Modern society has a complex, impersonal structure by which goods and services are produced and distributed. Explaining this structure is economics’ primary problem. The neoclassical strategy for solving it through methodological individualism led to the unrealistic assumptions Graeber derides. He is perfectly right to reject that solution. But it still leaves the problem, which will not be solved just by thinking in terms of a wider range of human motivations. There is an economics-sized gap in Graeber’s history, which he cannot fill. The answer to bad economics is good economics, not no economics. We need a genuine political economy. Debt: The First 500 Pages ☀
Thursday 30 August 2012
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