‘Useless but True’: Economic Crisis and the Peculiarities of Economic Science

Historical Materialism 19 (2):3-31 (2011)
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Abstract

The recent economic crisis has brought to the fore another crisis that has been going on for many years, that of economic theory. The latter failed to predict and, after the event, cannot offer an explanation of why it happened. This article sketches out why this is the case and what constitutes the crisis of economics. On this basis, the case is made for the revival of an interdisciplinary political economy as the only way for offering an explanation of the workings of the economy in general and of economic crises in particular.

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