- There are many serious critiques on aspects of economics but they seem to have no effect. Joan Robinson’s attack on economics as an example. If critiques are good, even brilliant, but ignored, is this not a sign that Economics is not fully scientific? Perhaps we should be attracted by this sign of difficulty and explore it rather than threatened by it.
- We are treating corporate profits as if they are the important bottom line of economic activity, but it only measures the output in profit of a sub-unit of society. The well being of the whole is society and the earth’s critical zone is the real bottom line. So we end with sub maximization big time. Dollar profit goes up but social well being goes to zero as the society sub optimally managed collapses.
3. In a 1982 letter to Science magazine, Nobel Prize economist Wassily Leontief
asked, “How long will researchers working in adjoining fields … abstain from expressing serious concern about the splendid isolation within which academic economics now finds itself?”