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Remaking the Real EconomyEscaping Destruction by Organised Money$
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Gordon Pearson

Print publication date: 2020

Print ISBN-13: 9781447356585

Published to Policy Press Scholarship Online: May 2021

DOI: 10.1332/policypress/9781447356585.001.0001

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PRINTED FROM POLICY PRESS SCHOLARSHIP ONLINE (www.policypress.universitypressscholarship.com). (c) Copyright Policy Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PPSO for personal use.date: 26 May 2022

The ‘witchcraft’ and ‘institutional truths’ of 21st century neoclassical belief

The ‘witchcraft’ and ‘institutional truths’ of 21st century neoclassical belief

(p.3) 1 The ‘witchcraft’ and ‘institutional truths’ of 21st century neoclassical belief
Remaking the Real Economy

Gordon Pearson

Policy Press

The title refers to Ruskin and Galbraith critiques of neoclassical profit maximising economic modelling. The chapter explains understanding from observed reality which provides the simple truth rather than mathematical theorising which ignores reality. It briefly outlines that theorising as developed by Milton Friedman , Hayek, von Mises and others at Mont Pelerin and in particular explains and rejects the notion of shareholder primacy. Neoclassical economics has been rejected and falsified by many leading economists over the past century and a half, but persists as a belief system, the main strands of which are identified. That neoclassical belief is actively promoted by its prime beneficiaries, the components of organised money.

Keywords:   profit maximising, neoclassical belief, Milton Friedman, Mont Pelerin Society, shareholder primacy, observed reality

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