Tuesday, May 5, 2009

The Disgraceful History of Modern Economics


Basic supply and demand theory would indicate that those economic theories which have utility to others would be provided by economists. This entails that in a system with inequalities of wealth, effective demand is skewed in favour of the wealthy.

Therefore, wage slavery-apologetics the main motor behind the unscientific nature and unrealistic assumptions" of modern economic theory, and many of the irrelevant mathematical models which attempt to legitimize it, particularly by ignoring power disparities in the market and workplace, while concentrating upon the 'subjective' evaluations of individuals who are abstracted away from real economic activity (i.e. production) so the source of profits and power, namely exploitation of labor interest and rent can be ignored in favor of exchanges in the market and concepts such as abstinence or waiting by the capitalist, the productivity of capital, 'time-preference,' entrepreneurialism and so forth.


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