Liberty Discussion on Economics After Neoliberlism

The Liberty Discussion for April was conducted online with 10 participants who came together to discuss ‘Economics After Neoliberlism‘, a write-up by Suresh Naidu, Dani Rodrick, and Gabriel Zucman. The central idea of the reader revolved around whether the economic policies introduced in the past four decades with a neoliberal approach to reforms have extenuated inequality, increased income disparity, and have been a failure as an overall instrument of the polity. Participants discussed the application of this central idea of the write-up to Nepal’s political economy and analyzed the agreements as well as the dichotomy between Chicago and Austrian schools of economic thought while applying them to solve contemporary issues of justice in the Nepalese society. The participants presented their arguments regarding the suitability of markets in treating value derived from the exchange as ethics in itself and compared the notion with managing the impetus for demand within an economy from a Keynesian perspective whereby governments can assume a pertinent role in planning, incur debts and dictate on the state of affairs for an individual. The discussion further stemmed into laws pertaining to minimum wage, social security, the overall efficacy of a welfare state, and how other schools of thought fare when compared to the neoliberal school of economics.