A good read from Steve Keen’s website.
Because of all of these fundamental deficiencies, I can only describe neoclassical economics as pseudo-science, or even as pre-scientific — myths unconstrained by any contact with reality. Its practitioners seem to think that because it uses a lot of mathematics it is science, but it only superficially resembles science, it does not critically compare its prognostications with observations of the real world. When that is done its irrelevance is manifest, market crashes being one of the obvious discriminators.
Unfortunately this absurd collection of beliefs is not just an interesting anthropological phenomenon, because the application of mainstream economics has created a pathologically unstable, inequitable, destructive and fragile industrial society.
Sad but true. How is it that people continue to ignore the absurdity of forecasts that always fail? Allowing drastic and life-changing actions to be taken on the basis of these meaningless forecasts? Hint – it is not just economics that has these characteristics.