Ecomics has always been nicknamed the dismal science, but today the field seems a little more dismal than usual as governments, social movements, and even students complain that the discipline is failing to make sense of the major ecomic problems of the day. In Ecomics in the Twenty-First Century, Robert Chermas and Ian Hudson demonstrate how today's top young ecomists continue to lead the field in the wrong direction. The recent winners of the John Bates Clark medal, ecomics's baby Nobel, have won that award for studying important issues such as ecomic development, income inequality, crime, and health. Examining their research, Chermas and Hudson show that this work focuses on individual choice, igres the systematic role of power in the ecomic system, and leads to solutions that are of limited effectiveness at best and harmful at worst. An accessible summary of the latest debates in ecomics, Ecomics in the Twenty-First Century takes on what is missing from mainstream ecomics, why it matters, and how the discipline can better address the key concerns of our era.
Robert Chernomas is a professor in the Department of Economics at the University of Manitoba. Ian Hudson is a professor in the Department of Economics at the University of Manitoba.