The decisive weakness in neoclassical and neo-Keynesian economics is not the error in the assumptions by which it elides the problem of power. The capacity for erroneous belief is very great, especially where it coincides with convenience. Rather, in eliding power - in making economics a nonpolitical subject - neoclassical theory destroys its relation to the real world. In that world, power is decisive in what happens. And the problems of that world are increasing both in number and in the depth of their social affliction. In consequence, neoclassical and neo-Keynesian economics is relegating its players to the social sidelines where they either call no plays or use the wrong ones. To change the metaphor, they manipulate levers to which no machinery is attached.

Let there be no question: economics, so long as it is thus taught, becomes, however unconsciously, a part of the arrangement by which the citizen or student is…

This is what economics now does. It tells the young and susceptible (and also the old and vulnerable) that economic life has no content of power and politics b…

Once the visitor was told rather repetitively that this city was the melting pot; never before in history had so many people of such varied languages, customs,…

Magnus inter opes inops.

Experience declares that man is the only animal which devours his own kind; for I can apply no milder term to the governments of Europe, and to the general pre…

This is what economics now does. It tells the young and susceptible (and also the old and vulnerable) that economic life has no content of power and politics b…