Economics profession generates strikingly few serious revisions to orthodoxy

Evidence

Although there exist an infinite number of potential ways to revise and repair neoclassical economics (since there are an uncountable infinity of flaws), what has been striking about the crisis is the relatively small number of such revisions that have dominated the discourse concerning “what is to be done” about economics (outside of stubborn denial). Furthermore, one might imagine that, as the profession responded, the roster of proposed conceptual revisions to orthodoxy would have broadened and expanded with the passage of time; but this has not happened. Hence, there is something intriguing and very significant about the “version two” option that itself needs explanation: Why has the movement to “repair” orthodox economics been so ineffectual since the crash? — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 663

Categorization

• QUESTION: Core puzzle of the book: why did the crisis not produce a v2 of orthodox economics?
• XREF: connects to: Nobel economics prizes after 2008 openly celebrated the very orthodoxy that failed — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 438; Akerlof and Shiller’s animal spirits merely relabeled standard neoclassical utility tinkering — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 731; Professional exclusion of heterodox economists makes neoclassical orthodoxy self-reinforcing — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 824 (+6 more)

Broader Connections

• The economics profession reverted to its prior doctrines after the crisis #corroborates (0.80) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 439
• Professional exclusion of heterodox economists makes neoclassical orthodoxy self-reinforcing #complicates (0.75) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 824
• The economics profession used crisis theory as calculated doubt-pumping to defend orthodoxy #expands (0.72) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 665
• Mainstream economics dismissed dissenting figures for lacking mathematical rhetoric #expands (0.72) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 1772
• Even anti-neoliberal orthodox economists now operate inside the profession’s neoliberal frame #expands (0.72) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 2011
• Empirical failure does not dislodge orthodox economists from their theory #corroborates (0.70) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 722