Odd Lots Jamee Moudud on the Intellectual Roots of Zohranomics
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Feb 21, 2026 
Jamee Moudud, a Sarah Lawrence economics professor who studies law and political economy. He traces how neoclassical economics rose and heterodox views were sidelined. He links economic ideas to legal and institutional choices. He discusses housing policy, rent control debates, postwar state roles, and how policy design can reflect democratic priorities.
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Economics Is Historically Constructed
- Neoclassical economics recasts political economy as a timeless, self-contained system separate from law and history.
- Jamee Moudud argues classical thinkers saw the economy as historically and legally constructed, not pre-political.
Math And War Built Modern Economics
- Postwar neoclassical dominance grew as mathematicians and engineers reshaped economics into abstract, formal models.
- Funding from defense and wartime planning accelerated a mechanistic, de-politicized view of the economy.
Democratic States Used Active Industrial Policy
- Postwar reconstruction used strong public banks and credit allocation in democratic settings across Europe.
- Nationalized central banks and councils coordinated credit to rebuild industry and welfare institutions.