[Marxism] Fwd: Don’t let the Nobel prize fool you. Economics is not a science | Joris Luyendijk | Comment is free | The Guardian

Louis Proyect lnp3 at panix.com
Wed Oct 14 07:54:21 MDT 2015


Perhaps the most pernicious effect of the status of economics in public 
life has been the hegemony of technocratic thinking. Political questions 
about how to run society have come to be framed as technical issues, 
fatally diminishing politics as the arena where society debates means 
and ends. Take a crucial concept such as gross domestic product. As 
Ha-Joon Chang makes clear in 23 Things They Don’t Tell You About 
Capitalism, the choices about what not to include in GDP (household 
work, to name one) are highly ideological. The same applies to 
inflation, since there is nothing neutral about the decision not to give 
greater weight to the explosion in housing and stock market prices when 
calculating inflation.

full: 
http://www.theguardian.com/commentisfree/2015/oct/11/nobel-prize-economics-not-science-hubris-disaster



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