En blind fläck för neoklassisk teori

Edmund Phelps, the Nobel laureate in economics, has written an essay in the New York Review of Books where he discusses one great failing of economics. It has no place for the value of inclusion, which Phelps defines as ”the desire to do something with their lives besides consuming goods and having leisure . . . to participate in a community in which they can interact and develop”. Phelps makes a convincing argument for the importance of inclusion, and for economics’ blindness to it. This is particularly grave because much of what the good life involves takes place in economic activity, above all the workplace and the imaginative effort involved in psychologically rewarding jobs.

So this is not merely an intellectual problem, Phelps writes. It also means economics as normally practised is bereft of policy advice relevant to one of the most important economic questions. ”Our prevailing political economy is blind to the very concept of inclusion; it does not map out any remedy for the deficiency.” A better political economy would make dynamism and human flourishing a priority, not just material growth.

Financial Times

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