Identifying Economic Problems – Critical Points in Contemporary Economic Theory
Contemporary economic thought is dominated by a habitual outlook, formalism, which almost completely precludes consideration of the problem of lives and livelihood. In this light, critically analyze the following digital media (you do not need to watch more than 15-minutes of the digital media) discussing the limitations of formalism of the disembedded economy.
Panic: The Untold Story of the 2008 Financial Crisis
Formalism – utilitarian, another way of lookin @ mainstream economics
– He cares about the formal not utilitarian
– “The economy will bounce back in the long run. Rn doesn’t matter so much” NO. HUGH wants utilitarian
Aggregation – adding shit up, ”dis-embed”take apart
– Imagine an economist saying it sucks to be poor, it was poor, I was imbedded in that,
Formalism – disembedded economics, lack of regard for morality
disembedded – disconnected, more objective
utilitarian – caring about people’s experiences//ability to prosper.
