Tuesday 10 April 2012

Is economics a religion?

Reading Steven Keen's book Debunking Economics is an intellectual treat. He lands numerous devastating blows on the assumptions underlying neoclassical economics. This is a fascinating example of a deeply flawed theory which has nevertheless become widely accepted. It is damning judgment on mainstream economists, who seem to think like religious zealots rather than scientists, ignoring anything that does not fit in with their unshakeable core beliefs. I am very pleased that I never studied economics at University. It would have been a waste of time, like studying evolution in the 17th century. Steven Keen suggests that those rescuing the discipline will likely be scientists from outside the economics profession, as reform from within will be strongly resisted.

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