Munich Personal RePEc Archive

The Emperor's Tailor: The Economists and the Crash of ‘98

Freeman, Alan (1999): The Emperor's Tailor: The Economists and the Crash of ‘98.

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The paper examines the the profession of economics in the light of its disarray in the face of the financial crash of 1998

We subject the profession to a theoretical and historical enquiry, examining both its reaction to the empirical facts of its failures, and the manner in which its theoretical categories express the material interests to which it is subjected. The aim is not dismiss the profession and its products as simple apologetics, but to uncover the internal structure of its thought and to propose an alternative, critical standard of scientific conduct for economic enquiry under a market economy.

Keywords: Liquidity, Value, Quantification, MELT, MEL, Money, Labour, Marx, TSSI, Temporalism

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