Posts Tagged 'economy'

Capitalist Economists

William Gropper, "Black Thursday"

William Gropper, "Black Thursday"

In the June issue of the Monthly Review sociologist Richard York, et. al. explain:

Bouchaud penetratingly observes, “The supposed omniscience and perfect efficacy of a free market stems from economic work done in the 1950s and 1960s, which with hindsight looks more like propaganda against communism than plausible science.” The capitalist ideology that undergirds economics in the United States has led the profession to be detached from reality, rendering it incapable of understanding many of the crises the world faces. Mainstream economics’ obsession with the endless growth of GDP—a measure of “value added,” not of human well-being or the intrinsic worth of ecosystems and other species—and its failure to recognize the fundamental ecological underpinnings of the economy, has led to more than simply an inability to perceive the deterioration of the global environment. In fact, the problem goes much deeper. Orthodox economics, like the capitalist system that it serves, leads to an “Après moi le déluge!” philosophy that is anything but sustainable in orientation.


Bouchaud, Jean-Philippe.  “Economics Needs a New Scientific Revolution.” Nature 455 (October 30, 2008).  Quoted in “Capitalism in Wonderland.”

York, Richard, et. al.  “Capitalism in Wonderland.”  Monthly Review.


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