What is “Econ 101,” and why do economists always get things wrong? In this episode we dismantle orthodox economics, exploring where it comes from, why it's wrong, and how “It’s Econ 101!” became a cynical rallying cry in defense of the status quo. Guests Eric Beinhocker (The Origin of Wealth) and James Kwak (Economism) explain that, far from a science, Econ 101 is really just a story we tell ourselves to justify who gets what and why. And it’s time to tell a different story.
Eric Beinhocker: Professor of Public Policy at the Blavatnik School of Government, University of Oxford. Executive Director of the Institute for New Economic Thinking at the Oxford Martin School. Author of The Origin of Wealth.
Twitter: @ericbeinhocker
James Kwak: Professor of Law at the Connecticut School of Law. Co-founder of the economics blog “The Baseline Scenario”, a commentary on developments in the global economy, law, and public policy. Author of Economism: Bad Economics and the Rise of Inequality. Columnist for The Atlantic.
Twitter: @jamesykwak
Further reading: https://www.theatlantic.com/business/archive/2017/01/economism-and-the-minimum-wage/513155/