
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Media Type
Instructional Videos
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Source:
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\nNew Economic Thinking\n\n
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Date
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2015
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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human capital, economists, business, economy, debate, income
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lance taylor, inet, institute for new economic thinking, new school, matthew kulvicki, social institutions, reserve army, occupy movement, united states, tax issues, bargaining position, uber class, natural process, social unrest, capital gains, upper limit, financial crisis, confront inequality, capital, lance, confront, people, inequality, macro, driving, back, interesting, rich, thing
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