What’s Wrong with Economics I

Abstract

Neoclassical economics is a full-fledged normal science: it passes all the tests. Furthermore, it is an expanding science, in that the economist’s techniques have been finding first-time applications in a number of areas in recent years. Still further, there is a process of integration underway. Under the rubric of behavioral science a common language, set of ideas, and battery of techniques is being set up with broad application, among others, in political science, social psychology, business administration, and Soviet economics.¹ If anything, this process has been accelerating lately. Economics is the very model of a modern major discipline.