ISMAIL LAGARDIEN: Economic dignity is a vital aspect of social justice
Measuring it will require a new metric that is more meaningful than GDP
I participated in the annual Anton Lubowski memorial lecture hosted by Stellenbosch University at the weekend. This year’s theme was on social justice. In my contribution I raised two issues, one of which I want to flesh out here, and both of which have to do with the orthodoxy of liberal and “neoclassical” economics.
On a point of clarity, since Thorstein Veblen added “neoclassical” to “economics”, the new blend is often thrown about willfully, and sometimes pejoratively — not without some justification. I guess I am urging caution, even while I use the term as a reference to physics envy among mainstream economics...