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Paper presented to the Political Economy Research Group, University of Cambridge

On January 26th 2022 I presented a paper called 'Seeking Refuge in Mathematised Free Market Models? The Febrile Political Backdrop to Ricardo's Principles' to the Political Economy Research Group of the Department of Politics and International Studies at the University of Cambridge.

Abstract: 'Out of all possible institutional arrangements for organising economic life, how did orthodox economic theory come to reflect in its models only free market institutions to the exclusion of all others? Ricardo’s Principles of Political Economy usually takes centre stage in historical scholarship that seeks to answer this question. However, almost no attention has thus far been paid to the broader background conditions that shaped the way in which he presented his text. Further exploration of these conditions makes it possible to ask whether orthodox economic theory’s continued conflation of ‘the economy’ and ‘the market’ results from treating as if they were universal what were actually only the specific features of a strictly limited period of early nineteenth-century British political history. Ricardo wrote the Principles during a time of severe curtailment of civil liberties in the realm of free speech. This culminated in the introduction of the so-called Six Acts, legislative instruments that made criticism of the King and his ministers into an offence with serious consequences. They were backed by suspensions of habeas corpus that allowed religious dissenters and political radicals to be imprisoned without trial. Ricardo was shielded by parliamentary privilege when speaking out in the House of Commons against the broader political climate that had produced this legislation, but not when committing his economic theory to the page. I ask whether he sought refuge from such pressures in abstract models that were at one stage removed from an expressly articulated opinion, models that imposed a rigid separation between ‘state’ and ‘market’. He thus might be seen to have circumvented what proved to be time-limited sedition laws through escape into a free-floating realm called ‘the market’, but that realm has persisted in orthodox economic theory long after the original need for it was exhausted.'

Wed 26 Jan 2022, 20:36 | Tags: paper presentation, David Ricardo, Cambridge, economic modelling

Paper delivered to the Online SPERI/PSA Workshop on Rethinking Economic Policy

On November 26th 2021 I presented a paper called 'The Refound Art of Economics' at the virtual SPERI/PSA workshop on 'Rethinking Economic Policy: Crisis, Change and Continuity in the UK and Beyond'. The workshop was organised by Scott James of King's College London.

Abstract: The world of economic theory is always much more contested at the time than it can be made to seem in retrospect. It is never the case that economists speak with one voice, however convenient it is to think about economics in the singular. Despite this, there nonetheless appears to be an interesting difference between the global financial crisis and the Covid crisis in how the public face of economics has been presented. This is not merely that the retreat into orthodoxy which followed the global financial crisis seems to have been replaced by a conscious desire to rip up balanced budget rules and a willingness of economists to be seen endorsing any number of novel macroeconomic policies. More importantly, we have witnessed a shift in the type of economics that has been most prominent publicly. It was abstract theoretical macroeconomics during the global financial crisis, as relationships that belong solely in the model world were used as a guide for those in the real world. However, it has been applied empirical economics during the Covid crisis, where the unprecedented nature of events has released the discussion from a need to use how relationships work on the blackboard for how they should operate in practice. This difference can be theorised using John Neville Keynes’s important methodological distinction between the science and the art of economics. In recent years it has become conventional to lament the lost art of economics, but economists’ public reputation seems to have been rehabilitated during the pandemic by the additional prominence enjoyed by applied empirical research. The art of economics appears to have been at least temporarily re-found, but how long this situation lasts remains to be seen.