The 1-2-3 Toolbox of Mainstream Economics: Promising Everything, Delivering Nothing

The 1-2-3 Toolbox of Mainstream Economics: Promising Everything, Delivering Nothing
Bichler, Shimshon and Nitzan, Jonathan. (2021). Working Papers on Capital as Power. No. 2021/03. March. pp. 1-26. (Article - Working Paper; English).

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Alternative Locations

https://www.academia.edu/45538021/The_1_2_3_Toolbox_of_Mainstream_Economics_Promising_Everything_Delivering_Nothing, https://capitalaspower.com/2021/03/2021-03-bichler-and-nitzan-the-1-2-3-toolbox-of-mainstream-economics-promising-everything-delivering-nothing/, http://hdl.handle.net/10419/231742

Abstract or Brief Description

We write this essay for both lay readers and scientists, though mainstream economists are welcome to enjoy it too. Our subject is the basic toolbox of mainstream economics. The most important tools in this box are demand, supply and equilibrium. All mainstream economists – as well as many heterodox ones – use these tools, pretty much all the time. They are essential. Without them, the entire discipline collapses. But in our view, these are not scientific tools. Economists manipulate them on paper with impeccable success (at least in their own opinion). But the manipulations are entirely imaginary. Contrary to what economists tell us, demand, supply and equilibrium do not carry over to the actual world: they cannot be empirically identified; they cannot be observed, directly or indirectly; and they certainly cannot be objectively measured. And this is a problem because science without objective empirical tools is hardly science at all.

Language

English

Publication Type

Article - Working Paper

Keywords

demand econometrics equilibrium neoclassical economics science supply

Subject

BN Methodology
BN Theory
BN Value & Price
BN Data & Statistics
BN Hegemony

Depositing User

Jonathan Nitzan

Date Deposited

15 Mar 2021 16:12

Last Modified

16 Mar 2021 13:35

URL:

http://bnarchives.yorku.ca/id/eprint/678

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