Conceptual:
1. "Exchange", what markets presumably consist of, is a metaphor. Economic interactions often have important elements of exchange, but crucial aspects are missing, particularly those having to do with direct social and productive interaction. Once this metaphor is taken for the substance of what economics is, there are limits to what you can do.
2. Time has never been properly represented and probably can't be. The asymmetry of temporal activity (time flows forward but not backward) butts up against models of equilibration, as in the celebrated (on this list) Debreu-Sonnenschein-Mantel critique of GET. Market theory is based almost entirely on one-shot games and cannot accommodate repeated interaction over time. Fundamental uncertainty (not knowing the probability distribution) is another stumbling block.
3. Neoclassical economics has never divested itself of 18th century monistic individualism. Individuals and the products of their work never interact outside markets (except when markets are "missing"). Of course, you could have a market for every conceivable commodity, and dense interaction would still give you multiple equilibria, path dependence, a strategic role for power relations, etc. And our physical interventions in the world interact ecologically.
Sociological:
Mainstream economics, by its methodology and internal organization, is systematically closed to other social sciences and their methodologies. There are spectacular exceptions, but they are exceptions. It is extremely difficult to gain acceptance in the mainstream for work that takes political theory, psychology, sociology or other fields seriously.
In compiling this list, I'm thinking of extensions of mainstream economics to Marxism, worker-managed economies, the environment ("natural capital"), and so on. These extensions exist, but they do not do justice to their objects.
Peter
Mengen Lucy wrote:
Hi everyone. In 3 weeks time I will be giving a talk titled “what is wrong with the mainstream economics” and the audience will be mostly mainstream economists and students! I feel this is a good opportunity to influence some students but also feel very nervous:o( I am quite confident about my own area, which is international trade. However, I cannot limit my talk to international trade and I need help. Any good books/articles (including internet), your own notes, any ideas & advice .... just anything would be greatly appreciated. Particularly the philosophical/methodological weaknesses of the mainstream economics are off interest. For example, do you know a good criticism of the utility concept? The assumptions of the mainstream economics about human nature? Excessive mathematicasion of economics? Anything will do.
Many thanks for your help.
Lucy
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