Neoclassical illusions of theory

The only solution to the confusions of neo-classical economics is strict avoidance, the tactics of the ‘drunk’. Another resolution it to see that the mathematics of the whole subject is bogus. That is hard to accept, but the use of calculus is fallacious and that is one of the clues (this essay also points to the influence of statistical mechanics, which I hadn’t realized). It can be very hard to break out of the mathematical mirage and competent mathematicians and scientists are simply silent on the subject or confused themselves outside of their specializations. Subjects that don’t have mathematical backup should be studied empirically, obviously. But in economics the reign of bogus theory is utterly insidious.

“We have it in our power to begin the world over again,” Thomas Paine wrote in 1776. Unfortunately, we also have it in our power to kill the planet. Which one will we choose? Our choice depends on our economy: one that’s ecologically sustainable or one that gives profit-obsessed corporations overwhelming decision-making power. As John More

Source: A New Eco-Economic Paradigm – CounterPunch.org

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