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Lewis provides a list of observations that cast substantial doubt on conventional rational choice models, although he fails to point us towards alternatives.
Swiss voters will decide in a referendum on June 5 whether to introduce a “basic income”. In proposed reforms to the social welfare system, all residents would be entitled to a guaranteed income of SFr30,000 ($30,275) a year from the state — unconditionally. It has attractions for people at both ends of the political spectrum, but is it workable?
The 2015 election was an almost unmitigated disaster for the UK Labour party. Yet there was one significant success — an intellectual one. It's called "predistribution". And it has already been put to use by the new Conservative administration with a 40% increase in the minimum wage.
We once suffered from Norman Angell’s “Great Illusion” that prosperity was the product of aggressive control of territory and resources — and now we know better. The wealth of Denmark is instead built on exporting bacon and drugs to control diabetes — an appropriate combination — around the world.
We are all subject to confirmation bias — a tendency to find, or interpret, facts to support opinions we already hold. But truthiness is more extreme, occuring when conviction is prized over information.
Following the global financial crisis there has been much discussion of curriculum reform in university economics teaching. More pluralism is required, but there is no need for "two communities within the same discipline".
No economic model can describe “the world as it really is”.
Anthropology helps us understand the world, in ways that are helpful whether we are talking about the internal contradictions of communism or the pathologies of financial crises.
Economics is not a method but a subject – one defined by the problems it sets out to tackle not the techniques it uses.