I was taught, in Cambridge, England, and Cambridge, Massachusetts, to ask, "Who gains and who loses?" from an economic change or policy. This is a question that is often missing from today's media discussion and policy debate. Many economic models assume identical representative agents carrying out sophisticated decision-making, where distribution issues are suppressed, leaving no space to consider the justice of the resulting outcome. For me, there should be room for such discussion. There is not just one Economics.
I was taught, in Cambridge, England, and Cambridge, Massachusetts, to ask, "Who gains and who loses?" from an economic change or policy. This is a question that is often missing from today's media discussion and policy debate. Many economic models assume identical representative agents carrying out sophisticated decision-making, where distribution issues are suppressed, leaving no space to consider the justice of the resulting outcome. For me, there should be room for such discussion. There is not just one Economics.