Letters & opinions
letters@prospect-magazine.co.uk
Rethink your thinking
Your articles on the case for a new economics (“Rip it up and start again,” May) miss a crucial point. They hardly mention the study of political theory (sometimes called political philosophy). Political theory is not just about politicians, institutions and events. Rather it is rooted in the study of what are called “competing paradigms”—comparing fundamentally contrasting approaches through the centuries to the political, social and economic world(s) we live in. This should be where all rethinking of the narrower field of economics should start.
Philip G Cerny, Professor Emeritus of Politics and Global Affairs, University of Manchester
Show me the money
The feature in the May issue on the failures of economics illustrated the problem exactly—none of the economists mentioned money! The issuers of money decide when, where and how much will be issued. Most of our money is created by the private banks when they make loans; this biases the system towards financial instruments and property at the expense of the real economy and we all pay a rent to the banks for use of “our” money.