Reconstructing Economics

This blog is primarily about economics and public policy. I use this space to bring together all of my non-academic writing and, very occasionally, republish the writing of others that I think is of note. Most of what is here has been published first elsewhere including The GuardianThe Monthly, The Conversation, The Drum and The Age.

The title of this blog reflects my belief that the discipline of economics is in turmoil and is in need of reconstruction.

under reconstruction

Mainstream neo-classical economics is founded on a series of assumptions and value judgements that are, to put it mildly, very questionable. I believe that economics should be reconstructed from a scientific footing instead. In other words, I think our economic theory should be data driven rather than ideologically driven. To read more about my thoughts on the state of economics and economic policy go here and here.

The key to implementing change in the field of economics lies in re-examining and reinventing economics education. Tim Thornton of Swinburne University has completed a doctorate on this subject and has published a great op-ed in The Age explaining the problem.

There’s a lot of progress being made in terms of reconstructing economics including the growing field of ecological economics, the teaching of heterodox economics at some institutions and the publishing of numerous books highlighting the flaws of the neoclassical paradigm. However, most of this work is happening outside of economics departments in universities.

Warwick Smith
Reconstructing Economics


Selection of popular published articles

IMG_3864Listen up, Scott Morrison. It’s time to bust the myth of the budget surplus by Warwick Smith in The Guardian. Posted February 14 2017.

History suggests Australia could be left behind by the next industrial revolution by Warwick Smith and Mitchell Eddy in The Conversation. Posted on December 29 2016.

Do we dare to question economic growth by Warwick Smith in The Guardian. Posted on October 13, 2014

The perils of the last human – by Warwick Smith in New Philosopher magazine. Posted on August 4, 2014

Snowpiercer, a film that makes you cheer against yourself – by Warwick Smith. Posted on August 11, 2014

You can also watch the below speech for a good potted summary of my political and economic thinking.

One Response to Reconstructing Economics

  1. Thanks for the encouragement Liam, I’m glad the piece resonated with you.

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