Does the economics profession need a ‘reformation’?
Economics, we’re told, requires a reformation, just as Christianity needed Martin Luther’s revolutionary door-nailing challenge half a millennium ago. An “unhealthy intellectual monopoly” in mainstream economics, rather like corrupt medieval Catholicism, must be torn down. Self-described “heterodox” economists have been making the case for years now; for decades in some cases. But is it right? The problem with such revolutionary demands, it has always seemed to me, is that th