John Komlos: Economists’ mistakes and the rise of Trumpism

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Time: Monday June 10th at 17.00 – 18.00
Place: Dattera til Hagen, Grønland 10

Presentation by Professor Emeritus John Komlos, who will give us his viewpoints on the state of mainstream economics, and how a flawed view of the economy has contributed to the rise of Donald Trump.

His views are based on a life-long experience of research and teaching in Economics and Economic History. In this presentation, he will emphasize the need to base economics on empirical evidence, and not on deductions from theoretical assumptions. A more comprehensive version of these views can be found in his recent book “Foundations of Real-World Economics.“

After the presentation, we will continue the discussions in the cozy courtyard to Dattera til Hagen, where they sell pizza and beer.

The presentation will be in English, and there will be time for questions and discussion.

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John Komlos is Professor Emeritus of Economics and of Economic History at the University of Munich, Germany. He is a born American and has also taught at universities such as Harvard, Duke, UNC-Chapel-Hill, University of Vienna, and Vienna School of Economics and Business.
Through his research he has come to realize the limitations of conventional economic theory and has been an ardent advocate of humanistic economics.

In 2014 he published the book “Foundations of Real-World Economics. What Every Economics Student Needs to Know”. Here, Komlos argues that mainstream economics, and in particular the version presented in introductory courses, fails to give a realistic understanding of real-world markets.
A quote from the preface: “This textbook demonstrates how misleading it can be to apply oversimplified models of perfect competition to the real world. The math works well on college blackboards but not so well on the Main Streets of America.”

John Komlos presents insights from behavioural and institutional economics, as well as from Schumpeter and Minsky, to offer students an introductory text with insights into the workings of real markets.

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