Mainstream economics – kick it over!

Extract from an article by David Wilson

The more I learned about economics, the more I discovered a landscape that is surpassingly strange. Like the land of Mordor, it is dominated by a single theoretical edifice that arose like a volcano early in the 20th century and still dominates the landscape. The edifice is based upon a conception of human nature that is profoundly false, defying the dictates of common sense, before we even get to the more refined dictates of psychology and evolutionary theory. Yet, efforts to move the theory in the direction of common sense are stubbornly resisted.

There is plenty of dissent among economists, and some of the best are working the hardest for change. The folks who award the Nobel Prize in economics don’t like the edifice that much either, and often have added their weight by awarding the prize to the contrarians.

Yet, even with all that talent, effort, and the prestige associated with the Nobel Prize, the edifice remains standing in one spot like a volcano adding to its own height and spewing out toxic policies. Why does it resist change? One reason is ideological, as we shall see, but another reason involves path dependence.

Neoclassical economics provides an outstanding example of the “you can’t get there from here” principle in academic cultural evolution. It will never move if we try to change it incrementally. It must be replaced wholesale with a more realistic conception of human nature.

Source: Lars P Syll blogs, 24 June 2025

1. https://larspsyll.wordpress.com/2025/06/24/mainstream-economics-kick-it-over/

2. https://evonomics.com/failed-economics-tyranny-of-mathematics-enslaved-wrong-theory/

David S. Wilson is SUNY Distinguished Professor of Biology and Anthropology at Binghamton University and Arne N^ss Chair in Global Justice and the Environment at the University of Oslo.