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Rip it up and start again: the case for a new economics

Until we ditch the old textbook, we'll never face up to the challenges of the modern world—or move beyond neoliberalism

By Howard Reed   May 2018

Economics is broken—it's time for "deconomics". Photo: Prospect composite

When the great crash hit a decade ago, the public realised that the economics profession was clueless. The claim that “boom and bust” had been solved came crashing down, along with about 7 per cent of national income.

Philosophers sometimes define science as an endeavour that makes verifiable predictions, so the failure to see major shocks coming makes this a very dismal science. But there are still more fundamental problems which precious few economists acknowledge, and even the…

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