On the crisis of economics: an interview worth watching

Since the outbreak of the financial crisis a few years ago, many criticisms have been directed against mainstream views on what Economics is about.

In a recent interview, broadcast on the web by the Stifterverband für die Deutsche Wissenschaft, economist and Director of the Institute of New Economic Thinking (INET), Robert Johnson, has made some interesting comments on this momentous subject. Johnson’s comments seem to encapsulate a good deal of the criticisms which have been circulating among economists about their own science and profession. Is it possible that arguments such as those voiced by Johnson are in fact tokens of an emerging new mainstream?

It is an interview worth watching (see below).

If at least part of the censure befalling mainstream Economics is reasonable, then the influence of prevailing economic theory on other disciplines, including Political Science and Law, must be subject to reevalutaion.  And this, so it seems, is likely to bring innovation in interdisciplinary endeavors.