Dr Ha-Joon Chang gave a lecture on why pluralism in economics is important at the University of Sheffield on 22 April 2015 organised by the student Alternative Thinking for Economics Society in collaboration with the Institute for Economic Analysis of Decision-making (InstEAD) and the Sheffield Political Economy Research Institute (SPERI).
Ha-Joon Chang teaches economics at Cambridge University, and is the author of several bestselling books including Economics: A Users Guide. The fourth chapter of this book Let a hundred flowers bloom and cross-fertilize was the inspiration for this lecture on pluralism in economics.
In the lecture Dr Chang critically assessed nine different schools of economics for their strengths and weaknesses: Classical, Neoclassical, Marxist, Keynesian, Schumpeterian (neo-Schumpeterian), Austrian, Institutionalist (Old and New), Behaviouralist and Developmentalist.
The lecture concluded that there isn’t just one single way of doing economics but there are many approaches and a discipline with a variety of methods can cope better with a changing world than one with a single method.
View the video of Ha-Joon Chang: why pluralism in economics is important.
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