We had the privilege to welcome Ha-Joon Chang on 22nd April at the University of Sheffield for a joint event organised by the Alternative Economic Society, InstEAD and SPERI. Ha-Joon Chang is reader in Economics at Cambridge university and is the author of several bestselling books including 23 Things They Don’t Tell You About Capitalism and Economics: A Users Guide.
Ha-Joon Chang delivered his flagship lecture on the importance of pluralism of economics in front of a keen audience of staff, students and members of the public.
Ha-Joon stressed that no theory, in economics or elsewhere, can explain everything. He reviewed the nine major schools of economics (Classical, Neoclassical, Marxist, Keynesian, Schumpeterian (neo-Schumpeterian), Austrian, Institutionalist (Old and New), Behaviouralist & Developmentalist) highlighting for each its own strengths and weaknesses.
Ha-Joon Chang added that recognising that there are different approaches is not enough. The diversity in economics theories needs to be preserved and encouraged. Theories benefit from one another: his message is simple, the symbolism is strong: ‘Let a hundred flowers bloom and cross-fertilize’.
Ha-Joon Chang is a member of our SPERI International Advisory Board.