Peter Dorman — Economics: Part of the Rot, Part of the Treatment, or Some of Each?

Peter Dorman puts his finger on what wrong with economists. Econ 101 aka "economism" (James Kwak). As Paul Krugman has said on multiple occasions the framework of conventional economists (neoclassical) is rational optimization and equilibrium.

Peter Dorman submits that this framework guiding conventional economists is not empirically based and is simply assumed as the way that market economies actually work or should work if markets are left to themselves.

These fundamental assumptions that distinguish conventional (neoclassical) economics from so-called heterodox approaches are never questioned even when facts run counter to it.

Econospeak
Economics: Part of the Rot, Part of the Treatment, or Some of Each?
Peter Dorman | Professor of Political Economy, The Evergreen State College