L1: Why Economics is Wrong

Video Lecture: Why Current Economics is all wrong

Notes below provide an outline of the key ideas of the lecture, and also link to more detailed explanations of each of the issues sketched in the outline. A draft of written notes for the outline is also attached at the bottom of the page.

1. The Battle of Methodologies -- Methodenstreit -- the WRONG side won the battle, with the result that economic methodology became scientific, quantitative, and mathematical. The natural methodology for Economics is historical and qualitative, built around human beings and the nature of human experience. This is one of the fundamental reasons why Economics as a discipline went fundamentally astray
2. Quotes and Evidence -- It seems like a shocking thing to say, that economics is all wrong. This topic is being taught at all leading universities,and lots of very intelligent people and Nobel Prize winners strongly support the discipline. So this section provides some evidence of discontent among the leaders of the field -- Those who have devoted their lives to the subject still feel there is something very wrong with it.
3. Why No Revolution? Given all the evidence that Economics is all wrong, why is there no change? Why dont people challenge conventional theories and come up with better ones?