The deeper message is that mainstream economics is in fact an ideology – the ideology of the free market. Its tools and assumptions define its topics. If we assume perfect rationality and complete markets, we are debarred from exploring the causes of large-scale economic failures. Unfortunately, such assumptions have a profound influence on policy....
Ignoring power by design. Aysmmetrical power destroys the notion of a so-called free market of rational agents competing to maximize utility on a level playing field. With asymmetrical power, the notion of representative agent is an oxymoron.These ideas were tailored to the views of the financial oligarchy. But the tools of economics, as currently taught, provide little scope for investigating the links between economists’ ideas and the structures of power.
Project Syndicate
Post-Crash Economics
Robert Skidelsky
2 comments:
"mainstream economics is in fact an ideology"
Or as I keep saying, economics is a religion!
"The world has become an idolator of this god called money." — Pope Francis
"No one can serve two masters... You cannot serve God and wealth" — Mt 6:24
"Therefore, constantly unattached
Perform that which is your duty.
Indeed by unattached action
Man surely attains the Supreme.
Indeed, perfection was attained
Through action by King Janaka." — Gita 3:19-20
"Surely, the path that leads to worldly gain is one, and the path that leads to Nibbana is another; understanding this, the bhikkhu, the disciple of the Buddha, should not rejoice in worldly favours, but cultivate detachment." — Dhammapada 75
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