Did you know that Adam Smith was a heterodox economist by modern standards? As the 250th anniversary of The Wealth of Nations approaches, and at a time when #artificialintelligence , #climatechange and #inequality are posing fundamental challenges to economies, his legacy and that of the two most influential 19th century pioneers of liberal political economy, J.S. Mill and Alfred Marshall, warrant reconsideration.
Their conception of growth and development—and indeed their expectation of how the discipline of #economics would develop—contrast starkly with contemporary pedagogy and policy practice. Inspired by the first principles they framed, I have sketched a rebalanced alternative to the prevailing GDP-focused #neoliberal or “Washington Consensus” paradigm in my new book, Human-Centred Economics published by Palgrave Macmillan in association with the International Labour Organization.
I resurrect their explicit co-equal focus on production and distribution, markets and institutions, and thus productive output and #socialjustice, formally internalizing within the standard model policy and institutional factors critical to #socialinclusion , #sustainability and #resilience on an equal basis with traditional “factors of production.”
For those interested, I’ll be discussing this reformulation of #macroeconomics and corresponding deep reforms of domestic economic policy and the #internationaldevelopment and financial architecture at the Geneva Graduate Institute on March 19, 2024, the Hitotsubashi University Institute for Advanced Study in Tokyo on March 21, 2024 and Institute for Applied Economic Research (Ipea) in Brasilia on March 26, 2024.