One of the few things heterodox economists‘ share is a rejection of neoclassical economic theory. Consensus neoclassical economists, in turn, generally ignore heterodox economists, accusing then of a lack rigour or worse (which basically means heterodox economists are accused of not being able to understand neoclassical economics). Herman Daly is a slightly more difficult target to skewer. Although a leading heterodox economist, Daly also has an impeccable training in neoclassical economics. Here is Daly setting out 10 policy prescriptions for ‘steady state’ economics.
Thankfully, some aspects of the heterodox agenda have already entered the mainstream, including ‘happiness studies’. The OECD, for example, has just issued its second “How’s Life, Measuring Well Being Report”. You can find the full report here and a presentation on the report here.
Meanwhile, for those living in Europe, a new report by the Norwegian Meteorological Institute looks at how extreme weather events will unfold in the coming decades. Given the lack of progress in mitigation, the risk averse should try to keep fully abreast of such reports with a view to adaption in Europe.
In last week’s links I picked up on a couple of leading economists who have focussed on the decline in economic growth. This week I want to flag an article published a few weeks back by Nobel Laureate Joseph Stiglitz in the New York Times looking at inequality. Stiglitz piece, in turn, draws heavily upon the work of Branko Milanovic and his book “The Haves and the Have Nots: A Brief and Idiosyncratic History of Global Inequality“. Milanovic has tracked growing income inequality since the 1980s and an introduction to his findings can be found in this short IMF article here.