The ‘witchcraft’ and ‘institutional truths’ of 21st century neoclassical belief
The ‘witchcraft’ and ‘institutional truths’ of 21st century neoclassical belief
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
Policy Press Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
Please, subscribe or login to access full text content.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.
