"When economists tackle small problems, they lose any vision about what the economic system should look like."

Economics professors Backhouse and Bateman make the case for a new breed of economists with a big-picture vision instead of a "dentristy" approach to economics.

"We clearly need a new, alternative vision of capitalism. But thanks to decades of academic training in the “dentistry” approach to economics, today’s Keynes or Friedman is nowhere to be found."

While I agree to a large extent with their analysis, the authors would do well to look at some of the work coming out of the new branch of economics called “biophysical economics”. 

For a good introduction to the work by Charles Hall and others in this field, read this excellent introduction written by Kurt Cobb in the online magazine Scitizen.

Via www.nytimes.com