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Covert Racism in Economics

Author

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  • John Komlos

Abstract

Mainstream economic theory is replete with assumptions that feed into structural or systemic racism, because it supports an economic system that severely disadvantages people at the lower end of the socio-economic spectrum, which in the U.S. includes a disproportionate number of Hispanics, indigenous people, and descendants of slaves. The paper discusses 15 such assumptions that are generally trivialized, including the crucial role information costs play in decision making. In turn, costly information implies that its acquisition by poor people requires a greater share of their income, making it more difficult for them to make well-informed decisions.

Suggested Citation

  • John Komlos, 2021. "Covert Racism in Economics," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 77(1), pages 83-115.
    • Handle: RePEc:mhr:finarc:urn:doi:10.1628/fa-2021-0003
    DOI: 10.1628/fa-2021-0003
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    Cited by:

    1. Luis Rene Caceres, 2023. "The Channel of Female Employment in the Transmission of Monetary Policy in the Dominican Republic," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 15(8), pages 1-80, August.

    More about this item

    Keywords

    racism; poverty; bounded rationality; opportunistic behavior; power;
    All these keywords.

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • D60 - Microeconomics - - Welfare Economics - - - General
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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