The second part of the New Right's policy package has been the belief that free-market solutions are always best. It is this latter view which is profoundly mistaken. Markets and profits are crucial, but the pure free-market model itself is deeply flawed.

The obstacles facing academic economists are formidable, for tenure and professional advancement still depend to a large extent on a willingness to comply with and to work within the tenets of orthodox theory.

By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking.

The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to economists' musings.

The second part of the New Right's policy package has been the belief that free-market solutions are always best. It is this latter view which is profoundly mistaken. Markets and profits are crucial, but the pure free-market model itself is deeply flawed.

Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.

The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level.