James Galbraith says academic economics is in need of radical reform.

The University of Texas economist outlines how the profession has become “self-dealing”—creating a tribal and restrictive hierarchy through journals and university appointments that keep diverse scholarship out. Economics wasn’t this way just a few decades ago, but now its closed-mindedness keeps independent scholars from getting the platform they need to do real, pathbreaking research.

Much like corporations have taken over government policy, they are extending that power to economics teaching at universities.

Source: Glasnost and Perestroika in Economics

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