Tuesday, September 23, 2014

“The economics profession is presently experiencing a grave crisis of legitimacy.”

I've just started reading The Empire of Value by André Orléan and I am very impressed. As was Jamie Galbraith in his blurb for the book:
“In lucid, accessible language, André Orléan resurrects and explores the vital (but neglected) problem of value, grappling along the way with some fundamental defects of conventional theory. Through his mimetic hypothesis, the role of money emerges in the central role that both classical political economy and neoclassical economics denied to it. The Empire of Value is a bold argument, and a deep rejection of the justification for reliance on markets, except as a device for obtaining consent.”
First sentence in the introduction to Empire of Value: “The economics profession is presently experiencing a grave crisis of legitimacy.” This proves to be understatement, not hyperbole.

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