The team at the Financial Times was very gracious in asking me to write a recent op-ed on heterodox economics and the financial crisis. I riff off Ray Dalio’s idea of the global “machine” and how an understanding of heterodox schools can lead to a better understanding of the machine and hopefully better outcomes for policy and economic prosperity in the future….
“It is useful to think of the global economy as one dynamic and complex machine. And in recent years, many have noted that the old clunker is stalling, even suggesting that it is in need of a total overhaul. The benefit of a breakdown is that it gives us all time to reflect.
It can even prompt us to roll up our sleeves, get our hands dirty and work out how to improve the machine. In the case of the economy, this inspection has led to a healthy questioning of mainstream economics and the insurgence of heterodox schools of economic thought.”
Read the full piece here.