The Frightening Inadequacy of Economics as a Worldview: A Reply to Professor Hsiung

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Abstract

My response to Professor Hsiung follows on suggestions made at the American Economic Association which advocated the mass education of the general population in the principles of economics and the propagation of an economic worldview. He recommends a popular programme of propaganda subtlety inculcate the populace into an economist’s view of thinking. As a starting point for this program there must be some consensus on the topic of what
economic thinking and worldviews must be. He attempts this task by plotting the range of views within the discipline and then distilling an essence from which he develops the economics worldview. Professor Hsiung’s article is in two
parts. The first part is a general response to economics as a world view. The second follows and addresses the specific arguments raised in this article. I will argue that he has failed to convincingly identify a core to economics, that core he does identify is not unique to economics and is insufficient for developing a worldview. Finally I argue that a true economic worldview would have certain specific contours which he has failed to identify and develop.
Original languageEnglish
Pages (from-to)445-464
Number of pages20
JournalJournal of Interdisciplinary Economics
Volume17
Issue number4
DOIs
Publication statusPublished - 2006
Externally publishedYes

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