Munich Personal RePEc Archive

Why and how the western economists should reorient their thinking?

Jakhotiya, Girish (2019): Why and how the western economists should reorient their thinking?

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Abstract

Most of the good and bad economic events of last three decades have proven that the western economists some where have lost a macro-logic essential for resolving the critical socio-economic issues. This was partly due to excessive attempt of quantifying the subjective elements of economic analysis. The other reason for their collective failure is a simple negligence of the bigger canvas that presents an integrated view of many complex and interdependent economic factors. Especially after the global economy started impacting the western countries, the western economists lost their way and started focusing on only oversimplified reasons of the economic debacle of western economies. They also underemphasised the need of horizontal and qualitative economic analysis to support the vertical and quantitative dissection of economic facts. The third world countries (and especially China) complicated the global exercise of economic activism. Western economists need to look at the present socio-economic and geo-political uncertainties with a fresh and revised perspective. They should also realize and admit that some of the old western economic doctrines are no more workable in a new global economy. Therefore, they need to reorient their economic thinking.

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