By Joe Earle
100 years in the past the assumption of 'the economic system' did not exist. Now, enhancing the economic system has end up noticeable as maybe crucial job dealing with sleek societies. Politics and policymaking are performed within the language of economics and fiscal good judgment shapes how political matters are thought of and addressed. the result's that almost all of electorate, who can't communicate this language, are locked out of politics whereas political judgements are more and more devolved to specialists. The econocracy explains how economics got here to be obvious this manner - and the harmful outcomes. It opens up the self-discipline and demonstrates its internal workings to the broader public in order that the duty of reclaiming democracy can start.
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Extra info for The Econocracy: The Perils of Leaving Economics to the Experts
Language is one way in which experts can preserve the rents associated with their subject-specific human capital. So, if every subject is guilty as charged, why pick on economics? The argument is that economics is, in a way, a victim of its own success. Economic principles and frameworks have found their way into every nook and cranny of public debate and discourse. They are the frame through which virtually all public policy debates are viewed these days. If economics is affecting so many in society in so many different ways, it may have a particular and peculiar responsibility to be clear and intelligible to all those it serves.
A second element of the critique in this book, one which really flows from the first, is that the language used by economists has served as a barrier to entry, certainly for members of the general public. Indeed, it could be argued this has been a deliberately erected barrier. If so, economics and finance are hardly exceptions in this respect. Every profession has its own lexicon, in part at least intended as a barrier to entry. Language is one way in which experts can preserve the rents associated with their subject-specific human capital.
At Rethinking Economics our aims are to reform economics education so that tomorrow’s experts are better equipped to understand the economy and engage with society. We are also trying to democratise economics because we believe that at its core economics should be a public discussion about how to organise society. There is an important role for experts here, but this role is as a humble advisor not a detached authority figure. Albert Camus’s generation had to prevent ‘the world from destroying itself’ in a nuclear war.