Recession – A Keynesian perspective

Tanay Balantrapu

piggy-bank In contrast to our understanding of Science, it is important that we realize that most social science disciplines are constructed around an amalgamation of debates rather than a collection of commonly accepted theorems. This is true even in the case of economics, as it falls squarely within the social sciences. In the words of Paul Ormerods, a renowned economist,Inflatable Slide

…a serious problem with the way much economics is taught is that theorems are presented as if – that’s one of our favourite phrases, as if, so I can’t resist getting a mention of it in early – as if they had the same standing as, say, propositions in engineering textbooks. This is very far from being the case. Economics is much more a way of thinking about the world than learning about undisputed, scientifically settled theorems.

The author is a post-graduate student at the University of Sussex, Brighton, UK, who is interested in the subject of Development Economics. He can be reached at tanayb@gmail.com.

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