Neoclassical economics and neoliberalism — two varieties of market fundamentalism

30 Sep, 2014 at 13:06 | Posted in Economics | Comments Off on Neoclassical economics and neoliberalism — two varieties of market fundamentalism

Oxford professor Simon Wren-Lewis had a post up some time ago commenting on traction gaining “attacks on mainstream economics”:

One frequent accusation … often repeated by heterodox economists, is that mainstream economics and neoliberal ideas are inextricably linked. Of course economics is used to support neoliberalism. Yet I find mainstream economics full of ideas and analysis that permits a wide ranging and deep critique of these same positions. The idea that the two live and die together is just silly.

Hmmm …

Silly? Maybe Wren-Lewis and other economists who want to enlighten themselves on the subject should take a look at this video:

Or maybe read this essay, where yours truly try to further analyze — much inspired by the works of Amartya Sen — what kind of philosophical-ideological-economic doctrine neoliberalism is, and why it so often comes natural for mainstream neoclassical economists to embrace neoliberal ideals.

Or — if you know some Swedish — you could take a look in this book on the connection between the dismal science and neoliberalism (sorry for shameless self-promotion).