Rethinking Economics: A Critical Examination of its History, Methods, and Purpose

This podcast trailer, hosted by Robert Skidelsky, introduces a series of conversations aimed at critically examining the field of economics. The core inspiration stems from the "disappointing nature" of answers provided by economists to fundamental questions like "what is economics about" and "what's it for." Skidelsky emphasizes the importance of studying the history of economic thought, not merely to understand the past, but to challenge the prevailing notion that the newest economic theories are inherently the best. He argues that engaging with historical perspectives allows for a deeper understanding of persistent doubts and critiques within the discipline.

The series will delve into several key distinctions and nuances, including the nature of economic models as "purely mental constructions" rather than realistic miniatures, and the dangers that arise when these models diverge too far from real life. It questions the increasing mathematization of economics, the underlying concepts of human nature embedded in economic models, and how economists might inadvertently (or deliberately) disguise the existence of power dynamics. A significant point of critique is the exclusion of morals from modern economic discourse, suggesting a need for a more ethically informed approach.

Practically, the podcast aims to provide suggestions for how economics "might do better in the future." By placing contemporary economics within its historical and general historical context, the series seeks to learn from past mistakes, echoing the sentiment that "unless you know your history you're condemned to repeat it." This historical grounding is presented as a pathway to developing "good economics," which is deemed essential for achieving "good politics," highlighting the profound societal influence of economic ideas.

Broader implications include the recognition that economic ideas, whether good or bad, rule the world, and therefore understanding what gives certain ideas traction while others fail is crucial. The podcast is dedicated to students who aspire to use economics to make the world a better place, suggesting a call for a more responsible, historically informed, and ethically conscious practice of economics that acknowledges its power and influence on society and politics.

"if you study economics in the light of history you enter into conversation with some of the greatest minds of economics"

"any doubt you may have had about the value of what you're doing in economics has been expressed by some economists in the past and that should give one confidence that one isn't alone"

"it's the disappointing nature of the answers people get to those very important questions that has been the inspiration for this set of conversations"

"bad economics leads to bad politics in order to get good politics we've got to have good economics"

"the main reason then for studying the history of economic thought is to question the claim that the newest economics is the best economics"

"when the models of economists and real life get too far apart that's when the trouble really starts"

"how do economists disguise power they're brilliant at diverting attention from the existence of power and that is diverting attention from the power of the power holders"

"unless you know your history you're condemned to repeat it"

"dedicated to the students of economics young and old who want to study the subject in order to make the world a better place"