Monday, July 31, 2017

David F. Ruccio — Culture beyond capitalism

There are no "natural laws" of economics that apply across geographical space and historical time owing to a supposed universality of "human nature." This is purely projection of one culture, subculture really, onto humanity as a species. 

Humans are social animals subject to geographical and historical conditions that influence cultures and institutions in which social life is embedded. Other social scientist know this and some "heterodox" economists. But most conventional economists have either not figured this out yet or else ignore deliberately for various reasons, some methodological, e.g. for convenience, and some ideological, e.g., for persuasion.

The solution? Separate economics theoretical economics as a branch of applied mathematics and practical economics direct toward informing deliberation and action based on actual data and changing conditions. 

Then theoretical economists would have make a case for the relevance of their work to making specific decisions based on prevailing conditions and in light of data if they wished to venture from their field into matters like policy discussion.

Occasional Links & Commentary
Culture beyond capitalism
David F. Ruccio | Professor of Economics, University of Notre Dame

No comments: