2019-02-07T10:20:25+01:00

Fareed Zakaria in an article from Foreign Policy on “The End of Economics”:

Let me be clear: Economics remains a vital discipline, one of the most powerful ways we have to understand the world. Economics remains a vital discipline, one of the most powerful ways we have to understand the world.But in the heady days of post-Cold War globalization, when the world seemed to be dominated by markets and trade and wealth creation, it became the dominant discipline, the key to understanding modern life. That economics has since slipped from that pedestal is simply a testament to the fact that the world is messy. The social sciences differ from the hard sciences because “the subjects of our study think,” said Herbert Simon, one of the few scholars who excelled in both. As we try to understand the world of the next three decades, we will desperately need economics but also political science, sociology, psychology, and perhaps even literature and philosophy. Students of each should retain some element of humility. As Immanuel Kant said, “Out of the crooked timber of humanity, no straight thing was ever made.”