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Behind the Money
The Economics Show with Soumaya Keynes: What’s wrong with economics?
Aug 7, 2024
Sir Angus Deaton, a Nobel Prize-winning economist, delves into the evolving landscape of economics, expressing his reconsideration of foundational assumptions. He critiques the narrow focus on efficiency, discussing the intricate dynamics of globalization and poverty with contrasting case studies from India and China. Deaton emphasizes the need for a comprehensive approach to measuring poverty and challenges the effectiveness of randomized control trials. As he navigates through these complex topics, he advocates for an economics that integrates ethics and historical context.
34:42
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Quick takeaways
- Angus Deaton argues that the focus on efficiency and GDP in economics has overshadowed crucial ethical and philosophical considerations essential for genuine progress.
- Deaton emphasizes the need for a balanced analysis of immigration, warning that long-term effects may contribute to rising economic inequality despite minimal short-term impacts.
Deep dives
Critiques of Economics
Economics has faced significant scrutiny, especially from within the profession itself. Prominent economist Angus Deaton emphasizes that the discipline has shifted focus primarily toward efficiency and GDP maximization, neglecting the philosophical and ethical considerations that originally formed the foundation of economic thought. This narrowing of focus has consequences, as valuable insights from history, psychology, and sociology have been overlooked, leading to a one-dimensional view of economic effectiveness. Deaton argues that a more balanced and comprehensive approach is essential for understanding the complexities of economic realities and fostering genuine progress.
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Discover
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