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Life among the Econ: fifty years on

Author

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  • Thomas Palley

    (Economics for Democratic and Open Societies (US))

Abstract

Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing has spread far and wide, so that even lay Econs practice it. Fifty years ago the Econ used to say “Modl-ing is everything”. Now they say “Modl-ing is the only thing”. The math priesthood has been joined by a priesthood of economagicians. The fundamental social divide between Micro and Macro sub-tribes persists, but it has been diluted by a new doctrine of micro foundations. The Econ remain a fractious and argumentative tribe.

Suggested Citation

  • Thomas Palley, 2021. "Life among the Econ: fifty years on," Working Papers PKWP2106, Post Keynesian Economics Society (PKES).
    • Handle: RePEc:pke:wpaper:pkwp2106
    as

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    File URL: https://www.postkeynesian.net/downloads/working-papers/PKWP2106_tvZ792r.pdf
    File Function: First version, 2021
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    References listed on IDEAS

    as
    1. Axel Leijonhufvud, 1973. "Life Among The Econ," Economic Inquiry, Western Economic Association International, vol. 11(3), pages 327-337, September.
    2. Steve Keen, 2017. "The WHO warns of outbreak of virulent new 'Economic Reality' virus," Review of Keynesian Economics, Edward Elgar Publishing, vol. 5(1), pages 107-111, January.
    3. Edward E. Leamer, 2010. "Tantalus on the Road to Asymptopia," Journal of Economic Perspectives, American Economic Association, vol. 24(2), pages 31-46, Spring.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Micro; macro; economagicians; Keynesians; New Classicals; New Keynesians;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • Z00 - Other Special Topics - - General - - - General
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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