Abstract

GALBRAITH, James K.. What is economics? A policy discipline for the real world. Rev.econ.inst. [online]. 2022, vol.24, n.46, pp.3-25.  Epub Oct 05, 2022. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v24n46.02.

Economics is a policy discipline that deals with the problems of social organization and the general good. It co-evolves with circumstances, and it is historically contingent. The world to which economic policies are ultimately addressed is a complex system. Yet economists seeking to develop appropriate policies are necessarily guided by simplifications and heuristics. The question before the discipline is to decide what sort of simplification is best suited to the task. In the spirit of modern science, this paper argues that appropriate generalizations, simplifications, heuristics, and principles are to be derived from a study of the actual world. While these may deploy mathematical tools and draw on insights from the behavior of mathematical systems, the latter by themselves are inadequate, especially where they start from the dead dogmas of the neoclassical mainstream: ex nihilo nihil fit.

Keywords : economic schools, institutionalism, evolutionary theories, real-world, complexity, economic policy, social welfare; JEL: A11, B13, B15, C6, D6, H00.

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