Neoclassical Economics Has Become a Religion

World Economic Forum (CC)

“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]

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  • Neodead

    Neoclassical Economics is falsification of reality. Neoclassical Economists believe in own lie and make us all believe in it. But that is not just innocent belief. Neoclassical Economics turned into hell lives of millions of people around the world. 

    • Liam_McGonagle

      I blame people like you.  You’re not making believe hard enough.  Repeat after me:

      “I DO believe in the Free Market Fairy.  I DO believe in the Free Market Fairy.  I DO believe in . . .”

      • charlieprimero

        Free Market Fairy does not exist.  You are thinking of  Corporate Socialism Troll, the creature who uses tax money to subsidize failed business models.  Everybody loves that guy.

  • Anarchy Pony

    Yes, yes it is. 

  • http://buzzcoastin.posterous.com BuzzCoastin

     Read My Lips
    Neoclassical Economics is Voodoo Economics

  • Simpleguy

    Paul Samuelson:  “I don’t care who writes a nation’s laws—or crafts its advanced treaties—if I can write its economics textbooks.”

  • Guru

    Neoclassical economics is a religion which believes that supply and demand curves exist and cross each other. 

  • Me

    Neoclassical economists are not economists. They are specialists on their own neoclassical non-realistic models. 

  • New

    Neoclassical economists are those who invent puzzles, make themselves to believe that those puzzles are real, then they “solve” what they invent, knowing the “right answer” in advance, and after all they call themselves geniuses and get Nobel Prizes.  At the same time whole world is in permanent poverty and environmental disasters. 

  • Jak

    Under standard assumptions of neoclassical economics (perfect world, etc.), neoclassical economics itself would not exist.  

  • Neodead

    Neoclassical economics is externality of “free market”. Very negative and very costly. 
    How much resources are spent on neoclassical economists, to promote free market, to solve inefficiencies of “free market”. 
    But even more, neoclassical economists produce absolutely NOTHING material which can be consumed. 

  • Gok

    Neoclassical economics is crazy totalitarian cult. Whenever ask them a question on reality the become pissed off and start accusing you that you dont know economics and you better read textbooks.

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