Angry about the abuse of economics 1

Economics has sold its soul to the devil, it has long given up any pretence of being a serious analytical subject. It has become the means by which the Neo-Liberal Economic story is told. There must a place for alternative views of the subject. Unfortunately it is very rare that university economics departments allow any dissent from the one dominant story, so it leaves only the internet.

What I am doing with my articles is trying to develop an alternative approach to economics. Economics cannot be taught in isolation from the other social or human sciences. This is an assumption by economists that their subject occupies a place as the ‘Queen of Social Science’, rather as medieval theologians regarded theology. Economics needs to be dethroned it must learn from the other human sciences, sciences such as theology, philosophy, sociology, history, psychology. While it may make the study of economics simpler, if its studied in isolation from the host society (and there is some virtue in that for 1st year students it’s makes it easier to grasp the basic principles), it leads many wrong conclusions.

The current economic debate is about the need to reduce the government deficit, which when you consider that the UK along with Japan is the most indebted of the developed industrial countries, seems correct. However the majority of the UK debt is that of the banks, almost five times the size of the government debt. Yet economists seemed to have adopted a mafia like omertĂ  stance, that is the real deficit is never discussed. If economists were not restricted to a few relatively simple tools of their trade than the real problems facing the economy might be tackled.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s