Benjamin Cain
2 min readDec 1, 2021

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I'm criticizing neoclassical, laissez-faire economics. If that's been dethroned decades ago, what's the dominant form of economics today that's taught in the academic departments? Has there been a poll taken of which school of thought most economists currently subscribe to?

The wiki page on schools of economic thought says, "Neoclassical economics is the dominant form of economics used today and has the highest amount of adherents among economists. It is often referred to by its critics as Orthodox Economics."

But I'm not talking only about the content of neoclassical theory. I'm criticizing economics as a whole for letting itself be dominated, as it were, by an unfalsifiable model. The real world doesn't perfectly satisfy any ceteris paribus law. That doesn't mean the law can't be criticized or shouldn't be expected to apply at all to the real system. The relevant real pattern is supposed to approximate the posited nomic relation. Hiding behind the ideality of the model is no defense--unless the model is supposed to be theological rather than scientific.

The tragedy of the commons is about the state of nature. So neoclassicals just add property rights and minimal government regulation to patch up their framework.

Physics is generally based on observations, but there is indeed a recent problem about theoretical physics being too dogmatic and mathematical--just like economics. See Lee Smolin's and Sabine Hossenfelder's criticisms of string theory.

I wrote my new article on economics but I haven't put it out yet.

I'm not sure what you're going on about regarding Say's Law. The issue I raised is simple: Should an economy be expected to optimize itself with efficiencies or should we expect massive, irrational waste, as Bataille would have predicted? The neoclassical model posits hyperrationality so it expects massive efficiencies in the long run. The fact that we're heading towards ecological catastrophe falsifies that presumption of hyperrationality. The continuing reliance on that abstraction in economics indicates that economics (especially in the US) is largely theological and propagandistic.

https://en.wikipedia.org/wiki/Schools_of_economic_thought

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Benjamin Cain
Benjamin Cain

Written by Benjamin Cain

Ph.D. in philosophy / Knowledge condemns. Art redeems. / https://benjamincain.substack.com / https://ko-fi.com/benjamincain / benjamincain8@gmailDOTcom

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