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The Emperor's Tailor: The Economists and the Crash of ‘98

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  • Freeman, Alan

Abstract

The paper examines the the profession of economics in the light of its disarray in the face of the financial crash of 1998 We subject the profession to a theoretical and historical enquiry, examining both its reaction to the empirical facts of its failures, and the manner in which its theoretical categories express the material interests to which it is subjected. The aim is not dismiss the profession and its products as simple apologetics, but to uncover the internal structure of its thought and to propose an alternative, critical standard of scientific conduct for economic enquiry under a market economy.

Suggested Citation

  • Freeman, Alan, 1999. "The Emperor's Tailor: The Economists and the Crash of ‘98," MPRA Paper 6712, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:6712
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    File URL: https://mpra.ub.uni-muenchen.de/6712/1/MPRA_paper_6712.pdf
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    References listed on IDEAS

    as
    1. Michele I. Naples, 1989. "A Radical Economic Revision of the Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 21(1-2), pages 137-158, March.
    2. Alan Freeman & Guglielmo Carchedi (ed.), 1996. "Marx and Non-equilibrium Economics," Books, Edward Elgar Publishing, number 737.
    3. Lant Pritchett, 1997. "Divergence, Big Time," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 3-17, Summer.
    4. Duncan K. Foley, 1982. "The Value of Money the Value of Labor Power and the Marxian Transformation Problem," Review of Radical Political Economics, Union for Radical Political Economics, vol. 14(2), pages 37-47, June.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Alan Freeman, 2009. "The Economists of Tomorrow: the Case for a Pluralist Subject Benchmark Statement for Economics," International Review of Economic Education, Economics Network, University of Bristol, vol. 8(2), pages 23-40.
    2. William Orlando Prieto Bustos & Joan Miguel Tejedor-Estupiñán, 2017. "La ciencia económica en tiempos de crisis," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, vol. 36(64), pages 47-78, October.

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    More about this item

    Keywords

    Liquidity; Value; Quantification; MELT; MEL; Money; Labour; Marx; TSSI; Temporalism;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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