Peter Colander & Craig Freedman, Where Economics Went Wrong: Chicago’s Abandonment of Classical Liberalism

Scott Alan CARSON

Abstract


Abstract. Classical Economists preserved a firewall between their understanding of social conditions, their role in scientific theories, and policy advocacy.  However, contemporary Neoclassical and Welfare economics have abandoned economics objectivity.  Colander and Freedman indicate that it is time for the profession to rebuild the firewall between economic analysis and policy recommendations and return economics to its classical roots.

Keywords. Welfare economics, Neoclassical economics, Economics objectivity.

JEL. C92, E20, J00, J01, J08.

Keywords


Welfare economics; Neoclassical economics; Economics objectivity.

Full Text:


References


Friedman, M. (1953). Essays in Positive Economics. Chicago: University of Chicago Press.

Hansen, L., & Kevin M. (2019). How Should Economics Shape Policy?. Chicago, [Booth Review].

Thomson, W. (1891). Popular Lectures and Addresses, Vol. I. London: MacMillan. p.80. Retrieved 25 June 2012.




DOI: http://dx.doi.org/10.1453/jepe.v7i2.2080

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