Capitalist economics and the economics of Capital

Philosophers for Change


by John Weeks

Peddling Ideology as Science

All social sciences carry a heavy burden of ideology, but none heavier or more explicit than what currently passes for mainstream economics. Critics often complain that economists arrogantly pretend to understand far more than they actually do. As I explain in my new book, Economics of the 1%, this criticism is too weak. The mainstream of the economics profession, «neoclassical economics», claims profound knowledge, yet provides understanding of almost nothing and obscures almost everything by peddling ideology in the guise of analysis. The profession practices and promotes pseudo-science.

Imagine if you can that astrologers seized the observatories, alchemists occupy the chemistry laboratories and creationists dominate the study of genetics. This has occurred in economics, burdening the professional with a dead weight of absurd inconsistencies presented as theory. There is no policy or economic outcome so reactionary or outrageously anti-social that some mainstream…

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