“Anyone who believes in indefinite growth in anything physical, on a physically finite planet, is either mad – or an economist.” ~Kenneth Boulding
Using a string of quotes, Washington’s Blog shows how economists have always regarded their subject as a religion, if not an imperfect science like that of alchemy:
Economics professor Steve Keen notes:
Neoclassical economics has become a religion. Because it has a mathematical veneer, and I emphasize the word veneer, they actually believe it’s true. Once you believe something is true, you’re locked into its way of thinking unless there’s something that can break in from the outside and destroy that confidence.
Paul Heyne said:
The arguments of economists legitimate social and economic arrangements by providing these arrangements with quasi-religious justification. Economists are thus doing theology while for the most part unaware of that fact.
Economics professor Bill Black told me:
The amount of fraud that drove the Wall Street bubble and its collapse and caused the Great Depression is contested [keep reading to see what Black means]. The Pecora investigation found widespread manipulation of earnings, conflicts of interest, and insider abuse by the nation’s most elite financial leaders. John Kenneth Galbraith’s work documented these abuses. Theoclassical economic accounts, however, ignore or excuse these abuses.
[continues at Washington’s Blog]