8 Answers to 8 Questions on Economic Theory, Economic Policy, Humanity & Capitalism – interviewed for The Age of Economics

 In this extensive interview, for the good people at The Age of Economics, I try to answer eight large questions ranging from “Why does economics matter?” and “What are the differences between economics and natural science or engineering?” to “Is capitalism a natural system, given human nature, for serving humanity’s purposes?”.1. Why does economics matter?

2. What are the differences between economic science (academic economics) and economic engineering (policymaking)?

3. What role does economics play in society? Does it serve the common good?

4. Economics provides answers to problems related to markets, efficiency, profits, consumption and economic growth. Does economics do a good job in addressing the other issues people care about: climate change and the wider environment, the role of technology in society, issues of race and class, pandemics, etc.?

5. As we live in an age of economics and economists – in which economic developments feature prominently in our lives and economists have major influence over a wide range of policy and people – should economists be held accountable for their advice?

6. Does economics explain Capitalism? How would you define Capitalism?

7. No human system to date has so far been able to endure indefinitely – not ancient Egypt or Rome, not Feudal China or Europe, not the USSR. What about global Capitalism: can it survive in its current form?

8. Is Capitalism, or whatever we should call the current system, the best one to serve the needs of humanity, or can we imagine another one?

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