## Editor's letter: Beyond Efficiency: A More-human Economics

## Source details

**Canonical URL:** [Editor's letter: Beyond Efficiency: A More-human Economics](https://www.imf.org/en/publications/fandd/issues/2024/03/editor-letter-beyond-efficiency-a-more-human-economics)

## Other formats

- [Markdown version](/en/publications/fandd/issues/2024/03/editor-letter-beyond-efficiency-a-more-human-economics/index.md)
- [Structured JSON version](/en/publications/fandd/issues/2024/03/editor-letter-beyond-efficiency-a-more-human-economics/index.json)
- [Bundle manifest](/en/publications/fandd/issues/2024/03/editor-letter-beyond-efficiency-a-more-human-economics/bundle-manifest.json)

## Bibliographic details
- Authors: GITA BHATT
- Published: March 4, 2024

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### Main argument
- The world urgently needs "that rare combination" Keynes described—of mathematician, historian, statesman, philosopher—to navigate disruptions from climate change, artificial intelligence, demographic change, social and economic inequality, and geopolitical conflicts.
- Economics should be treated as a moral science that draws on a wide culture and remains open to "the shifting picture of experience."

### Context and motivation
- Growing disenchantment with the economics profession and calls for the discipline to change to better reflect individual and societal values.
- Extensive professional soul-searching since the global financial crisis of 2008 has focused on integrating social sciences and elevating welfare and distributional issues.
- There is a "growing consensus" that the profession must be open to new ideas and frameworks to solve 21st century challenges.

### Contributions summarized (authors and key points)
- Niall Kishtainy: Account of forces shaping the discipline since Adam Smith’s The Wealth of Nations.
- Angus Deaton (Nobel laureate): Argues mainstream economists must revisit assumptions, cast a more critical eye on the influence of power, stop prioritizing efficiency above all else, and be humbler.
- Jayati Ghosh: Critiques the profession’s lack of diversity—ethnic, racial, and gender—which deprives economics of new ideas, new problems, and new talent.
- Dani Rodrik: Warns against rule-of-thumb economics; contends existing policy models are inadequate for climate change, inclusion, and economic development; calls for tailoring solutions to differing economic and political contexts.
- Atif Mian: Demonstrates why new approaches are needed to break the "debt supercycle."
- Wendy Carlin: Advocates for making the curriculum more relevant to real-life problems and for explicitly addressing ethical considerations of fairness and solidarity.
- John Cochrane: Counters that revival of "evergreen ideas," including supply-side incentives and fiscal policy reforms, can address today’s challenges.
- Additional contributions in the issue cover behavioral economics, political economy, and wage-setting; a profile of Betsey Stevenson highlights her role in rethinking economics.

### Implications for the profession and policy
- Economics must be open to institutional alternatives and experimentation.
- The discipline should reflect the complexity of economic reality and the values of our time.
- Ethical considerations—fairness and solidarity—are "unavoidable" in economic inquiry and policy design.
- Teaching and curriculum reform are critical to making economics more relevant and practical beyond traditional efficiency concerns.

### Notable language and quotations
- Keynes on the required traits of an economist: "the 'master-economist must possess a rare combination of gifts…. He must be mathematician, historian, statesman, philosopher.'"
- Keynes on intellectual inertia: "The difficulty lies not so much in developing new ideas as in escaping from old ones."

### Closing
- The editor expresses gratitude for the ability to share these perspectives and hopes the issue reveals "something new" about the present to better understand the world.
- Publication metadata included on the page: F&D Magazine; Beyond Efficiency: A More-human Economics; GITA BHATT; March 2024; "Less than a minute(0 words) Read"; "GITA BHATT, F&D editor-in-chief."; and the disclaimer: "Opinions expressed in articles and other materials are those of the authors; they do not necessarily reflect IMF policy."

*Source: Editor's letter: Beyond Efficiency: A More-human Economics, F&D Magazine, GITA BHATT, March 2024.*

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## Content in this bundle

- **Editor’s Letter: Economics That’s More Human**
  - [Editor’s Letter: Economics That’s More Human (Markdown version)](/-/media/files/publications/fandd/article/2024/03/editor-letter0324.pdf.md){rel="alternate" type="text/markdown"}
  - [Editor’s Letter: Economics That’s More Human (PDF)](/-/media/files/publications/fandd/article/2024/03/editor-letter0324.pdf){rel="external" type="application/pdf"}
- **F&D March Issue: ECONOMICS How should it change?**
  - [F&D March Issue: ECONOMICS How should it change? (Markdown version)](/-/media/files/publications/fandd/article/2024/03/fd0324.pdf.md){rel="alternate" type="text/markdown"}
  - [F&D March Issue: ECONOMICS How should it change? (PDF)](/-/media/files/publications/fandd/article/2024/03/fd0324.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/fandd/issues/2024/03/editor-letter-beyond-efficiency-a-more-human-economics_