Analyse critically the fundamental tenets of mainstream economics Custom Essay

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Criticisms of mainstream/orthodox/neoclassical economics are of two main kinds:

1- MAINSTREAM ECONOMICS IS TOO ‘PRO-MARKET’ [AND EVEN TOO PRO-CAPITALISM]
2- MAINSTREAM ECONOMICS IS NOT USEFUL FOR UNDERSTANDING THE SOCIO-ECONOMIC WORLD

Its important not to confuse these. You can be critical of mainstream economics for not helping us understand the world (crit 2) BUT THIS DOESN’T MEAN you have to be ‘anti-markets’ or ‘anti-capitalism’.

Although it is true that many Heterodox economists agree with both criticisms 1 and 2, it is probably fairest to say that what Heterodox economists have in common is criticism 2, but not criticism 1. (For instance ‘Austrian’ economists are very keen on capitalism and markets and wouldn’t agree with crit 1, but they would still say that Mainstream economics doesn’t have a good enough explanation of markets, entrepreneurship and capitalism in general (crit 2).)

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