Sack The Economists

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.

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