Jamee Moudud on the Intellectual Roots of Zohranomics

The podcast explores the intellectual history of economics, contrasting neoclassical thought with earlier classical political economy and heterodox approaches. It challenges the notion of the economy as a pre-political, self-regulating system, arguing instead that political decisions and legal frameworks profoundly shape economic outcomes. Jamee Moudud, professor of economics at Sarah Lawrence College, contends that neoclassical economics, with its emphasis on mathematical models and idealized markets, often overlooks social realities and historical context. The conversation examines how this orthodoxy became dominant, particularly after World War II, and its implications for contemporary policy debates, such as rent control and taxation. Moudud suggests that policies should consider the Janus-faced nature of capitalism, balancing wealth creation with addressing social costs like inequality and pollution, advocating for evidence-based, democratically informed approaches.