why i don’t teach polanyi
Marko Grdesic wrote an interesting post on why modern economists don’t read Polanyi. He surveyed economists at top programs and discovered that only 3% had read Polanyi. I am not shocked. This post explains why.
For a while, I taught an undergrad survey course in sociology with an economic sociology focus. The goal is to teach sociology in a way interesting to undergraduate business and policy students. I often teach a module that might be called “capitalism’s defenders and critics.” On defense, we had Smith and Hayek. On offense, we had Marx and Polanyi.
And, my gawd, it was painful. Polanyi is a poor writer, even compared to windbags like Hayek and Marx. The basic point of the whole text is hard to discern other than, maybe, “capitalism didn’t develop the way you think” or “people change.” It was easily the text that people understood the least and none of the students got the point. Nick Rowe wrote the following comment:
35 years ago (while an economics PhD student) I tried to read Great Transformation. I’m pretty sure I didn’t finish it. I remember it being long and waffly and unclear. If you asked me what I was about, I would say: “In the olden days, people did things for traditional reasons (whatever that means). Then capitalism and markets came along, and people changed to become rational utility maximisers. Something like that.”
Yup. Something like that. Later, I decided that the Great Transformation is a classic case of “the wiki is better than the book.” We should not expect readers to genuflect in front if fat, baggy books. We are no longer in the world of the 19th century master scholars. If you can’t get your point across, then we can move on.