Economics in the Twenty-First Century

by Robert Chernomas, Ian Hudson

2016 · University of Toronto Press

Economics has always been nicknamed the “dismal science,” but today the field seems a little more dismal than usual as governments, social movements, and even students complain that the discipline is failing to make sense of the major economic problems of the day. In Economics in the Twenty-First Century, Robert Chernomas and Ian Hudson demonstrate how today’s top young economists continue to lead the field in the wrong direction. The recent winners of the John Bates Clark medal, economics’s “baby Nobel,” have won that award for studying important issues such as economic development, income inequality, crime, and health. Examining their research, Chernomas and Hudson show that this work focuses on individual choice, ignores the systematic role of power in the economic system, and leads to solutions that are of limited effectiveness at best and harmful at worst. An accessible summary of the latest debates in economics, Economics in the Twenty-First Century takes on what is missing from mainstream economics, why it matters, and how the discipline can better address the key concerns of our era.