In the end, Rosenberg and Curtain let mainstream economics off the hook, in the name of designing better institutions and fine-tuning the economy. That’s because they take the goal of economics as a given: to fix market imperfections.
What they don’t understand is that economics is not a singular science, with a singular object, but rather a field made up of a variety of theories and objects. There is neoclassical economics and Keynesian economics and Marxian economics, all of which have different objects. Economists who use those theories literally see different economies and associated economic problems and solutions. Economics is therefore a battleground and no amount of fine-tuning or craft serves to pick out the correct theory or approach. It is still the case that any attempt to “produce some harmony amid the cacophony” on the part of a neoclassical or Keynesian economist (e.g., by implementing rules-based monetary policy or supporting fiscal stimulus) presupposes an economy in which one group of economic actors appropriates the surplus created by another group. No amount of fine-tuning or craftsmanship solves that particular problem.
OCCASIONAL LINKS & COMMENTARY on economics, culture and society
Spontaneous philosophy of economics
David Ruccio | Professor of Economics, University of Notre Dame
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