The Cambridge Society for Economic Pluralism (CSEP) was set up to enhance the understanding of a diversity of economic thought within the Cambridge community, bringing together proponents of views both mainstream and heterodox. In this year’s introductory talk, we are excited to welcome Dr Ha Joon-Chang, who will present a selection of the most intriguing schools of alternative economic thought and make the compelling case for an inclusive, pluralist approach to economics.
About the speaker:
Dr Ha-Joon Chang is a Reader in the Political Economy of Development in the faculty of economics. He has served as a consultant to the World Bank, the Asian Development Bank and the European Investment Bank as well as to Oxfam and various United Nations agencies. He is the author of numerous articles and books, including his latest work, 23 Things They Don’t Tell You About Capitalism.
How did the event go?
Dr Ha Joon Chang started his presentation by bringing the Economics discipline back to its original domain. Indeed, he asserted that the job of Economists should not be to "explain almost everything" as many in the profession increasingly claim but to at least try to explain how the economy works, a task for which Economists have not performed that well in the past few years.
He went on to clearly introduce the main ideas of nine of the major schools in economic thought: Classical, Neoclassical, Marxist,Keynesian, Schumpeterian, Austrian, Institutionalist Behaviouralist and Developmentalist. From their own point of view, he underlined their philosophical foundations and practical policy recommendations and clarified to the audience their strengths and weaknesses. He recommended to use them in conjunction and let them "cross fertilise", applying each one of them to analyse the domains in which they have more relevance. Dr Chang concluded by regretting that the Economics discipline became overly reliant on the Neo-Classical school, rejecting many of the insights of other schools.
During the questions and answers session, Dr Pontus Rendahl, a young neo-classical faculty member criticised Dr Chang's last point by asserting that the Neo-Classical school was able to introduce many of the relevant teachings of the other schools in its methods. An interesting debate ensued on this point and on the many more that were raised.
This first event of the academic year was a great success as it provoked much debate and allowed people to expand their knowledge on the different schools of economics. It was attended by more than a hundred students and faculty. We apologise to the many more that were not able to enter the room.
About the speaker:
Dr Ha-Joon Chang is a Reader in the Political Economy of Development in the faculty of economics. He has served as a consultant to the World Bank, the Asian Development Bank and the European Investment Bank as well as to Oxfam and various United Nations agencies. He is the author of numerous articles and books, including his latest work, 23 Things They Don’t Tell You About Capitalism.
How did the event go?
Dr Ha Joon Chang started his presentation by bringing the Economics discipline back to its original domain. Indeed, he asserted that the job of Economists should not be to "explain almost everything" as many in the profession increasingly claim but to at least try to explain how the economy works, a task for which Economists have not performed that well in the past few years.
He went on to clearly introduce the main ideas of nine of the major schools in economic thought: Classical, Neoclassical, Marxist,Keynesian, Schumpeterian, Austrian, Institutionalist Behaviouralist and Developmentalist. From their own point of view, he underlined their philosophical foundations and practical policy recommendations and clarified to the audience their strengths and weaknesses. He recommended to use them in conjunction and let them "cross fertilise", applying each one of them to analyse the domains in which they have more relevance. Dr Chang concluded by regretting that the Economics discipline became overly reliant on the Neo-Classical school, rejecting many of the insights of other schools.
During the questions and answers session, Dr Pontus Rendahl, a young neo-classical faculty member criticised Dr Chang's last point by asserting that the Neo-Classical school was able to introduce many of the relevant teachings of the other schools in its methods. An interesting debate ensued on this point and on the many more that were raised.
This first event of the academic year was a great success as it provoked much debate and allowed people to expand their knowledge on the different schools of economics. It was attended by more than a hundred students and faculty. We apologise to the many more that were not able to enter the room.