Given the terrible failures of conventional Economic Theory, why dont people come up with better theories and create a revolution? There are many reasons for this failure of HETERODOX Economics.
- Power/Knowledge: The existing theories STRONGLY favor those in power and the status quo. Thus the powerful have an interest in keeping these theories.
- Inertia. The system has trained thousands in these obsoleted and wrong ideas, and their status, jobs, and prestige depends on the validity of these theories. These economists have vested interests in keeping these theories alive and resist change.
- Hetorodoxy failure. Those who are opposed to current theories are disorganized, divided among themselves, dont have any clear focus or goals.