Mikhail Khazin: Modern Economic Science Does Not Relate To The Real Economy

mikhail khazin

“Modern Economic Science Does Not Relate To The Real Economy”.
This is what the top Russian economist Mikhail Khazin said in an interview where he was asked to comment on the Noble Prize in economics for 2016 given to Oliver Hart and Bengt Holmstrom for their work on improving the design of contracts.

He stated that he was not interested in scientific research for which this year Professor Oliver Hart and Bengt HolmstrŅ‘m received the Nobel Prize in economic science.

“Here is what I think about it. There is a severe economic crisis in the world for the past 8 years that stands out of all the classical economical theories. And they give a Noble Prize for a theory of contracts. I conclude: Modern economic science does not relate to the real economy that we are living in (it’s disconnected from it) and the average person is not interested in it. I am engaged in the subject of economy, and they have some kind of sect, which in itself is engaged in something. The important thing is that this something is irrelevant the the reality. They live in a fantasy world. Why should we be interested in talking about their tales? Some people have made up some fairy tales and they live in them. Good luck to them. They do not write about what I’m interested in – about the crisis.”

Originally translated from: life.ru

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