Some Conundrums of Mainstream Economics

Mustafa DURMUÅž

Fiscaoeconomia, 2022, issue 1

Abstract: It is not accurate to accept economics as a science akin to physics, chemistry or mathematics where definite results can be generated. Furthermore, it can be misleading to define it as a social science independent of ideologies that are shaped over current class conflicts or the ascribed set of values of the capitalist society or the set of social values which create alternatives for the capitalist system. The reality is that; the systemic reasons of the fundamental issues such as poverty and hunger which arise from the intense labour exploitation and the income and wealth inequality which has reached to colossal levels in the world, are being ignored. Moreover, realities such as global warming and climate destruction which are thrust upon nature by capitalist production and consumerism or determinations regarding the shaping of individual interests mainly by social relations are rejected reasoning that the contain value judgements therefore are ethical issues. This article therefore,will discuss the following issues; the relationship between metaphysical and historical materialism way of thought, the class interests of the bourgeoisie and the hegemonic ideologies of the system, delusive hypotheses and models and religious beliefs with mainstream economics understanding.

Keywords: Mainstream Economics; Ideology; Value Judgement; Political Economy (search for similar items in EconPapers)
JEL-codes: B20 N45 P16 Q54 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:fis:journl:220101

DOI: 10.25295/fsecon.1045548

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