The enforcement of strict power hierarchies within the discipline has suppressed the emergence and spread of alternative theories, explanations, and analysis. These combine with the other forms of discrimination (by gender, race/ethnicity, location) to exclude or marginalize alternative perspectives. The impact of location is huge: the mainstream discipline is completely dominated by the North Atlantic—specifically the US and Europe— in terms of prestige, influence, and the ability to determine the content and direction of the discipline.
These flaws have greatly impoverished economics and unsurprisingly reduced its credibility and legitimacy among the wider public. The mainstream discipline is sorely in need of greater humility, a better sense of history and recognition of unequal power, and active encouragement of diversity. Clearly, much has to change if economics is really to become relevant and useful enough to confront the major challenges of our times.
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